Markets Rally on Greece Hopes
Today's financial recap and tomorrow's financial outlook.
Today at T3 Live
Techstrat writer Sean Udall executed several trades today. He closed out his puts on Ambarella AMBA, locking in a return of 4.5-5 times, and bought GoPro (GPRO) as it dipped alongside AMBA. Now he is looking at potential Palo Alto Networks (PANW) shorts.
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Markets rallied today on hopes that Greece may finally be nearing a deal.
Greece Prime Minister Alexis Tsipras, submitted a last-minute set of proposals. The proposal wasn't rejected out of hand like previous ones and officials said it could form a basis for a deal, pushing markets up.
All major indices rallied today, finishing up around the 0.6% mark. The NASDAQ set a new all-time high at $5162.13.
The Russell 2000 also set a new 52-week high of $1293.31.
Bond yields sky-jumped as investors sold off bonds.
Oil prices dipped slightly on worries that US demand for oil may fall.
Biotech, emerging markets, energy, and regional banking were today's top sectors.
The S&P Biotech ETF (XBI) rallied 2.8%, today, while NASDAQ Biotechnology ETF (IBB) closed up 1.5%.
MSCI Emerging Markets ETF (EEM) gained 1.37%.
Utilities and cybersecurity sectors were down today.
Fitbit (FIT) continued its rally, finishing up 14%.
Netflix (NFLX) shares jumped after receiving a price target raise from $600 to $950 by BTIG.
Shopify (SHOP) continued to recover from its slump and finished up 4%
Ambarella (AMBA) shares began their decent after a long-winded short squeeze. Citron Research called AMBA's stock price "ridiculous" giving the company a price target of $60. Shares fell 21%. GoPro (GPRO) shares fell as well, closing down 5.3%
Europeans markets rallied strong on Greek news. The German DAX and French CAC both surged 3.81%, Spain's IBEX rallied 3.87%, and Italy's FTSE closed up 3.47%.
European bond yields rose today.
Most Asian markets rallied as well. The Nikkei rose 1.26%, and the Hong Kong Hang Seng Index closed up 1.20%. The Shanghai Composite tumbled 6.42%.
Tuesday's Financial Outlook
US economic data for tomorrow will include durable goods orders, durables ex transportation, cap goods orders & shipments, house price index, Markit US Manufacturing PMI, New Home Sales, and Richmond Fed manufacturing index.
Overseas, economic data will feature Markit/BME reports for Germany and the euro-zone.
BlackBerry (BBRY), Carnival (CCL), and Darden Restaurants (DRI) will be announcing earnings before the open.
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