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Markets Erase Gains, Greece and Russia Buddy Up


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

Today at T3 Live

Options Strategist editor Doug Robertson closed out several trades for a profit today. He closed out Qualcomm (QCOM) and Procter & Gamble (PG) bear call spreads, Netflix (NFLX) and Mastercard (MA) bull put spreads, and a Bed Bath & Beyond (BBBY) pre-earnings trade, making a total profit of $2095.

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Market Recap

Markets finished down after a small rally early on.

The S&P 500 and DJIA both closed down about 0.5%, while the NASDAQ closed down 0.3%.

The Russell 2000 outperformed the major indices, finishing flat.

There was no noteworthy US economic data today.

The Baker Hughes rig count showed another drop to 857 rigs, with 859 being the prior reading. Oil prices declined for the first time in 3 days.

US bond yields fell slightly.

Today's star sector was home construction. The US Home Construction ETF rallied 1.3% on KB Home's (KBH) strong earnings.

Biotech and retail also performed well.

The hardest hit sectors were energy, technology, emerging markets, utilities, and real estate.

Netflix (NFLX) received a price target increase from Oppenheimer to $800 from $610. However, NFLX finished down 0.9%.

Fitbit (FIT) continued its rally from its first day of trading yesterday. Shares closed up 9.5%

Shopify (SHOP) continued to fall with a drop of 0.1%.

Momentum favorite Ambarella (AMBA) fell 5.8% to $119.35. Citron Research put out note saying that if the company was valued at the same mutiples as its peers, the stock would be around $30.

European market performance was mixed. The German DAX lost 0.5%, the French CAC gained 0.3%, and Italy's MIB rallied 1.1%.

European bond prices increased with the 10-year German bund yield falling 5.6 bp. and the French 10-year yield down 4.8 bps.

There were reports that Greece entered into an oil deal with Russia to create a pipeline that would bypass the Ukraine. The pipeline will cost $2.1 billion, which will be fronted by Russia. Some EU countries may be wary of the influence Russia may gain from the deal.

In Asia, the Shanghai Composite tumbled 6.4%, while the Nikkei, Hang Seng Index, and ASX all posted gains.

Monday's Financial Outlook

US economic data for Monday will include the May Chicago Fed National Activity Index and Existing Home Sales reports

Overseas, we have Swiss retail sales, and the Reserve Bank of Australia meeting minutes.

Sonic (SONC) will report earnings after the close.
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