Lower Open Expected Today

A lower open is expected on Wall Street today, reflected partly by drops in major European indexes. Britain's FTSE 100 is down more than 2 percent, and Germany's and France's major indicators are down more than 1 percent. That's following a 0.9 percent drop in Japaneses tocks after a cut in interest rates by the Bank of Japan gave the market a short-lived boost.

Also, Standard & Poor's cut the rating or outlook on 12 financial companies, including Bank of America, Citibank, J.P. Morgan and Goldman Sachs, citing increased risks.

And oil is dropping again this morning after hitting a four-year low yesterday, dropping below $34 a barrel.

Check back for more updates throughout the day.

--Terri Rupar