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NEW YORK (CNNMoney) -- U.S. stocks could have trouble continuing their recent rally as investors turn their eyes back toward Europe's sovereign debt worries.
U.S. stock futures were mixed in early trading, pointing to an uneven opening.
Eurozone finance ministers meet to discuss the latest release of bailout funds for Greece, which the country needs to stave off default. They meet as Moody's downgraded France's credit rating, stripping the country of its coveted AAA rating due to worries about economic weakness.
Also a concern is the escalating violence in the Middle East between Israelis and Palestinians. Oil prices have been ticking up amid growing concern about a possible ground war in Gaza.
Corporate results are due in the morning from Hewlett-Packard and Best Buy, and at 12:15 p.m. ET, Federal Reserve Chairman Ben Bernanke will speak at the Economic Club of New York. The Census Bureau will also release data on housing starts and building permits for October at 8:30 a.m. ET.
U.S. stocks rallied Monday, logging their best gains in months, as investors started the holiday-shortened week optimistic that the fiscal cliff talks are progressing. While the rhetoric out of Washington has been mostly positive, experts say stocks will remain under pressure and trading will likely be choppy until an actual deal is finalized, which could take weeks.
Fear & Greed Index
World Markets: European stocks were mixed ahead of the finance minister's meeting. Britain's FTSE 100 slipped 0.3%, while the DAX in Germany edged up 0.1% and France's CAC 40 fell 0.3%.
Asian markets closed lower. The Shanghai Composite lost 0.4%, the Hang Seng in Hong Kong dropped 0.2%, and Japan's Nikkei edged 0.1% lower.
Economy: At 8:30 a.m. ET, the Census Bureau will release data on housing starts and building permits for October. Housing starts are expected to have occurred at an annual rate of 840,000, according to a survey of analysts by Briefing.com, while building permits are expected to come in at an annual rate of 870,000. Both would be down slightly from September which reached a four-year high.
Companies: Hewlett-Packard (HPQ, Fortune 500) is expected to post earnings of $1.14 a share on $30.4 billion in revenue, according to a survey of analysts by Thomson Reuters. Best Buy (BBY, Fortune 500) is expected to post earnings of 12 cents a share on $10.7 billion in sales. Both are due to report before the opening bell.
Shares of Urban Outfitters (URBN) slipped 1.5% after-hours Monday, after rising 5.8% during the trading day, as the retailer reported quarterly earnings that missed expectations.
Shares of Krispy Kreme Doughnuts Inc (KKD) jumped 13% after-hours Monday following quarterly results that beat expectations.
Currencies and commodities: The dollar fell against the euro and the British pound but gained against the Japanese yen after the Bank of Japan left interest rates unchanged.
Oil for January delivery rose $2.15 to $88.70 a barrel.
Gold futures for December delivery slipped $2.60 to $1,731.80 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury edged lower, pushing the yield up to 1.63% from 1.61% late Monday.
First Published: November 20, 2012: 6:09 AM ET
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