US pre-open: Stocks set to drop after Greek presidential vote

The main US equity indices were being called to start the Monday session with average losses of three tenths of a percentage point.

That followed the fresh record highs set last Friday on Wall Street and the calling of a snap election in Greece after failure of the ruling coalition, on Monday morning, to garner the necessary backing in parliament for its presidential candidate.

However, some observers were adamant there was no risk of contagion for the wider Eurozone.

Unlike two years ago, this time around the far-left Syriza party has a small but narrowing lead in polls of voter intentions over other parties. That is “scary”, wrote Berenberg's Holger Schmieding. Even so, the Eurozone now has the necessary mechanisms in place to fend off any potential contagion risks which might arise should Greece leave the single currency area, the economist added.

Stock in crane maker Manitowoc was rising after billionaire investor Carl Icahn disclosed a 7.8% stake in the firm, regulatory filings with the Securities and Exchange Commission showed.

Chinese smartphone maker Xiaomi announced it has raised $1.1bn via a fresh round of funding, valuing the outfit at over $46bn.

Acting as a backdrop, the latest survey from Bloomberg revealed Wall Street analysts have the most bearish view on US Treasuries since 2009.

Front-month West Texas crude futures were moving higher by .28% to reach $55.43 per barrel on the NYMEX.

Yields on 10-year US Treasuries were off by four basis points to 2.21%.