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Stock Futures Today
On Monday, the DJIA fell 46 points as traders braced for the consequences of Greek voters' decision to reject European austerity measures that would allow them to access much-needed financial assistance. Greece Finance Minister Yanis Varoufakis resigned from his position, stating that his absence in the future could potentially enable Prime Minister Alexis Tsipras to reach a deal with creditors.
All 10 S&P sectors were in the red, led by energy and basic materials. Investors appear optimistic that a deal could still be struck between Greece and its international creditors. The markets opened down 0.5%, but quickly pared losses and even turned positive for a while on news that the International Monetary Fund may attempt to salvage the nation's fate in the coming days.
Top News in the Stock Market Today
- The Stock Market Today: This morning, the United States will announce its global trade figures and the JOLTS report. But traders' attention will likely center on one issue: Greece. Greece's prime minister is poised to offer a new set of proposals that could keep the nation in the Eurozone. However, German media have tempered expectations by reporting that the "new plans" are the same as the "old plans" and that Greek leaders seem very unwilling to accept austerity conditions for emergency cash.
- Iran Fallout: Will a nuclear deal be struck between Iran and the West? We'll know today as the deadline for talks again comes into focus. Iranian Foreign Minister Mohammed Javad Zarif will meet the foreign ministers of Britain, China, France, Germany, Russia, and the United States today to discuss UN sanctions related to Iran's missile program.
- Oil Outlook: Oil prices rebounded Tuesday after a woeful trading session to start the week. Crude prices cratered yesterday as much as 8% on global economic concerns ranging from Greece's debt woes to China's ongoing efforts to prevent an all-out crash in its stock markets. This morning, WTI crude futures for August ticked up 0.9% to hit $53.03 per barrel. Meanwhile, Brent prices added 0.8% to hit $57.33 per barrel.
- Earnings Reports: Companies reporting earnings this morning include CHS Inc. (Nasdaq: CHSCP) and Container Store Group Inc. (NYSE: TCS).
Pre-Market Movers in the Stock Market Today: AMD, SFUN, RYCEY
- Pre-Market Movers No. 1, AMD: Post-market trading of Advanced Micro Devices Inc. (Nasdaq: AMD) was halted after the bell when the semiconductor manufacturer announced a significant decline in second-quarter revenue and slashed its 2015 outlook thanks to falling personal computer demand. Shares were down nearly 13% this morning.
- Pre-Market Movers No. 2, SFUN: Shares of SouFun Holdings Ltd. (NYSE: SFUN) slipped nearly 2% in pre-market hours after falling an additional 14% on Monday. The Chinese real estate Internet platform was affected by a broader sell-off in the Shanghai Composite. Investors are unconvinced that actions by Beijing over the weekend will shore up the nation's markets. The Shanghai Composite has declined nearly 30% over the last month.
- Pre-Market Movers No. 3, RYCEY: Domestically traded shares of Rolls-Royce Holding Plc. (OTCMKTS ADR: RYCEY) will be in focus today after a broad sell-off affected shares trading on the London Stock Exchange. Shares were down in London today as much as 9% after the company reported it will end its stock buyback program. It also slashed its earnings expectations for the first half of 2015.
Stocks to Watch Today: AET, GMCR, GE
- Stocks to Watch No. 1, AET: Mark Bertolini, the CEO of health insurer Aetna Inc. (NYSE: AET), said he was confident that the company would be able to succeed in an antitrust review and be allowed by the Federal Trade Commission to purchase its rival Humana Inc. (NYSE: HUM) for roughly $37 billion. This represents the largest deal in the history of the insurance industry and comes at a time of immense criticism for the industry after insurers are seeking massive premium increases over the next year. Health insurance companies said individuals who gained access to coverage thanks to the Affordable Care Act were actually sicker than previously expected.
- Stocks to Watch No. 2, GMCR: The competition in the home coffee business is heating up, and winners and losers are emerging. Shares of Keurig Green Mountain Inc. (Nasdaq: GMCR) slid another 3.4% on Monday after analysts at SunTrust Robinson Humphrey slashed the stock's price forecast from $95 to $70. The research firm said that the company has been losing market share to rivals Starbucks Corp. (Nasdaq: SBUX), J.M. Smucker Co. (NYSE: SJM), and Kraft Heinz Co. (Nasdaq: KHC). The downgrade came on the same day that Starbucks announced plans to hike prices for some coffee beverages in the United States by roughly $0.05 to $0.20.
- Stocks to Watch No. 3, GE: Shares of General Electric Co. (NYSE: GE) are back in focus after the company issued a U.S. Securities and Exchange Commission filing and said it is moving to accelerate the divestitures of several financial services businesses.
Today's U.S. Economic Calendar (all times EDT)
- International Trade at 8:30 a.m.
- Gallup US ECI at 8:30 a.m.
- Redbook at 8:55 a.m.
- JOLTS at 10 a.m.
- 4-Week Bill Auction at 11:30 a.m.
- 3-Year Note Auction at 1 p.m.
- Consumer Credit at 3 p.m.
- Treasury STRIPS AT 3 p.m.
What Investors Must Know This Week
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.