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What Did the Stock Market Do Today:
Dow Jones: 17,757.91; +138.40; +0.79%
S&P 500: 2,077.42; +14.31; +0.69%
Nasdaq: 5,013.12; +26.26; +0.53%
The DJIA today gained 138 points as Greece suddenly signaled that the nation could accept bailout terms to address its crippling debts.
However, European nations offered a cool response to the possibility and put focus on Greece's pending referendum vote this weekend.
Markets are now preparing for the release of the June jobs report, which will be released tomorrow morning at 8:30 a.m.
Top Stock Market News Today
- Greece Default: European financial ministers will delay additional Greek debt talks until the nation's citizens vote in Sunday's referendum. Greece's Prime Minister Alexis Tsipras has urged voters to reject Europe's proposed bailout terms. This morning, Greece became the first advanced economy to default on a loan repayment to the International Monetary Fund.
- Oil Down: Oil prices slumped today on concerns over the European economy, progress in the Iranian nuclear deal talks, and news that domestic oil inventories rose for the first time in more than two months. WTI August oil futures slumped more than 4.1% to hit $57 per barrel. Brent oil jumped 2.3% to $62.10 per barrel.
- Energy Woes: Energy stocks slumped thanks to the sharp decline in oil prices. Today was especially bad for oil-field service providers. Shares of Transocean Ltd. (NYSE: RIG) slipped 3.3%, Halliburton Co. (NYSE: HAL) dipped roughly 3.5%, and Baker Hughes Inc. (NYSE: BHI) slipped 2.7%. Meanwhile, producer Chesapeake Energy Corp. (NYSE: CHK) fell more than 5.4%, Chevron Corp. (NYSE: CVX) fell 0.39%, and Marathon Oil Corp. (NYSE: MRO) dropped 2.83%.
- Auto Sales: Auto manufacturers were able to keep pace with their strong May monthly sales last month. Today, shares of Ford Motor Co. (NYSE: F) fell 1.3%, despite reporting June sales estimates that surpassed expectations. Shares of General Motors Co. (NYSE: GM) slipped 0.87% after the company reported a 3% decline in monthly sales. Shares of Fiat Chrysler Automobiles NV (NYSE: FCAU) were up more than 0.6% on the day.
- On Tap Tomorrow: On Thursday, investors will react to the U.S. Department of Commerce's release of the June unemployment report. Markets will be closed on Friday, July 3, in celebration of Independence Day. Companies reporting earnings tomorrow include International Speedway Corp. (Nasdaq: ISCA).
Stocks to Watch: NKE, MKC, CB, ACE, WYNN, LVS, TDOC
- Stocks to Watch No. 1, NKE: Shares of Nike Inc. (NYSE: NKE) were up 1.27% on news that Nike Chairman and Co-Founder Phil Knight plans to step down in 2016. Knight has endorsed Nike CEO Mark Parker as his replacement as chairman of the board. The company also announced that it has transferred Knight's ownership shares into an LLC called Swoosh.
- Stocks to Watch No. 2, MKC: Shares of McCormick & Co. (NYSE: MKC) slipped 1.7% after the company reported weaker than expected second-quarter profits. The Maryland-based spice giant still beat consensus earnings expectations but said that a stronger dollar affected international revenue.
- Stocks to Watch No. 3, CB: Shares of insurer Chubb Corp. (NYSE: CB) jumped more than 26% on news that it will be purchased by ACE Ltd. (NYSE: ACE) for $28.3 billion in cash and stock. Shares of Ace were relatively flat on the day.
- Stocks to Watch No. 4, WYNN: Casino stocks were on the rise for a second consecutive trading session on news that gaming revenue outpaced analyst expectations in Macau, China. Shares of Melco Crown (Nasdaq: MPEL) gained 4.18%, Las Vegas Sands (NYSE: LVS) added 3.06%, and Wynn Resorts (Nasdaq: WYNN) added 4.46%.
- Stocks to Watch No 5, TDOC: Shares of Teladoc Inc. (NYSE: TDOC) surged during its first day on the New York Stock Exchange. The on-demand medical consultation company saw shares surge more than 65% today. The company priced its IPO at $19 per share, well above the expected range. Profit Alert: Do you know the three IPO investing rules to ensure big gains? Get those here…
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