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The Stock Market Is Down Today:
Nasdaq: 5,029.97, -21.13, -0.42%
S&P 500: 2,084.45, -9.66, -0.46%
The DJIA today fell more than 107 points as investors sold on fears and frustration over Greece's inability to address its debt obligations. Over the weekend, Greece and its creditors failed to fashion an agreement that would ensure the nation could meet its debt payments to the International Monetary Fund. The news sent global markets tumbling and has investors on high alert over Europe's economic future. The news overshadowed anticipation for tomorrow when the Fed Open Market Committee begins its two-day session on monetary policy.
The S&P 500 Volatility Index (VIX), the market's fear gauge, surged more than 11%.
Top Stock Market News Today
- Stock Market News: Domestic stocks retreated as traders weighed Greece's ongoing debt problems, jitters over tomorrow's FOMC meeting, and news that industrial production slipped in May due to falling energy sector spending and a rising dollar. Today's largest decliner on the Nasdaq and the S&P 500 was Microsoft Corp. (Nasdaq: MSFT), which slipped 1.1%.
- Merger Mania: Consolidation in the healthcare sector is accelerating. Today, shares of Cigna Inc. (NYSE: CI) surged nearly 20% intraday to a new all-time record on news that the company rejected a takeover bid from rival Anthem Inc. (NYSE: ANTM). Shares of Anthem jumped more than 2.3% on the day.
- On Tap Tomorrow: On Tuesday, the FOMC meeting kicks off as investors begin to speculate on when the Federal Reserve will raise interest rates. Meanwhile, The U.S. Commerce Department will announce May data for housing starts and building permits. The housing report is a big deal after U.S. homebuilder confidence hit a nine-month high today and a big merger might set off a wave of merger and acquisition activity as the summer heats up.
Stocks to Watch: CVS, TGT, BABA, RYL, FSLR
- Stocks to Watch No. 1, CVS: Shares of CVS Health Corp. (NYSE: CVS) gained 1.2% after the company announced a deal to purchase the pharmacy and clinical business of Target Corp. (NYSE: TGT). The deal is worth roughly $1.9 billion and gives CVS an additional 1,600 pharmacies in 47 states.
- Stocks to Watch No. 2, BABA: Shares of Alibaba Group Holding Ltd. (NYSE: BABA) slipped 0.6% after the firm announced plans to launch its own streaming service in China. This is the company's first foray into the paid-content market. The firm's video subscription service will be called Tmall Box Office (TBO) and will aim to become the Chinese equivalent of Home Box Office and Netflix Inc. (Nasdaq: NFLX). For a breakdown on why BABA share prices were on the move today and more on the company's new service, read our full coverage here.
- Stocks to Watch No. 3, UTX: Shares of United Technology Corp. (NYSE: UTX) slumped more than 2.5% on news that the company was planning to exit the helicopter industry and sell or spin off the company's Sikorsky Aircraft division, which manufactures the popular military Black Hawk helicopters.
- Stocks to Watch No. 4, RYL: Shares of Ryland Group Inc. (NYSE: RYL) were up 5.2% on news that the housing company will merge with West Coast rival Standard Pacific Corp. (NYSE: SPF). The $5.2 billion merger will create the nation's fourth-largest domestic homebuilder after R. Horton Inc. (NYSE: DHI), Lennar Corp. (NYSE: LEN), and PulteGroup Inc. (NYSE: PHM). Shares of the top three companies were among the S&P 500 top stocks today on news that homebuilder confidence hit a nine-month high.
- Stocks to Watch No. 5, FSLR: Shares of First Solar Inc. (Nasdaq: FSLR) were up nearly 6% today on news that the company had announced record-breaking efficiency levels for its thin-film solar cells. Solar companies like FSLR are working to accomplish grid parity against other generators of electricity. Here's a look at why FSLR stock has more bright days – and gains – ahead…
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.