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Shares in European financial institutions took another major hit as concerns over the Italian government caused the yields on their treasury bonds to move past 7 percent.

While Greece seems to have sorted out its mess for now, the focus has shifted to Italy with speculation that Italian Prime Minister Berlusconi possibly stepping down.

Traders are watching the political situation in Italy, where Prime Minister Silvio Berlusconi has pledged to step down, despite continuing to try to reclaim majority support.

S&P futures are 30 handles lower this morning as the Italian 10-year bond yield surged above 7%, a dangerously high and unsustainable level.