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SPX Steps Back After 3rd All-Time High in a Row, Apple Beats


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

The S&P 500 hit its 3rd all high-time in a row, reaching a record of 2125.92, before selling off in the afternoon.

While the market opened strong, biotechnology and transportation stocks lagged significantly, and the broader averages soon followed suit.

Tesla (TSLA) shares jumped 6.0% after analysts at Deutsche Bank (DB) issued a note discussing Tesla's battery storage product line and its potential future applications. Analysts expect that the company's energy storage products could generate earnings of $5 a share by 2020.

Asian markets were mixed today, with the China once again standing out to the upside on more stimulus news. The People's Bank of China announced that it may buy local government bonds to counter the impact of capital outflows. The Shanghai Composite finished up 2.23% and the Hang Seng Index rose 1.33%.

European stocks rose today after the Greek government decided to change the team negotiating its bailouts. The changes limited the role of Finance Minister Yanis Varoufakis, who has received criticism for not taking action when it was announced that Greece wouldn't get financial aid until bailout terms were met. The government also announced it would suspend minimum-wage and early-retirement plans.

Gold prices rallied today on speculation that the Fed will wait until after the fall to raise interest rates. In a Bloomberg poll of 43 analysts, all stated that they don't believe the Fed will raise interest rates in the near future.

Disney (DIS) shares were up 0.6% after the Avengers: Age of Ultron was released in international theaters. The film raked in an estimated $200 million+ over the weekend alone.

Mylan (MYL) shares fell over 5% today after the company had formally rejected a $40 billion takeover bid from Teva (TEVA). Mylan argued that Teva's bid of $82/share vastly undervalues Mylan, and that the board isn't interested in any offer below $100/share. Differences in corporate culture and conflicts of interest were also cited.

Applied Materials (AMAT) shares fell over 8% today after the company abandoned its merger with Tokyo Electron due to regulatory pressures. The Department of Justice stated that the merger would create unfair competition.

After the market close, Apple (AAPL) reported better-than-expected second-quarter earnings, and a significant increase in its capital return program. The stock rallied on the news.

Tuesday's Financial Outlook

In US economic announcements, we have S&P Case-Shiller US Home Prices, Consumer Confidence Index, and Richmond Fed Manufacturing Index data on the calendar.

Overseas, Great Brittain will anounce its first-quarter GDP numbers.

In earnings, before the open, we have BP (BP), Ford Motor (F), Honda Motor (HMC), Merck (MRK), Pfizer (PFE), and UPS (UPS).

After the close, we'll be hearing from Kraft (KRFT), Panera (PNRA), US Steel (X) and Western Digital (WDC).
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