Pending Home Sales Set to Recover. Senate to Vote on Financial Reform Bill

European concerns won’t go away. Investors remain focused on the Greek rescue package and what it means for the rest of the eurozone. Uncertainty surrounding the final terms and implementation of the bailout are setting up U.S. equities to erase the gains seen yesterday.

Meanwhile, the U.S. Treasury said yesterday it would borrow $340 billion in the second quarter, up from $268 billion as announced earlier. The Treasury said the new, bigger amount includes measures for funding a Fed program to finance its special momentary policy operations.

Also, former Federal Reserve Chairman Paul Volcker told an audience in St. Louis last night that the U.S. economy could be in for a “long slog” as unemployment is anticipated to remain elevated for a sustained period.

Two hours ahead of the bell, Dow futures are down 56 points to11,046 and S&P 500 futures are off 6.8 points to 1,191.80. The 2 year Treasury note is down 4 basis points in yield to 0.96% while the 10 year note is 4.2 basis points lower at 3.649%. Gold is 0.28% lower to $1,179.40 and light crude is trading 1.28% lowerat $85.09.

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