Tuesday is shaping up to be a busy day on Wall Street.
Stock index futures suggest the market will fall at the start of trading as investors wait for the results of a key vote by Slovakia on a plan to expand the euro zone rescue fund.
All the other member states have ratified a plan to increase the size and powers of the European Financial Stability Facility bailout fund. Now all that remains is for Slovakia to have its say on the matter.
Reuters reports that the Slovakian government has been forced to turn to opposition parties to push through a deal in parliament after the ruling party said it would abstain from a vote on the deal, which is intended to contain the Greek sovereign debt crisis. A delay could unhinge markets “already under pressure from signs the crisis was spilling beyond Greece's borders,” the news wire said.
Also of concern to markets: Comments from Jean-Claude Trichet, head of the European Central Bank, who said Tuesday that the debt crisis has become systemic and risks to the region’s economy are increasing rapidly.
On Wall Street, reports say the Occupy Wall Street demonstrators are planning to move uptown from their encampment in Lower Manhattan and will march past the homes of affluent business leaders, including JP Morgan Chase’s CEO Jamie Dimon and News Corp’s CEO Rupert Murdoch.
Corporate earnings season will be in focus after the close of trading, when quarterly results are expected from Alcoa. The aluminum producer’s report traditionally kicks off earnings season, which this quarter could offer important insights into how corporations are handing the global economic slowdown.
Shares in Europe are lower ahead of the vote in Slovakia, while Asian shares rose. U.S. stocks soared Monday after German and French leaders promised to come up with a plan to tackle the European debt crisis.