NEW YORK (TheStreet) -- U.S. stock futures were pointing to a lower open for Wall Street on Monday after pro-austerity conservatives in Greece won a narrow victory but yields on Spanish bonds broke through 7%, a level seen unsustainable by many market-watchers.
Asian stocks finished with gains Monday, reacting to news of the victory by the Greek conservatives which relaxed fears that Greece would stop using the euro. But European stocks were mixed after starting the trading day in positive territory.
U.S. stocks on Friday ahead of the Greek elections. The Dow Jones Industrial Average closed up 115.3 points, or 0.9%, at 12,737. The index advanced 1.7% for the week and is up 4.5% in 2012.
The U.S. economic calendar on Monday is light, but the market will get housing starts and building permits on Tuesday and a rate decision on Wednesday from the Federal Reserve.
Microsoft (MSFT) has a media event scheduled for Monday at which the software giant could unveil a tablet computer developed in conjunction with Barnes & Noble (BKS). According to TechCrunch, Microsoft has a tablet/e-reader on tap and it will be entertainment-driven. Microsoft and Barnes & Noble announced a strategic partnership in late April with Microsoft investing $300 million in the venture.
Chevron (CVX) sold an equity stake in its Wheatstone project in Australia and agreed to supply additional liquefied natural gas to Tokyo Electric Power . Chevron's $29 billion Wheatstone gas-export project is expected to begin exporting gas in 2016.
Webb Simpson topped Graeme McDowell and Michael Thompson for a one-shot victory at the 112th U.S. Open on Sunday.
-- Written by Joseph Woelfel
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