NEW YORK (
TheStreet) -- Though
Facebook is slated to launch its
initial public offering on Friday, events in Europe are apt to dominate the markets in the coming week.
"I certainly expect to see Europe in the headlines again next week and not in a good way," said Adrian Day, president of Adrian Day Asset Management.
Transformational elections in Greece and France reignited worries about the stability of the eurozone, sending U.S. stocks lower this past week. Spain was also in focus after the country was forced to bail out
Bankia, its fourth largest bank by assets.
There was some ugliness in corporate news as well with
(CSCO) shares torpedoed by a weak outlook, and
(JPM) blindsiding investors with a surprise $2 billion trading loss.
Dow Jones Industrial Average
fell 1.7% on the week to close at 12,820.60, the
dropped 1.1% to finish at 1353.39, and the
gave back 0.8% to settle at 2956.34. Year to date, the indices are up 4.9%, 7.6% and 12.6%, respectively.
Greece is still working to solidify a new government, and in the coming week, French President-elect Francois Hollande and Germany Chancellor Angela Merkel are slated to meet on Tuesday, according to U.K. newspaper
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"They can hug and hold hands, but that only takes us back to where we were a month ago," Day said, adding that because of the abundance of issues in Europe, there are many future steps to be taken. "If Germany and France aren't able to work together, what are we left with? It is a problem for Europe."
Day said he thinks Hollande and Merkel's body language during their meeting will be telling and something for investors to watch.
Doug Cote, chief market strategist at ING Investment Management, isn't expecting much actual news from across the pond.
"For the foreseeable future, we will continue to have noise from Europe, and that's all that is, noise," said Cote.
Meanwhile, Facebook is looking to raise about
in its much-anticipated public debut in the coming week. The social networking giant has
set a price range of $28-$35 for the shares
, which are expected to price after the market closes Thursday.
There have been mixed reports so far about how heavy the interest in the stock is at those levels following the start of the company's roadshow this past week.