NEW YORK ( TheStreet) -- What's the reverse of a surprise party? A no-surprise party? Well, it should come as little surprise that Greece missed its own deadline for coming to an agreement with its lenders, which fuels fears that Greece may default on its debt and be forced out of the eurozone, which helped the euro to weaken today.
European equity markets were trading slightly higher on the day, while U.S. futures were trending higher.
In Asia, the Shanghai Composite closed 4.7% higher as the roller coaster ride in China continues. Shares were aided by ho-hum PMI numbers in China, where the May reading came in at 50.2, up from April's 50.1 and still illustrative of slow growth that has the market excited, as it should provide further evidence that China's central bank needs to continue its stimulus programs.
Oil was also trading lower, dipping below $60 a barrel, as OPEC commented that its production would remain high.
The Wall Street Journal reports that Intel (INTC) will officially announce it is buying Altera (ALTR) for $54 a share today, for a total transaction value of $16.2 billion.
Today we will see earnings from NGL Energy Partners (NGL) and PVH (PVH).
On the domestic economic calendar we have the April personal income at 8:30 a.m. ET, with estimates looking for 0.3%. At 9:45 a.m. the Markit U.S. manufacturing PMI, May final, is released with consensus at 53.8. At 10 a.m., we are set to get the April monthly construction spending report with consensus at 0.7%, and at 10 a.m. we'll see May's ISM manufacturing report, with consensus resting at 52.
- China's factory activity contracted for the third straight month in May. The final HSBC/Markit Purchasing Managers' Index (PMI) stood at 49.2, below the 50-point level that separates an expansion from a contraction in activity on a monthly basis. What's worse, a sub-index for new exports fell to 46.7, a low unseen since June 2013, and well below April's 50.3.
- Eurozone manufacturing PMI came in little changed in the final reading, with the 52.2 May reading showing factory activity expanding, the data from Markit show. Spanish PMI hit a 97-month high of 55.8 while Italian PMI posted its best result in four years, at 54.8.
- General Electric (GE) has launched bidding operations to sell $40 billion worth of its U.S. commercial lending operations, a crucial move in the company's efforts to steer clear of tougher capital rules imposed on financial institutions considered of systemic importance, the Wall Street Journal reports.
- Greece's chances to secure cash in a deal with eurozone creditors look even bleaker after Prime Minister Alexis Tsipras criticized bailout monitors for making "absurd" demands and seeking to impose "harsh punishments" on Athens, the Financial Times writes.
- Top U.S. fund managers such as Fidelity and BlackRock (BLK) have launched a fight against rules that would classify them among systemically important institutions that would mean they would be hit with tighter regulations and be under increased scrutiny, the Financial Times reports. The Financial Stability Board, a global watchdog, is currently analyzing whether to designate the biggest asset managers as "systemically important."