The First Look - Joanna Ossinger, Bloomberg News

Well if you thought last week was a bad week for stocks I've got news for you I think. This week could be even worse good morning my name's Tara strong thanks for stopping by. -- -- June night joins us this morning. And -- player last week -- the Dow down a 190 points for the week we're talking not just one day. The NASDAQ down a 112. Point that's a tremendous loss on the NASDAQ and then of course the S&P 500 down 34 points for the week. And a negative. So stock perspective continues this morning is futures are trading in negative -- adding you know yet when I got up this morning Barry was really really down. You know like I -- -- last night -- it until it -- even -- last night. All right so it it it recovered slightly in that it's -- not looking good Dow futures now 35 NASDAQ down eight S&P down four. -- US treasury down as well one point 865 gold is down even six dollars eighty cents and oil's trading down 66 cents in 9783. Like that number is feeling over a clock take. Yet the price of oil coming down the silver lining out of this we're we're joined by -- -- -- singer from Bloomberg TV in New York -- welcome to the show how you doing today. -- this say it clearly this the market is selling off based on the elections in France and in Greece. But hold on he won by fairly substantial margins I have to believe this was somewhat expect it was a -- It was expected and actually European stocks are not doing that badly apart from Greece which is down quite a lot about 7%. Say that this sort of a it. A relief rally maybe a little -- it fit a certain amount of market of course don't like uncertainty though they European stock from expert about. Why it would what's the background of this gentlemen France while -- -- I know he was a German teacher. He's a socialist. And it sounds like he's going to be quite defiant towards the United States and also quite defiant towards his. German partner Angela Merkel. Rate of course it's -- it's hard to tell how people will do when they're in power they'd bail out I think. K to get the other guy out in a minute he might compromise more at ten. Then his two words that -- But he's followed a very traditional route to power icky. Went through the high schools and colleges that most of the French president has been through he actually help. The battery life and companies in the eighties and the nationalized. Raise money in the nineties when spent the trying to get into the euros then. Though he has been involved it as a factor in front -- a lot of talk businesspeople and France that he is definitely in with that French Italy. Well in his his platform was largely based on hey I'm not going to adhere to what Sarkozy has agreed to with Merkel though isn't it a he's. He's not willing to accept the austerity measures. It sounds like he's not terribly action came back the money they oh did you say it it seems like. Everything that's occurred during the last year is being on wound in my reading it wrong. You know it you're right there is definitely reason being nervous that you're an investor dealing with France are just looking at the terrorism generally. And of course he he's going to have to decide whether he wants they're really doing -- But it is thing. We don't want about austerity which would help him get elected and you guys don't have to make as many houses he thought in my -- though. -- you know it you're definitely and reading not write about it there. All right now Greece it would appear and I don't -- -- based on what I saw increased. The overthrew their government right and it -- -- would appear to be headed towards the exit sign right there they're their lead in the eurozone. It is might as a -- -- Of yeah it looks probable and people are saying if it is 75% camp -- of the year than they don't want disparity. And it and it looks like they'll have probably been coming up with a government because there's so many different political parties that. Made gains -- it -- it it'll be difficult for them to get anything back nine. I can you give us an update on what the European markets are doing it -- and I mean they are out how far they down at this point. Well actually. You're back in taxes of about point 3% right now but is down one point 9%. The rent is. Is up point 4%. Days it is cac forty though. They're kind of all over the map it's pretty interesting actually when he hit it US futures and a. And and of course my ia co host unite wants to note to what can we attribute that rapid decline in the price of oil -- struck oil down -- indeed droplets 67 dollars a barrel. Yet it now right about 96 dollars a barrel the lowest level in more than four months and that's partially on the European election results. And partially because the US economy has had a couple numbers that adamant that -- expected -- and it looked like demand for oil is going to be weakening a little bit. And people are thinking. It. Is the price doesn't need to be as high as it was plus Iran hasn't been in the news though there is less worry about that right now. And interest rates and get the ten year treasury at 188 do you think we'll see even more of a flight to quality more money coming out of Europe and other foreign countries into the United States. Further depressing the yield on the ten year treasury. It looks that way people are looking for safety and US treasuries even though the US economy and our. Budget situation has been completely dollars that it's as safe haven so people are going there as we. All right we'll Joanna thank you very much for your time appreciate the information. -- thank you diets join -- singer from Bloomberg.