Before the Opening Bell

S&P futures vs fair value: -7.80. Stocks are hitting its fresh lows before the opening bell. Great Britain's FTSE is down almost 2%. Germany's DAX is also down 1.05%. The unemployment numbers were announced today for the European Union. The estimate is about 21 million people which, officially the largest number in the past 10 years.

Meanwhile, Mr. Geithner said yesterday that China agreed to use U.S. Dollar as their main reserve for their currency. At the meeting, Chinese officials also mentioned their concerned about the large deficit spending may cause inflation which may result in deterioration of China's U.S bond holdings.

U.S Dollar finally rises; putting pressure on oil prices. U.S Dollar has been under pressure for the last six months. It is up though, 0.8%. Oil, on the other hand, is pulling back from its year highs, last quoted at $67.75 a barrel.

The ADP National Employment Report, is a non farm private employment roughly about 24 million employees, announced today that the change of employment from March to April declined from 491,000 to 545,000, down 54,000.

It is almost time for the opening bell.