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Good morning. Here's what you need to know.
  • Asian markets were mostly higher in overnight trading, but the Shanghai Composite closed down 0.19 percent on growth concerns. Europe is selling off, and U.S. futures are flat.

  • S&P has cut its 2012 eurozone growth forecast to -0.8 percent in 2012, and expects growth to stay flat in 2013. Spanish GDP is expected to to contract 1.4 percent in 2013.


  • Yahoo CEO Marissa Mayer is expected to announce her strategy for turning the company around today. She is also expected to announce changes to the way Yahoo compensates its employees.

  • Caterpillar cut its 2015 earnings forecast to $12 - $18 per share in 2015. This is down from the $15 - $20 per share range. 

  • S&P Case-Shiller home price index for July will be out at 9 a.m. ET, followed by the FHFA house price index for July at 10 a.m. ET. Consensus is for a 0.9 percent rise in the S&P's 20-city index and a 0.8 percent month-over-month rise in the house price index. 

  • Tesla shares are diving this morning after the company issued a sales and production warning. The company now expects 2012 revenue of $400 - $440 million, this is below Wall Street expectations of $542.6 million.

  • Spain is expected to witness massive 'Occupy Congress' protests today. The protestors want new elections and will be demonstrating against austerity measures.

  • Consumer confidence and the Richmond Fed manufacturing index for September are out at 10 a.m. ET. Consensus is for consumer confidence to rise to 64.8 and the Richmond Fed manufacturing index is expected to rise to -4. 

  • Iran test-fired four missiles aimed at a sea-target in the Persian Gulf, according to an Iranian publication. The missiles destroyed their targets in 50-seconds.