Hello June

Good morning. Premarket futures are under pressure following weakness in overseas markets, especially in European financials after UK's largest mortgage lender said the housing market was worsening.

Over here, the top headlines are on management changes at Wachovia, falling oil prices, and a report from the International Air Transport Association who predicted a $6 billion dollar loss for the airline industry as fuel costs and a slowing economy wipe out earnings.

Premarket gainers: ACOR, AVAN, CSIQ, ARCC, CNXT, FUQI, GM, IDMI, NKTR, NVS, CPST, IPI, PCX, EXTR, ETN, YGE, DNA, BTU, LGF, NCOC, MEE, MEDX, GS, & APWR.

Premarket losers: AGYS, IMCL, HRS, SOL, VVUS, WB, PMCS, FSLR, TRIN, AAUK, RBS, SHPGY, BCS, LDK, LEH, ASML, UBS, GSK, ENER, ACGY, CSUN, AKNS, & DRYS.

At 10:AM we have the ISM Manufacturing report and April construction spending. Atlanta Federal Reserve Bank President Dennis Lockhart is also scheduled to speak about the economy at 12:20PM. The next Fed meeting is on June 24-25th and Fed Funds futures current suggest the Fed will be on hold at that meeting.

According to CXO Advisory, here's how the market has performed since 1990 this month:

Typically, the first day of June is a positive one - the Dow has been up 8 of the last 9 years. Premarket futures suggest otherwise right now, but look for the market's true bias to assert itself after this morning's economic data.

Let's make June a great month!