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Markets Fall Back on Rate and Greece Fears


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

Today on T3 Live

Techstrat writer Sean Udall executed a few trades today. He sold his holding in Criteo (CRTO) and bought Workday (WDAY) on its dip.

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Market Recap

Markets slipped back today as revised economic numbers showed a stronger economy and Greece creditors didn't agree with the bailout terms Greek Prime Ministre Tsipras submitted on Sunday.

All major indices closed down. The S&P 500 and NASDAQ fell 0.73%, while the DJIA dropped 0.97%.

The Russell 2000 tumbled 0.9%.

Revised numbers showed that shrank at an annual rate of 0.2% during Q1 2015, better than the 0.7% reported last month. Personal consumption, and Core Personal Expenditure were in-line to better than expected. The better than expected economic numbers give reason to the Fed to raise rates earlier.

Bond yields declined as investors moved towards safer assets.

Oil prices fell after an eighth week drop in US crude stockpiles was offset by a large build in oil products. Gasoline inventories rose by 680K and distillate inventory increased by 1837K vs the expected 700K.

The US dollar increased against most major currencies but was down slightly against the Yen and euro.

The home construction sector performed well today.

Cyber security, biotech, transportation, and materials were the biggest hit sectors of the day.

Ambarella (AMBA) slid back from yesterday's gains. Shares were down 0.69%.

Apple (AAPL) rallied 0.91%. Carl Icahn stated that he has not sold a single share of AAPL while speaking on CNBC.

Netflix (NFLX) announced that it will undergo a 7-for-1 stock split this morning. Shares initially rose in the pre-market but ultimately closed down 0.38% Icahn stated on CNBC that he sold his remaining shares of NFLX.

Fitbit (FIT) ended its rally, closing down for the first time since its IPO, closing down 4.94%. FIT shares rallied 15% since Thursday, last week.

European markets backslid on the Greece news today. The German DAX closed down 0.62%, Spain's IBEX tumbled 0.71%. The UK's FTSE managed to finish up 0.15%.

European bonds fell as well.

Asian markets continued their rally. The Nikkei gained 0.28%, the Hong Kong Hang Seng Index closed up 0.26%, and the Shanghai Composite surged 2.48%.

Thursday's Financial Outlook

US economic news for tomorrow will include personal income & spending, PCE deflator & core, initial & continuing claims, Markit Composite & Services, EIA Natural Gas Reports, and Kansas City Fed Manufacturing Activity.

Overseas economic data will feature the German GfK consumer confidence survey, New Zealand Trade Balance, and Japan's National Consumer Price Index, household spending, and jobless rate.

Accenture (ACN), Barnes & Noble (BKS), Commercial Metals (CMC), and Shaw Comms (SJR) will announcing earnings before the open. After the close Micron (MU), NIKE (NKE), and Synnex (SNX) will release earnings.
No positions in stocks mentioned.
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