5 Things You Should Know Before the Stock Market Opens
NEW YORK (TheStreet) -- U.S. stock futures are suggesting Wall Street will open lower Monday after weekend anti-austerity votes in Greece and France created further uncertainty on whether Europe can crawl its way out of the debt crisis.
European shares were lower after Sunday's election in Greece resulted in a split Parliament in which no party looked like it would be able to form a government.
"As for the Greek elections, they resulted in complete uncertainty with the possibility of another election taking place in the near future in order to try and put in place a government that can actually have some modicum of control," said Gary Jenkins, managing director of Swordfish Research, The Associated Press reported.
In France, Socialist Francois Hollande defeated incumbent Nicolas Sarkozy in the race for president.
The election had turned into a referendum on austerity measures championed by Sarkozy and his close partner, German Chancellor Angela Merkel, as they sought to lead the eurozone out of its debt crisis. Merkel suffered her own setback in regional elections on Sunday.
In Asia, Japan's Nikkei 225 index dropped 2.8% to close at 9,119.14, the index's lowest close in three months.
Vladimir Putin was sworn in Monday as president of Russia, his third term.
Putin has ruled Russia since 2000, first as president and then during the past four years as prime minister. His new, six-year term keeps Putin in power until 2018. He also has an option to run for a fourth term.
Micron Technology (MU) won the right to negotiate exclusively to buy Elpida Memory after offering more than 200 billion yen ($2.5 billion) for the bankrupt Japanese chipmaker, Reuters reported, citing a source with direct knowledge of the deal.