(Updated with U.S. market open)
What to watch, courtesy of Yahoo! Finance's Elizabeth Trotta:
Good morning -- U.S. stocks are edging lower as Greece struggles to handle euro zone finance ministers' demands for swift cuts and a national strike against austerity measures. Oil is near a six-week low in New York on bets that fuel demand will suffer as the euro debt crisis continues and as stockpiles build in the U.S.
The race for the Republican presidential candidate will turn the focus to caucuses in Colorado and Minnesota (and less so to a non-binding primary in Missouri) on Tuesday after Mitt Romney secured Nevada over the weekend. Romney's campaign turned its attention away from battling Newt Gingrich to focus on former Pennsylvania senator Rick Santorum, who won Iowa's party caucuses.
Romney's finances have remained a topic for debate. The largest U.S. private-equity funds and venture capital firms continue to shell out large sums to protect the carried interest tax break that helped keep Romney's 2010 effective tax rate below 14 percent. CNNMoney looks at the investments and tax strategies that helped fuel a trust fund worth $100 million that will benefit his five sons -- Matt, Tagg, Craig, Ben and Josh.
President Barack Obama is also now encouraging his top donors to contribute to the independent political action committee backing his re-election, despite criticizing the influence of certain outside groups, after the Super-PACs emerged as the dominant spending force in the early primary states.
In corporate news, BP upped its dividend by 14% after posting double-digit gains in profit and revenue in the final quarter of 2011, while Swiss bank UBS cautioned of weakness in the first quarter as the euro zone crisis and pained global economy weigh on its investment banking business. Outside of earnings, mining company Xstrata and commodities dealer Glencore International agreed to a $90 billion deal that would create the world's fourth largest natural resources group.
Facebook continues to make headlines after its IPO filing last week. The IPO will make Mark Zuckerberg a billionaire, but CNNMoney reports that it will also likely leave him with a tax bill in the billions.
Just as Chrysler's Half Time in America super bowl ad has stirred controversy and also turned some attention back to the situation in the auto industry, former U.S. President George W. Bush told car dealers in Las Vegas that he "didn't want to gamble" with a depression in defense of the loans he gave to General Motors Corp. and Chrysler, Bloomberg reports.
3 p.m. Consumer Credit for December: Expected $8.5B, Prior $20.4B
Later this week...
Wednesday: MBA Mortgage Index, Crude Oil Inventories
Thursday: Weekly Jobless Claims, Mortgage Rates, Wholesale Inventories
Friday: Trade Balance, Treasury Budget, University of Michigan Consumer Sentiment
- Mitt Romney