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Stocks wavered throughout trading in Monday, but finally settled on a loss as traders took their cues from the currency markets, where the euro continued to backpedal against the dollar. The Dow Jones Industrial Average backpedaled away from the psychologically significant 10,000 level as it shed more than 100 points. The Dow is now testing support in the 9,800 neighborhood, which contained its lows in early February. Meanwhile, the S&P 500 Index endured a drop of 1.4%. Right before the closing bell rang, the SPX found a foothold at the 1,050 level, which provided a floor for the index earlier this year. Fitch Ratings rattled traders in Europe after it said Great Britain's fiscal challenge is "formidable," and that the U.K. must tackle debt reduction in a serious way. Britain's new prime minister, David Cameron, on Monday warned that the nation must make severe spending cuts. "We have been living beyond our means," Cameron said in a major speech. Meanwhile, traders in the U.S. are looking forward to Wednesday's release of the Fed's Beige Book, a snapshot of the economy. Those traders remain cautious this morning after two days of sharp losses, although both the DJIA and the SPX are trading slightly above fair value. Finally, the CBOE Market Volatility Index (VIX) managed only a modest increase of 3% on Monday.

New York & Co. (NWY) lowered its second-quarter outlook, noting its losses are likely to widen from the forecast provided on May 20 based on same-store sales over the past three weeks. The specialty apparel chain did not provide specific figures, but had said in May that it "expects a loss per diluted share from continuing operations for the second quarter of fiscal year 2010 to be greater than the year-ago period." New York & Co. reported a loss of 8 cents a share in the second quarter last year.

Gannett Co. (GCI) said it is "comfortable" with second-quarter earnings at the higher end of analysts' estimates of 47 to 58 cents a share. On average, analysts were expecting a profit for the period ended June 30 of 52 cents a share. In a statement, Gannett Chief Financial Officer Gracia Martore said the company sees "improving revenue trends" across all of its businesses. "In publishing, we continue to see improving trends and the percentage decrease in revenues is anticipated to be in the low-to-mid single digits," Martore said. The stock closed at $14.29 on Monday, with a gain of 56 cents.

Earnings Preview

On the earnings front, Bob Evans Farms Inc. (BOBE), Navistar International Corp. (NAV), Dollar General Corp. (DG), Pall Corp. (PLL), and The Talbots Inc. (TLB) are scheduled to release their quarterly reports today. Keep your browser at SchaeffersResearch.com for more news as it breaks.

Economic Calendar

While there are no major economic reports scheduled for today, the usual weekly crude inventories arrive on Wednesday along with the Fed's Beige Book report. Thursday will see initial jobless claims, the April trade balance, and the May Treasury budget. The week closes with May retail sales, the preliminary University of Michigan consumer sentiment report, and April business inventories.

Market Statistics

Equity option activity on the Chicago Board Options Exchange (CBOE) saw 1,184,024 call contracts traded on Monday, compared to 724,006 put contracts. The resultant single-session put/call ratio arrived at 0.61, while the 21-day moving average came in at 0.66.

Volatility indices

NYSE and Nasdaq summary

**The volume data shown above is from the Nasdaq and NYSE exchanges only. It does not include regional volume activity, which means that other daily volume quotes you see may be higher.**

Dow, S&P and Nasdaq futures

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