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Equity futures are pointing to a sharply lower open as the Dow trades down 120 points versus fair value on worries of a global economic slowdown and the lingering European sovereign debt crisis. The weakness comes despite corporate earnings in the United States continuing to exceed forecasts. Gap (GPS), Marvell (MRVL), and Salesforce.com (CRM) all beat on both the top and bottom lines. Another record setting day for gold saw the yellow metal climb to near $1880 per ounce before easing to its current $1860. Meanwhile, Treasuries are holding slight losses despite the weakness in equities. The 10-yr yield is higher by a couple of basis points at 2.092%.
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