Equity futures are trading above fair value as the Greek Parliament today votes to implement the austerity measures it approved in principle yesterday. In economic data, initial jobless and continuing claims are due at 08:30 ET.
S&P would cut US credit rating to lowest level if it defaults. In a recent interview with Bloomberg, John Chambers, the chairman of the company's sovereign rating committee, said that S&P would lower its sovereign credit rating on the US from AAA to D if the government fails to raise the debt ceiling and is forced to default.
However, Chambers added that S&P continues to believe that the debt ceiling will be raised and the US will avoid a default, adding that “Otherwise we wouldn’t have a AAA rating on the U.S. government. It’s evolving as we expected.”
