Investors remained pessimistic early Tuesday after equities fell sharply on Monday, sending the S&P 500 below 1,100. If the S&P 500 falls below 1,090, the market will officially be in bear territory, having fallen more than 20% from its April highs. European stocks are showing broad weakness, with the FTSE 100 off 3%.
Investors will also be watching Fed Chairman Ben Bernanke testify before the Joint Economic Committee on Capitol Hill today.
Dow futures fell 150 points to 10,440. S&P 500 futures fell 9.8 points to 1,076.5.
Financial stocks continued to show weakness after a miserable Monday. Bank of America (BAC), off 10% yesterday, is down another 0.9% in pre-market trading. Citigroup (C) is off 1.7%.
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