Greece Uncertainty Continues to Weigh on Markets
Today's financial recap and tomorrow's financial outlook.
Markets were down today as Greece fears continued to permeate the tape.
The S&P 500 closed down 0.7%, the DJIA fell 0.8%, and the NASDAQ dropped 0.6%.
The Russell 2000 did comparatively better with a smaller 0.3% loss.
May PMI data came in better-than-expected with a 0.5% gain, the largest increase in almost three years.
The Baker Hughes Rig Count fell to 859 from 868 last week. However, crude oil futures closed down 1.3% as traders remain concerned about oversupply conditions.
Bond yields were up slightly today.
Cybersecurity, home construction, and emerging markets were today's best performing sectors.
The closely-watched biotech sector fell over 1%, and health care and energy sectors were also hit hard..
Twitter (TWTR) closed up 0.2% at $35.90 after trading as high as $37.84 this morning in reaction to the retirement of CEO Dick Costolo, who has largely been considered a disappointment by wall Street. Twitter co-founder Jack Dorsey will take his place until a permanent CEO can be found.
Ambarella (AMBA) gained 6.0% today, hitting a new all-time high at $120 as the shorts continue to get squeezed in the stock.
Wingstop (WING) rallied strong on its first day of trading. Its IPO priced at $19 per share and it finished at $30.59 for a 61% gain.
Shopify (SHOP) rose 9.4% today as traders remain excited about its recent agreement with Facebook (FB).
European markets were got hard today due to fears of a possible Greece default. Germany's DAX lost 1.2%, while France's CAC tumbled 1.4%.
Euro bond yields were mixed. The German 10-year bund fell 5 bps, while the Spanish 10-year yield rose 12 bps. French bonds came out flat.
Asian markets remained in their uptrends.
The Hang Seng Index and Shanghai Composite rose 1.4% and 0.9%, respectively. The Nikkei gained 0.12%.
Today on T3
Ambarella (AMBA) remains a true battleground stock. Today, Doug Robertson of T3 Live's Options Strategist instituted a bull put spread to take advantage of Ambarella's sky-high implied volatility readings.
Click here to learn more about Options Strategist.
Monday's Financial Outlook
US economic news for Monday will include Empire Manufacturing, Industrial Production, Capacity Utilization, Manufacturing (SIC) Production, NAHB Housing Market Index, Net Long-term TIC Flows, and Total Net TIC Flows.
Overseas economic data includes Swiss Retail Sales, Canadian Home Sales, and Meeting Minutes for theReserve Bank of Australia.
There will be no major earnings announcements on the calendar
Daily Recap Newsletter