The big news coming out this morning was that the Shanghai Composite Index fell 5% today before closing down 4.3%. The retreat the country’s market took should signal investors that stocks might be a bit overvalued. At 7:30 AM, futures were down fairly low, with the Dow set to open 75 points lower and the Nasdaq set to open 15 points lower.

The rest of the world’s markets have fallen suit, with the rest of Asia trading down around 1% to 1.5%. European markets opened very low, but they have made up some ground. Bad economic data out of Germany and Great Britain concerning falling prices and Britain’s industrial sector are also weighing on those markets.

So, on the agenda for today, well…nothing. No major economic data this morning. At 10:30 AM, the market will get crude inventories, but that is pretty sector specific data. We did however get some mixed to strong earnings. Deere (DE) reported beating estimates with an EPS of 0.99 compared to market’s expectations of 0.57. The 27% decline in profits and the company’s signaling they were seeing their largest sales drop in 50 years, however, has pulled the stock down nearly 3% in pre-market trading. Another solar company reported worse than expected earnings. Yingli Green Energy (YGE) missed estimates, reporting an EPS of -0.44 versus estimates of 0.04.

On my most recent check, futures are slowly creeping up this morning to around 65 now down on the Dow but still 15 on the Nasdaq. Weighing on the Nasdaq were those disappointing Hewlett Packard earnings.

So, what does this all mean for the market?