NEW YORK ( TheStreet) -- U.S. stock futures were pointing to a weaken open for Wall Street on Monday. European shares were falling, while Asian stocks dived; Japan's Nikkei fell 1.9% to 8,508.32.
The economic calendar in the U.S. on Monday is relatively light.
The yield on 10-year Spanish government bonds surged 25 basis points on Monday to 7.46%, a level that saw other European nations needing a financial bailout. Spain's IBEX was falling about 3%. BusinessInsider noted Monday that Spain continues to be in deep debt trouble after reports surfaced that certain Spanish regions would be requesting bailout funds from the government.
U.S. stocks finished sharply lower Friday as the soaring Spanish borrowing costs renewed concerns about Europe's debt crisis. The Dow Jones Industrial Average declined 121 points, or 0.93%, to close at 12,823 on Friday. The year-to-date gain sits at 4.95%. The S&P 500 fell 14 points, or 1.01%, to settle on Friday at 1363. The Nasdaq sank 41 points, or 1.37%, to finish at 2925.
NRG Energy (NRG) said Sunday it reached a deal to buy GenOn Energy (GEN) for $1.7 billion in stock. Seeking Alpha noted that the merger creates the largest competitive power generation company in the U.S.
McDonald's (MCD), the fast-food giant, is expected by analysts Monday to post second-quarter profit of $1.38 a share on sales of $6.94 billion.
Other companies on the earnings docket Monday include Texas Instruments (TXN), Halliburton (HAL) and Hasbro (HAS).
Germany's Bayer and Onyx Pharmaceuticals (ONXX) said Monday that Tarceva in combination with Nexavar tablets for the treatment of hepatocellular carcinoma, a type of liver cancer, failed in further improvement of overall survival. Bayer and Onyx jointly produce Nexavar. Tarceva is sold by Astellas Pharma and Roche.
DreamWorks Animation (DWA)reached a deal to buy Classic Media for $155 million. Classic Media owns such titles as "Casper," "Rudolph the Red-Nosed Reindeer" and "Lassie."
Ernie Els won the British Open on Sunday when Adam Scott bogeyed the final four holes. -- Written by Joseph Woelfel
>To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: firstname.lastname@example.org.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV