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Markets Boom as Greece Fears Loom


Today's financial recap and tomorrow's financial outlook.

Today at T3 Live

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Market Recap

Markets rebounded from yesterday's dip on positive economic data.

The S&P/CS 20 City MoM SA and Composite both missed expectations by about 0.5%, with all other metrics beating. Consumer confidence was better than expected with 101.4 vs. 97.4.

All major indices finished up, lead by the NASDAQ which gained 0.57%. The S&P 500 and DJIA closed up 0.26% and 0.12%, respectively.

The Russell 2000 finished up 0.58%, beating out the major indices.

Oil prices climbed up slightly today despite talks that Greece will default on its loan payment which is due today. A delay in Iran's nuclear agreement, postponing the amount of time before Iranian oil hits the market, which boosted prices.

Bond yields rose slightly as investors moved back to equities.

The dollar climbed in value against euro, pound, and Canadian dollar. The dollar fell against the yen, and Australian dollar.

Biotech took the reigns and rallied. The S&P Biotech ETF (XBI) rallied 4.39%, while the Nasdaq Biotechnology ETF (IBB) gained 2.33%.

Cyber security, social media, and emerging market performed well today as well.

Utilities were down slightly.

Juno Therapeutics (JUNO) rallied 15.18% upon announcing $1 billion licensing deal with Celgene (CELG).

Fitbit (FIT) broke its downslide and surged 14.87%  after receiving an outperform rating with a $45 price target from RBC Capital Markets.

Tesla (TSLA) claimed to have substantially more upside with raised price target from Credit Suisse from $290 to $325. Shares finished up 2.38%

Shopify (SHOP) jumped 8.40%. Credit Suisse issued the company with an outperform rating and a price target of $40.

Ambarella (AMBA) climbed 1.86%.

European markets didn't fare so well with the Greek situation. The German DAX lost 1.25%, while the French CAC fell 1.63%, and the UK's FTSE dropped 1.50%.

European bond yields fell as investors flocked towards safer assets. The German Bund fell 3.1 bps today.

Asian markets rebounded from their drop yesterday. The Nikkei rallied 0.63%, while the Hong Kong Hang Seng Index jumped 1.09%. The big winner was the Shanghai Composite which surged 5.53%.

Wednesday's Financial Outlook

US economic data for tomorrow will include MBA Mortgage Applications, Challenger Job Cuts, ADP Employment Change, Markit Manufacturing PMI, Construction Spending MoM, ISM Manufacturing, ISM Prices Paid, Construction Spending Revisions, and US oil reports.

Overseas data will feature Markit/BME Germany Manufacturing PMI, Markit Eurozone Manufacturing PMI, Markit UK PMI Manufacturing s.a. (JUN), Monetary Base, Japan Buying Foreign Bonds, AustralianTrade Balance.

Constellation Brands (STZ), General Mills (GIS), and McCormick (MKC) will report earnings before the open.
No positions in stocks mentioned.
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