Before the bell the S&P futures declined (-1.0%) to 1314.75. July WTI crude oil futures are at $97.60 per barrel (-2.50%).Gold prices are at $1508.90 per troy ounce (-0.1%).
 
Today the focus will be on the following factors:

- concerns about the Europe’s debt crisis intensified. Rating agency Standard & Poor's cuts Italy's credit worthiness to negative, thereby pointing the possibility of its lowering. The concerns were also intensified as Spain's centre-right opposition Popular Party took the lead in Sunday's local elections. The ruling Spanish Socialist Workers Party suffered its worst defeat in more than 30 years; 

- Iceland's airspace temporarily closed down early Sunday because of a violent Grimsvötn volcano eruption. This may put pressure on shares of airlines. Before the bell shares of the world's largest airline United Continental Holdings Inc. (UAL) dropped 3.2 percent. Today the market’s focus also will be on shares of DAL and AMR;

- today major macroeconomic statistics are not expected, that may have a negative impact on trade;

- the world's major stock indexes are traded or have already closed the session by significant lower: the Nikkei -1.5%, the Hang Seng -2.1%, the Shanghai Composite -2.9%, the FTSE -1.7%, the CAC -1.8%, the DAX -1.8%.

Corporate news:

- Japanese consumer electronics giant Sony Corp. (SNE) is expecting an annual loss of $3.2 billion for the fiscal year ended March. Before the earthquake the company expected a profit of $0.9 billion. The company approved operating profit of $2.44 billion. Its annual report is scheduled to come on May 26;

- AM Krispy Kreme Doughnuts’ (KKD) shares climbed by 1.1 percent as the company's profit for the last quarter surpassed analysts' forecasts ($0.13 per share vs. expected $0.09). The company's revenue grew by 13.6 percent to $104.6 million, that higher than expected.

Currently the initial support for the S&P futures is near 1310.00 area (session low).  The immediate resistance is at1325 area (session high).