Updated from 7:06 a.m.
NEW YORK (TheStreet) -- Here are 10 things you should know for Tuesday, June 16:
1. -- U.S. stock futures were down as investors were atwitter over the two-day Federal Reserve Open Market Committee meeting, which begins Tuesday.
European stocks were lower on Tuesday as investors continued to fret about a Greek debt default and as Federal Reserve policymakers prepared to start the FOMC meeting. The German DAX fell more than 1%, and the Athens Stock Exchange index was down 2.3%
Asian stocks were sharply down. In Hong Kong, the Hang Seng was off nearly 1%. In mainland China, the Shanghai Composite index plunged 3.5%. In Tokyo, the Nikkei 225 and the Topix also both fell.
2. -- The economic calendar in the U.S. on Tuesday includes housing starts at 8:30 a.m. and the comparable store sales Redbook at 8:55 a.m. The two-day Federal Open Market Committee meeting begins Tuesday. .
3. -- U.S. stocks on Monday closed down, as investors worried over Greece's debt troubles and the FOMC meeting this week.
4. -- Athletic clothing maker Under Armour (UA) is creating a new stock class without shareholder voting rights. The move would protect founder and CEO Kevin Plank's control over the company. The new class C shares will be distributed to current Class A and Class B shareholders. A new ticker is not available yet but will be created for C-class shares. Plank seeks to preserve at least a 15% stake in the company.
In premarket trading, Under Armour stock was rising by 0.37%.
5. -- The Federal Reserve Open Market Committee two-day June meeting begins Tuesday. The FOMC makes decisions about the official U.S. interest rate, which has been hovering at about zero since 2008 in an effort to boost the economy. The committee's announcement at 2 p.m. Wednesday will be very closely watched.
It would be surprising but not shocking if the Fed raises interest rates Wednesday. That would be a major event for stock and bond markets alike.
6. -- A federal judge rendered further financial bailouts for floundering companies more difficult by saying that the federal salvaging of AIG (AIG) illegally exceeded the government's reach. The government took over 80% of AIG in compensation for saving it. However, the judge ruled that that move was illegal. Yet the judge also found that AIG and its shareholders suffered no damages -- it would otherwise have gone bankrupt.
The courts or perhaps the legislature will need to further sort out what this means for U.S. government bailouts.
In premarket trading, AIG stock was down 0.8%.
Shell stock was falling by 0.97% in premarket trading.
8. -- Greece has edged even closer to a debt default. The euro is falling in response, along with the wider European stock market. A meeting Sunday failed to find a way for Greece to avoid a default on €1.5 billion ($1.68 billion) it owes to the International Monetary Fund this month. Talks resume in Luxembourg on Thursday in a last-ditch effort, but no movement seems to have occurred since Sunday.
If Greece cannot renegotiate its debt terms with the International Monetary Fund, the European Commission and the European Union, it likely be forced out of the euro currency and effectively go bankrupt.
9. -- Self-storage company Extra Space Storage (EXR) will buy SmartStop Self Storage, a real estate investment trust that isn't publicly traded, for about $1.4 billion. Extra Space will acquire SmartStop's 121 storage sites and will run 43 other sites operated by third parties. The buyout is at a 27% premium to SmartStop's latest net asset value.In premarket trading, Extra Space Storage was level.