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Dow, S&P 500, and Nasdaq Close:
Dow Jones: 17,947.02; +56.66; +0.32%
S&P 500: 2,101.61; -0.70; -0.03%
Nasdaq: 5,080.51; -31.68; -0.62%
The DJIA today added 56 points as investors monitored the ongoing debt drama in Greece. The Nasdaq and S&P 500 slipped as semiconductor stocks cratered under the weight of weak forward guidance.
Shoe and apparel maker Nike Inc. (NYSE: NKE) was the S&P 500's top performer today, adding 4.26%. Yesterday, the company beat Wall Street earnings expectations and said global sales increased 4.8% over the quarter. Meanwhile, the Nasdaq slipped more than 0.6% after Micron Technology Inc. (Nasdaq: MU) announced weak quarterly earnings and issued a weak 2015 outlook. The company's struggles pulled down shares of chipmakers like Intel Corp. (Nasdaq: INTC), Broadcom Corp. (Nasdaq: BRCM), and Advanced Micro Devices Inc. (Nasdaq: AMD).
The S&P 500 Volatility Index (VIX), the market's fear gauge, was flat today.
Top Stock Market News Today
- Greece Update: European leaders were looking to extend Greece's debt deadline by helping the nation pay its maturing debt. However, Greece rejected the deal, setting the stage of a last-minute meeting on Sunday to try to try to salvage it. The Greek debt talksare at a critical point. We put together a new Greece profit opportunity guide for you here.
- China Correction: Chinese stocks slumped more than 7% today, with the key CSI300 index falling nearly 8%, its largest single-day decline since 2008. The market has fallen more than 20% since hitting a seven-year high just two weeks ago. Traders are desperately trying to unwind positions taken with margin debt (borrowed money).
- Oil in Focus: WTI August oil futures dipped below $60 per barrel today as traders continue to monitor a possible deal between Iran and the West that would end oil sanctions on the crude producer. Brent oil was unchanged on the day.
- On Tap Next Week: On Monday, investors will react to the details of Sunday's meeting between European financial ministers and Greece over the latter's debt problems. A light U.S. economic calendar features the pending home sales index and farm prices. Companies that will report quarterly earnings include Apollo Education Group Inc. (Nasdaq: APOL), Castle Brands Inc. (NYSE: ROX), Global High Income Fund Inc. (NYSE: GHI), Park Electrochemical Corp. (NYSE: PKE), and Paychex Inc. (Nasdaq: PAYX).
Stocks to Watch: ZTS, VRX, GPRO
- Stocks to Watch No. 1, ZTS:Shares of Zoetis Inc. (NYSE: ZTS) cratered 12.2% on news that Valeant Pharmaceuticals International Inc. (NYSE: VRX) has approached the animal health giant about a takeover bid. The news isn't surprising given Valeant's recent string of acquisitions and both companies' ties to activist investor Bill Ackman.
- Stocks to Watch No. 2, GPRO: Shares of GoPro Inc. (Nasdaq: GPRO) continue to falter as the camera manufacturer heads for its second-straight weekly loss. Consumer interest in action cameras appears to be cooling and wreaking havoc on the former IPO darling. GPRO stock is now down more than 14% this year.
- Stocks to Watch No. 3, THC/HCA/CYH/UNH: Healthcare stocks were still in focus after yesterday's U.S. Supreme Court decision to preserve federal subsidies under the Affordable Care Act. The news was a boon for hospital and insurance stocks. Shares of Tenet Healthcare Corp. (NYSE: THC), HCA Holdings Inc. (NYSE: HCA), Community Health Systems Inc. (NYSE: CYH), and UnitedHealth Group Inc. (NYSE: UNH) all received upgrades today.
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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.