The major U.S. index futures are pointing to a flat to modestly higher opening on Tuesday. The scenario in Europe that had caused much of the recent sell-off is largely unchanged. With the probability of Greece going for fresh elections increasing, a decisive upturn is unlikely.Meanwhile, belying expectations, the eurozone economy expanded, thanks to robust performance by the German economy. Economic reports released domestically were mixed. Retail sales growth was muted, although in line with expectations, while a regional manufacturing survey showed a bigger than expected expansion by the sector. The markets may also stay tuned to a domestic housing market report due to be released shortly after the markets open. Facebook’s IPO is likely to evince investor interest and render the mood positive.U.S. stocks succumbed to selling pressure on Monday, as the developments in the eurozone overwhelmed the markets and put traders on the defensive. The major averages opened sharply lower but cut some of their losses throughout the morning session before pulling back yet again in the afternoon and ended notably lower. The Dow Industrials ended down 125.25 points or 0.98 percent at 12,695 and the S&P 500 Index closed 15.04 points or 1.11 percent lower at 1,338, while the Nasdaq Composite Index closed at 2,903, down 31.24 points or 1.06 percent.Twenty-seven of the thirty Dow components closed lower, with American Express (AXP), Bank of America (BAC), Caterpillar (CAT), Intel (INTC) and JP Morgan Chase (JPM) showing steep declines. On the other hand, Cisco Systems (CSCO) rose 1.2 percent on bargain hunting after its recent earnings report-induced losses. Airline, resource, financial, retail, housing and semiconductor stocks were among the worst performing sectors of the session.Currency, Commodity MarketsCrude oil futures are trading down $0.53 at $95.31 a barrel after declining $1.35 to $94.78 a barrel on Monday. Gold futures are currently slipping $0.10 to $1,560.90 an ounce. In the previous session, the precious metal declined $23 to $1,561 an ounce.On the currency front, the U.S. dollar is trading at 79.98 yen compared to the 79.85 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.2791 compared to yesterday’s $1.2823.AsiaThe major Asian markets closed on a mixed note, with the Japanese, Australian, New Zealand, South Korean, Chinese, Malaysian and Indonesian markets retreating, while the Hong Kong, Indian, Taiwanese and Singaporean markets advanced. The extremely negative overseas lead in the wake of the political crisis in Greece kept sentiment in the region subdued.Japan’s Nikkei 225 average opened lower and moved sideways for the rest of the session, closing down 73.10 points or 0.81 percent at 8,901. Australia’s All Ordinaries closed at 4,316, down 35.60 points or 0.82 percent.Hong Kong’s Hang Seng Index ended up 159.27 points or 0.81 percent at 19,894.A report released by Japan’s Cabinet Office showed that Japanese consumer confidence deteriorated in April, with the consumer sentiment index declining 0.3 points to 40. The minutes of the Reserve Bank of Australia’s May policy setting meeting showed that the central bank considered cutting rates by a bigger than expected 50 basis points as required only ‘in this instance’, signaling that such a move may not be repeated unless conditions worsens notably. That said, the central bank remains concerned about the global economic outlook and also expressed worries about the domestic economy. EuropeAfter seeing a rebounding from yesterday’s sharp declines, the European markets have now turned mixed after reports emerged that Greece is looking to go for polls again to break the political deadlock. The early strength came on the back of positive sentiment generated by GDP reports from the major eurozone economies exceeded or came in line with expectations and the regional U.S. manufacturing data came in better than expected.In corporate news, German steel maker Salzgitter reported a loss for its first quarter, as steel prices were weighed down by slack demand. Bigger rival Thyssenkrupp also reported a loss for the first half of the year and forecast a modest increase in second half profits.Merck KgaA reported a decline in its first quarter profits, while revenues rose modestly to 2.64 billion euros. For 2012, the company expects adjusted EBITDA of 2.8 billion euros to 2.9 billion euros on revenues of 10.5 billion euros.On the economic front, Eurostat reported that the euro area’s GDP was flat in the first quarter compared to expectations for a 0.1 percent contraction. French economic growth stalled, in line with expectations, while German first quarter GDP rose 0.5 percent compared to expectations for a mere 0.1 percent increase.The Zew Institute’s economic sentiment index for Germany declined by more than expected in May, according to the results of a survey. The economic sentiment indicator fell to 10.8 in May from 23.4 in April, while economists estimated a reading of 19. U.S. Economic Reports Inflation remained well under control in April, new government figures showed. After a couple months of relatively strong readings, consumer prices stagnated last month, returning to the tame levels seen late last year and the start of this year. The Department of Labor revealed that consumer prices were flat in April compared to the previous month. This matched the expectation of economists, who had predicted no change. The stagnation followed an increase of 0.3 percent in March. The figure was up 2.3 percent compared to last year.Retail sales in the U.S. saw a modest increase in the month of April, according to a report released by the Commerce Department, with the increase in sales matching economist estimates. The report showed that retail sales edged up by 0.1 percent in April following a revised 0.7 percent increase in March. Economists had expected sales to increase by 0.1 percent compared to the 0.8 percent growth originally reported for the previous month. Excluding a 0.5 percent increase in auto sales, retail sales still rose by 0.1 percent in April compared to a 0.8 percent increase in the previous month.Activity in the New York manufacturing sector has expanded at an accelerated rate in the month of May, according to a report released by the Federal Reserve Bank of New York, with the index of activity in the sector rising by much more than expected. The New York Fed said its general business conditions index jumped to 17.1 in May from 6.6 in April, with a positive reading indicating an increase in regional manufacturing activity. Economists had expected the index to show a more modest increase to a reading of 10.0.The Treasury Department is due to release a report on the flows of financial instruments into and out of the U.S. in March at 9 am ET.Federal Reserve Governor Elizabeth Duke is due to speak to the National Association of Realtors in Washington at 9:30 am ET.The Commerce Department is scheduled to release its business inventories report for March at 10 am ET. The report summarizes the results from the monthly retail trade, wholesale trade and factory goods orders surveys. The report is expected to show a 0.4 percent increase in business inventories for the month.Business inventories rose 0.6 percent in February, while business sales were up 0.7 percent. The business inventories to sales ratio remained steady at 1.28 compared to the year-ago period.The National Association of Home Builders is scheduled to release the results of its May survey on homebuilders' confidence at 10 am ET. The consensus estimates call for the index to increase to 26.The housing market index unexpectedly fell 3 points to 25 in April, marking the first drop since September 2011 and the biggest decline since June 2011. The current sales conditions index and the future sales expectations index both declined by 3 points, while the index measuring prospective buyer traffic declined a steeper 4 points.Stocks in FocusHome Depot (HD) reported first quarter earnings of 68 cents per share on sales of $17.8 billion. The earnings were ahead of estimates, while the revenues were slightly less than expected. The company raised its 2012 earnings guidance to $2.90 per share, while it expects sales growth of 4.6 percent. The guidance was soft to some extent.Coty said in a letter to the board of Avon Products (AVP) that it is withdrawing its offer for the company, citing the reluctance shown by Avon’s board to explore a negotiated combination on a reasonable timetable. The announcement comes in the wake of the expiration of its deadline to begin discussions.Agilent Technologies (A) reported second quarter non-GAAP earnings of 78 cents per share on revenues of $1.73 billion. For 2012, the company expects non-GAAP earnings of $3.18-$3.24 per share on revenues of $6.94 billion to $7 billion. Additionally, the company expects third quarter non-GAAP earnings of 82-84 cents per share on revenues of $1.77 billion to $1.79 billion. The results exceeded estimates and the guidance was upbeat.Groupon (GRPN) reversed to a profit of 2 cents per share on a non-GAAP basis in its first quarter from a loss of 41 cents per share. Revenues rose 89 percent to $559.3 million. For the second quarter, the company expects operating income of $25 million to $45 million and revenues of $550 million to $590 million. The first quarter earnings and revenues exceeded expectations, while the second quarter revenue guidance surrounded the consensus estimates.Clorox (CLX) announced a 6.7 percent increase in its quarterly dividend to 64 cents per share.VOXX International (VOXX) reported fourth quarter earnings of 46 cents per share, lower than 75 cents per share last year despite sales rising roughly 27 percent to $136 million.Photronics (PLAB) reported second quarter non-GAAP earnings of 14 cents per share on sales of $117.5 million. The results exceeded estimates.Group 1 Automotive (GPI) announced the acquisition of a Honda franchise and a Volkswagen franchise in the Panama City, Florida, market. The company estimates that the market could generate $52 million in annual revenuesJ.C. Penney (JCP), SINA (SINA) and THQ, Inc. (THQI) are among the companies due to report their quarterly results after the market s close.