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U.S. stock futures are down slightly after Applied Materials (AMAT) - Get Free Report, the world's largest producer of chip-making equipment, forecast 3rd quarter profits and sales that will miss analyst estimates.

Investors now have to hope today's U.S. durable goods report will show the recovery is still on track. However, economists expect the report to show durable goods orders for April fell due to slowing demand.

Financial and technology stocks dragged Asian markets lower on concerns that a slowing recovery in the west and the European debt crisis will adversely affect earnings of Asian stocks. On the heels of the Applied Materials report, those fears appear somewhat reasonable after

Tokyo Electron

, Japan's largest manufacturer of chip-making equipment, forecast profit and sales estimates below analysts' estimates. Stock markets in South Korea closed down 1.3%, China, down 0.9% and Japan, down 0.6% after rallying as much as 0.4% to start the session, saw the most pressure.

The MSCI Emerging Markets Index decreased 0.6%, while the Stoxx Europe 600 Index gained 0.2% after falling as much as 0.6%, despite continuing debt concerns causing investors to worry about growth around the world.

Investors continue to seek shelter in gold and silver, as they lead commodities higher on the week. Silver futures point to a second day of outperformance versus gold, so traders will focus on the

iShares Silver Trust ETF

(SLV) - Get Free Report

to play the precious metal. Investors appear to be looking at gold mining stocks with

Royal Gold

(RGLD) - Get Free Report

trading at the upper end of its range, while




Barrick Gold



Newmont Mining

(NEM) - Get Free Report

show signs of life. Strength in copper, up 2%, adds to bullish moment for mining stocks -- traders can also play copper via the

iPath Dow Jones Copper ETF

(JJC) - Get Free Report


Crude oil futures are flat ahead of 10:30am inventory numbers, after yesterday's bullish note from

Goldman Sachs

(GS) - Get Free Report

had investors buying back oil stocks via the

Oil Service HOLDRs ETF

(OIH) - Get Free Report

. On the Morning Call, Alix talks about the Goldman note potentially favoring drillers like

Baker Hughes



Weatherford International

(WFT) - Get Free Report



(SLB) - Get Free Report



(HAL) - Get Free Report

, while throwing some cold water on refiners like

Valero Energy

(VLO) - Get Free Report





Marathon Oil

(MRO) - Get Free Report


Initial public offerings continue to be a focus for traders with





(YNDX) - Get Free Report

posting massive gains. Investors hope the secondary offering from

American International Group

(AIG) - Get Free Report

will provide a change in sentiment for a stock that has be trending down for months.

Traders continue to search for leadership from technology stocks -- while

(CRM) - Get Free Report



(NFLX) - Get Free Report

have done their part,


(AAPL) - Get Free Report

remains a laggard.

Disclosures: Scott is long SLV YNDX BAC LNKD OIH POT NFLX CRM AAPL and short SPY

This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.