From The Trading Floor; The falling price of crude and weaker than expected trade data out of China is putting pressure on the markets this morning after reaching new record levels last week
Merck has offered to buy Cubist Pharmaceuticals for $9.5 billion or $102 a shares.
McDonald's reported a disappointing 2.2% decline in global comparable sales for November that included declines across all geographic segments. They added in conjunction with its sales update that the strengthening of the U.S. dollar against nearly all foreign currencies will negatively impact its fourth quarter results by $0.07 to $0.09 per share.
The Labor Market Conditions Index for November fell to 2.9 from the revised 3.9 the previous period
There isn't any economic data out of the U.S. today; however, Atlanta Fed President Lockhart will be speaking at 12:30 p.m. Mr. Lockhart will be a voting FOMC member in 2015.
China reported a 6.7% decline in imports for the month of November, triggering worries about a growth slowdown. Oil prices are getting clobbered again on the Chinese trade data, which also featured a weaker than expected 4.7% increase in exports
Resistance for today looks to be at the 2079 / 2082 level with support at 2070 / 2073
