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For June 29, 2015, here are you stock market futures, earnings reports, the top stock market news, and stocks to watch…
Stock Futures Today
Futures for the Dow Jones Industrial Average for Monday, June 29, forecasted a 175-point decline from Friday's close as the situation regarding Greece's debt went from bad to worse over the weekend. The nation's primary stock exchange and its banks will be closed to stop a possible run on financial institutions. The country has also imposed capital controls, including a 60 euro ($66) limit on ATM withdrawals.
On Friday, the DJIA added 56 points, while 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 Friday's S&P 500 top performer after beating Wall Street earnings expectations.
Top News in the Stock Market Today
- The Stock Market Today: This morning, investors prepared for Greece to exit the Eurozone after talks of a bailout broke down over the weekend, and European ministers announced they have frozen funding to Greek banks on Monday. Shares of the National Bank of Greece (NYSE ADR: NBG) slumped more than 24% this morning. Here's what happens next as investors prepare for Greece to default…
- Oil Outlook: Oil prices cratered this morning on news that Greece has imposed capital controls and news emerged that the United States and Iran are going to miss tomorrow's deadline on a compromise over a nuclear arms deal that would bring the latter's oil exports back to the international markets. WTI crude futures for August ticked down 1.9% this morning to hit $58.50 per barrel. Meanwhile, Brent oil prices fell 1.8% to hit $62.08 per barrel.
- China Correction: Chinese stocks continued to slump again this morning, falling another 3.3%. The downturn continues after the nation's key CSI300 index fell nearly 8% on Friday. The market has fallen more than 20% since hitting a seven-year high just two weeks ago.
- Earnings Reports: Companies that will report quarterly earnings include Jazz Pharmaceuticals Plc. (Nasdaq: JAZZ), 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).
Pre-Market Movers in the Stock Market Today: CHK, EBAY, SYY
- Pre-Market Movers No. 1, CHK: Shares of Chesapeake Energy Corp. (NYSE: CHK) slipped more than 0.6% this morning as oil prices continued to decline. However, the company's stock was upgraded this morning from "Underperform" to "Buy" by Sterne Agee. The bank's analysts said Chesapeake stock hit oversold territory after its recent sell-off.
- Pre-Market Movers No. 2, EBAY: Shares of eBay Inc. (Nasdaq: EBAY) were in focus this morning after the firm's board of directors approved a corporate spin-off of PayPal Inc. According to the terms, the firm will relist on the Nasdaq under the ticker PYPL, and eBay shareholders of record on July 8 will receive one share of PayPal common stock for each eBay share.
- Pre-Market Movers No. 3: SYY: Shares of SYSCO Corp. (NYSE: SYY) were up more than 0.2% after the company terminated its potential merger with U.S. Foods. The company will pay a breakup fee of $300 million to U.S. Foods and another $12.5 million to Performance Food as the deals fell through. Meanwhile, the company announced plans to redeem $5 billion of merger-related debt and buyback at least $3 billion shares of company stock.
Stocks to Watch Today: XOM, BP, CVX, FDX
- Stocks to Watch No. 1, XOM, BP: First, it was high extraction costs. Then, it was difficult regulatory hurdles in Canada. Now, global energy companies are facing their greatest threat yet in the quest to accelerate Arctic Ocean drilling: time. Oil multinationals Exxon Mobil Corp. (NYSE: XOM), BP Plc. (NYSE ADR: BP), and several other industry players announced they have suspended an exploration program in the Beaufort Sea, a territory of the Arctic Ocean. The company said they will not be able to complete production tests before their drilling lease expires in 2020. The news follows a similar decision by Chevron Corp. (NYSE: CVX) in December. Shares of BP were down 1.5% this morning. XOM shares were down more than 1%, while CVX shares fell 1.1%.
- Stocks to Watch No. 2, FDX: Global shipping giant FedEx Corp. (NYSE: FDX) announced it has requested approval from the European Union for its $4.9 billion bid for Dutch shipping giant TNT Express. The deal would give FedEx a sizeable presence in Europe, combining the firm's air services with TNT's extensive road network. This expansion boosts its competitive advantages against United Parcel Service Inc. (NYSE: UPS) and Deutsche Post.
Today's U.S. Economic Calendar (all times EST)
- Pending Home Sales Index at 10 a.m.
- Dallas Fed Manufacturing Survey at 10:30 a.m.
- 4-Week Bill Announcement at 11 a.m.
- 3-Month Bill Auction at 11:30 a.m.
- 6-Month Bill Auction at 11:30 a.m.
- Farm Prices at 3 p.m.
What Investors Must Know This Week
- Four Trillion-Dollar Tech Trends to Get In On Today
- The New No. 1 Threat to Your Savings and How to Avoid It
- The Truth You're Not Hearing About the Oil Market
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.