It’s still not quite clear how the market will round out the week, but at least two of the major indices (S&P 500 and NASDAQ) will be hovering around new highs. In the premarket, stocks are basically flat thanks to news from across the Atlantic this morning. The European Central Bank (ECB) is making preparations once again for a potential Greek exit from the monetary union. Back in 2012, during the worst days of the euro crisis, the ECB was undoubtedly planning how Greece would manage an exit from the Eurozone, and it looks like they may soon be putting those plans to work. Greece’s current bailout deal is set to expire on February 28th, so the clock is ticking for the country’s finances. Probably the most important item of all is that if Greece does exit the monetary union, the financial impact on the rest of Europe would be manageable, rather than the falling dominos-like catastrophe that was feared back in 2012.

Despite all of the apparent troubles that Greece is causing for the euro, the rest of the European economy is actually doing much better. This morning, the Euro Area released data for the February flash readings of both the manufacturing and services purchasing manager index (PMI). The composite reading of the two indices climbed to 53.5 in February, for the highest reading since July 2014. Any reading above 50.0 is indicative of expansionary action while a reading below 50.0 is contractionary. The services PMI reading outpaced all estimates with France reclaiming expansion, coming in at a reading of 53.4 in February from 49.4 in January. The manufacturing reading for the various European economies were weak across the board, with many still below the breakeven 50-level. The chart below shows February’s flash readings versus the previous final readings for the entire Euro Area. As previously mentioned, manufacturing remains weak but the latest reading still outpaces all monthly readings since August 2014. Ultimately, anything that will calm market volatility is super good news.

Earnings season is beginning to wind down; therefore this morning was relatively light on earnings releases. Below is a table of some notable companies that reported earnings last night and this morning.