What to watch, courtesy of Yahoo! Finance's Elizabeth Trotta:
World stocks hit new 15-month lows and U.S. futures are pointing toward losses at the open as markets continue to speculate on a potential Greek default. Euro zone finance ministers are reviewing the scale of private sector involvement in a second bailout package for Greece and agreed the struggling nation could wait until mid-November for the next payment from the current aid program.
In the U.S., investors are awaiting data on factory orders; Apple's new CEO Tim Cook is expected to unveil the iPhone 5; and Ford Motor Co. and the United Auto Workers agreed on a new four-year contract that trades annual pay raises for profit sharing and a signing bonus and pledges thousands of new jobs.
Events to watch:
Federal Reserve Chairman Ben Bernanke testifies before the Joint Economic Committee at 10am ET.
10 a.m. ET Factory Orders (Expected -0.1%, prior 2.4%)