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 Here is what you need to know. Italy's political crisis deepens. Italian President Sergio Mattarella rejected the euroskeptic economist and former banker Paolo Savona for finance minister, and he must now form a new government or face another election. Peripheral yields surge. Italy's two-year yield is up almost 150 basis points near 2.30%, while its 10-year is higher by 42 basis points at 3.08%. Elsewhere in Europe, Greece's 10-year is up 34 basis points, while Spain's and Portugal's 10-year yields are higher by 10 and 13 basis points. Stock markets around the world are under pressure. Italy's MIB (-2.13%) is getting hit hard in Europe after Hong Kong's Hang Seng (-1%) led the losses in Asia. The S&P 500 is set to open down 0.73% near 2,701. The US 10-year yield is plunging. Safe-haven flows pushed the benchmark yield down as much as 13 basis points to 2.79%, a seven-week low. It's now at 2.86%. Investors with trillions at stake are 'gorging like pigs at the trough' — and the smallest misstep could make a painful crash even worse. A market drop, which may require investors to meet margin calls by selling stocks and reducing their overall levels of debt, could have a snowballing effect on the next bear market, according to Brad Lamensdorf, a portfolio manager at Ranger Alternative Management who is an outspoken market bear. China is producing more steel than the rest of the world combined. China produced a mammoth 76.7 million tonnes of steel in April, more than the 71.6 million tonnes produced by the rest of the world, according to World Steel Association data. Deutsche Bank plummets as Italy crisis rocks global banks. Shares of the bank were down nearly 5% ahead of Tuesday's opening bell, closing in on a record low. 'Solo' bombs at the box office. "Solo: A Star Wars Story" earned an estimated $101 million through Memorial Day, well below the $130 million to $150 million that was projected, according to Exhibitor Relations. Earnings reports trickle out. HP and Salesforce report after the markets close. US economic data flows. S&P home prices will be released at 9 .m. ET before consumer confidence and Dallas Fed manufacturing cross the wires at 9:30 a.m. ET and 10 a.m. ET. | 
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