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The ugly streak continues: Markets are getting pummelled.Indices are deep into the red across Europe.
Italy is down about 1%. Same with Spain.
Germany is down 0.4%.
US futures are all fairly ugly.
Dow futures are already down 1.4%.
What’s causing the selloff?
Nomura chalks it up to S&P’s downgrade of French banks, weak tech earnings from last night, and more austerity required for Portugal by the IMF.
The big event today in the US will be US GDP, which comes out at 8:30 AM ET. Analysts are looking for 1.9% growth.