Daniel Gross

Morning Reading: Global Sell-Off and iPhone, iPhone, iPhone

Contrary Indicator

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.

Economic Data:

10 a.m. ET Factory Orders (Expected -0.1%, prior 2.4%)

Earnings:

Yum Brands

Early Headlines:

World

Euro zone considers making banks pay more for Greece

ECB seen increasing credit for shaky banks

Anti-austerity protesters block Greek ministries

Putin proposes setting up 'Eurasian Union'

U.S.

Gov't report: Fannie knew of 'robo-signing' in '03

Apple to showcase new iPhone after 15-month hiatus

Ahead of the Bell: Factory orders

Ford, UAW reach tentative deal

Markets

World stocks tumble on banks' Greece exposure fears

Oil near $76 as Greece crisis gnaws at confidence

Emerging Equity Bears Turn Bullish



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