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NEW YORK (CNNMoney)
Investors are concerned that financial turmoil stemming from the heavily indebted island nation, where the European Union is trying to impose a one-time tax on bank accounts, will spread to Russia, Europe and even Wall Street.
"We believe the [EU] decision on Cyprus was a dangerous move, with the potential to have knock-on effects elsewhere," wrote Gizem Kara and analyst co-authors from BNP Paribas, in a research note. "Although the immediate impact may be contained if the decision is deemed to be unique in Cyprus, due to its special circumstances, a precedent has been set."
The Cypriot parliament still has to decide on the tax, which would directly affect many Russian investors who have deposited money in Cypriot accounts.
Related: Why Russia is irate about Cyprus bank tax
U.S. investors will have housing market data to consider Tuesday as markets look to shrug off Monday's European woes.
At 8:30 a.m. ET, the U.S. Census Bureau will issue its report on February housing starts. Economists surveyed by Briefing.com predict an annual pace of 911,000 new homes. The report will also include February building permit data, which is seen as an indicator of builder confidence.
In corporate news, shoe retailer DSW (DSW)will report fourth-quarter earnings before the open. Software company Adobe Systems (ADBE) and home retailer Williams-Sonoma (WSM) will report fourth quarter results after the close.
Discount airline Ryanair signed a $15.6 billion deal with the Boeing (BA, Fortune 500) for 175 737-800 airplanes.
U.S. stocks tumbled Monday amid the international concerns about the controversial bailout and bank tax in Cyprus. The Dow Jones industrial average fell 0.4%, while the S&P 500 lost 0.5% and the Nasdaq declined 0.3%.
Electronic Arts (EA) shares rose in premarket trading after the company announced its chief executive officer would be stepping down.
Fear & Greed: Sliding into greed
European markets slumped in morning trading, while Asian markets ended mixed.
First Published: March 19, 2013: 7:03 AM ET
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