Europe is haunting the Dow Jones Industrial Average (INDEX: ^DJI ) once again, as markets fell more than 1% yesterday on lowered expectations for a resolution coming out of an EU summit later this week. Spanish bond yields rose again as the Iberian country sold more than $3 billion in new debt a day after Moody's downgraded 28 Spanish banks, at least 12 of which were relegated to "junk" status. The downgrades come as Spain negotiates the terms of a $100 billion loan for its banks.
With exchanges in Asia and Europe mixed overnight, S&P futures were headed up slightly before opening. The market seems to be up to its meaningless back-and-forth movements as investors await real news on the European debt crisis. Elsewhere, negative macroeconomic news has made June less than stellar for investors.
Turning to company-specific news, Coca-Cola (NYSE: KO ) announced plans to invest an additional $3 billion in India by 2020, which follows a previous decision to invest $2 billion in that country. The subcontinent is one of the beverage king's major growth markets, with volume growth of 20% in the first quarter.
Social-gaming king Zynga (Nasdaq: ZNGA ) is expected to announce a new lineup of games at an event today in San Francisco. The recent IPO has gotten hammered in the past few months, losing more than half its market value as skepticism toward its model has grown. Heavily tied to Facebook, Zynga also took a hit when the social network's shares plummeted. The gaming company has pursued an acquisition-based strategy, gobbling up the makers of games such as Words With Friends and Draw Something, but investors seem to believe it will need to develop its own steady pipeline in order to be successful.
Finally, there's one economic report to keep an eye out for today. At 10 a.m. EDT the Conference Board will deliver its Consumer Confidence assessment, which is based on a survey of 5,000 households nationwide. The market is expecting a decline from May's figure of 64.9 to 64 for June. A number well above expectations could help boost investor confidence in a market recovery in the face of growing concerns of a domestic slowdown.
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