U.S. stocks fell Monday.
NEW YORK (CNNMoney)
Election results released by the government showed a narrow victory for the center-left coalition headed by Pier Luigi Bersani in the lower house of parliament.
But former Prime Minister Silvio Berlusconi and other anti-austerity parties were not far behind, and the results pointed to gridlock in the Italian Senate.
Should the Bersani coalition hold, governing will be very difficult, and investors are concerned that stalemate in the Senate could undermine the progress Italy has made in overhauling its troubled economy.
U.S. stocks fell Monday amid the concerns about Italy, with the Dow and S&P 500 suffering their biggest one-day declines of the year. U.S. stock futures were indicating a rebound for stocks at the open on Tuesday.
The latest edition of the Case-Shiller home price index will be released at 9:00 a.m. ET. At 10:00, the Conference Board will release its consumer confidence index and the Census Bureau will release data on new home sales.
In corporate news, firms including Macy's (M, Fortune 500) and Home Depot (HD, Fortune 500) are set to report quarterly results before the opening bell.
Fear & Greed Index shifts down from extreme greed
European markets were sharply lower in morning trading, while Asian markets retreated.
The Hang Seng in Hong Kong fell 1.3%, while the Nikkei in Tokyo dropped 2.3% and the Shanghai Composite lost 1.4%.
First Published: February 26, 2013: 4:02 AM ET
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