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Stock Market News

Daily Stock Market News & Commentary

Our team of analysts keeps you abreast of the latest stock market data, news, market activity, and economic reports in our daily stock market commentary (updated three times daily).

  • Opening
  • Midday
  • Closing
OPENING COMMENT
July 6, 2015

DJIA: 17,730.11
S&P 500: 2,076.78
Nasdaq Composite: 5,009.21

The Dow, S&P 500 and NASDAQ are all about 0.8% lower in pre-market trading.

U.S. markets are poised to follow European indices lower after Greeks voted not to implement austerity measures in their July 5th referendum. Albeit muted, the Euro Stoxx 600 is off 1.1%, London’s FTSE is down 0.6% and Frankfurt’s DAX is losing 1.5%. However, for the year the Euro Stoxx 600 is still up 10.8% and Frankfurt’s DAX is still 11.1% higher. Tomorrow, European leaders meet to discuss ‘next steps’.

In Asia, the Nikkei fell 2.1%, but stimulative measures caused a narrow rally in China’s Shanghai Composite, leaving it 2.4% higher.

Domestically, investors will get June readings on sentiment in the services areas from Markit at 9:45 am ET and from ISM at 10:00 am ET. Also at 10:00 am ET, an update on labor market conditions is expected.

In corporate activity, Humana is gaining 2.1% to $191.50 after receiving a $35 billion takeover bid from Aetna, which is down 5.9% to $118.05. The Greek ‘No’ vote is pressuring financials. Bank of America is sliding 1.1% lower to $16.84 while Citigroup is off 1.2% to $54.71.

Treasuries are climbing as investors seek perceived ‘safe-haven’ assets. The benchmark 10-year note is up 20/32 to yield 2.31%.

Commodities are mixed. WTI crude is tumbling 4.4% to $54.44/barrel on demand concerns. A strong dollar is keeping gold little changed at $1163.90/ounce. In FOREX, the perceived ‘flight to quality has the dollar and the yen climbing with the Dollar Index up 0.5%. The euro is tumbling 0.9% against both the dollar and yen, falling to $1.1019/EUR and to ¥135.20/EUR.

MIDDAY COMMENT
July 6, 2015

DJIA: 17,697.31, down 32.80
S&P 500: 2,071.65, down 5.13
Nasdaq Composite: 4,995.15, down 14.07

Stocks are lower, but have trimmed earlier losses at mid-session. The Dow is off 32 points to 17697. The S&P 500 is falling 5 points to 2071. The NASDAQ is declining 14 points to 4995.

The major averages are paring losses as investors focus on the ‘Greek tragedy’. Yesterday, a referendum decided against implementing austerity measures. However, global sentiment turned positive as Euclid Tsakalotos was announced to replace the confrontational Finance Minister, Yanis Varoufakis.

Economic data for June showed positive sentiment in the services sector by both Markit and ISM, while labor market conditions tracked by the Fed also improved.

Nine of 10 S&P 500 sectors are lower. Falling oil prices and bearish analyst commentary is sending Nabors down 3.5% to $13.28. Financials are off, attributed to Greek uncertainty. Bank of America is declining 0.5% to $16.94 and JP Morgan is slumping 0.5% to $67.23. Lower oil prices and reports of a positive outcome to a Justice Department probe are helping airlines. American Airlines is up 1.2% to $39.51.

Breadth is negative on issues by 3-1 on the NYSE and 2-1 on the NASDAQ. NYSE composite volume totals more than 1.3 billion shares.

Treasuries are advancing on a flight to perceived quality. The 10-year note is gaining 18/32 to yield 2.32%.

Commodities are mixed. WTI crude is tumbling 5% to $54.07/barrel on demand concerns. COMEX gold is bucking dollar strength as it climbs 0.3% to $1167.20/ounce. In FOREX, the dollar and yen are giving back gains against the euro. The dollar is up 0.3% to $1.1081/EUR and the yen is 0.5% higher to ¥135.78/EUR.

CLOSING COMMENT
July 6, 2015
DJIA: 17,683.58, down 46.53
S&P 500: 2,068.76, down 8.02
Nasdaq Composite: 4,991.94, down 17.27

Stocks finished lower on Monday. The Dow fell 46 points to 17683. The S&P 500 declined 8 points to 2068. The NASDAQ finished down 17 points to 4991.

The major averages slid lower as investors focused on an anti-austerity vote in Sunday’s referendum. However, optimism lifted around tomorrow’s emergency summit of EU leaders after the confrontational Finance Minister Yanis Varoufakis was replaced by Euclid Tsakalotos.

Domestically, June’s economic data showed continued expansion in non-manufacturing sentiment, while the Fed’s gauge of labor conditions also improved.

Nine of 10 S&P 500 sectors were in negative territory, led by commodity producers. Energy fell in sympathy with crude oil prices. Transocean retreated 4.3% to $14.92, a three-month low. In materials, Freeport McMoRan lost 3% to $17.84. In industrials, Caterpillar sank 1.5% to $83.15; however, airlines provided a tailwind as American airlines finished 1.2% higher to $39.73 on lower oil costs.

Breadth was negative on issues by 3-1 on the NYSE and 7-4 on the NASDAQ. NYSE composite volume totaled more than 3.4 billion shares.

Treasuries benefitted from a flight to perceived safety. The 10-year note rose 24/32 to yield 2.29%.

Commodities were mixed. WTI crude plunged 7.2% to $52.82/barrel. COMEX gold shrugged off dollar strength as it gained 0.4% to $1168.20/ounce. In FOREX, the euro declined 0.5% against the dollar to $1.1054/EUR and 0.7% against the yen to ¥135.44/EUR.

 
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