Greece's fate hangs in the balance, with debt negotiations resuming tomorrow in Brussels
The Dow Jones Industrial Average (DJIA) spent the session higher, thanks to a stellar earnings showing from blue-chip Nike Inc (NYSE:NKE). However, upside momentum was limited as traders exercised caution ahead of another weekend huddle of eurozone finance ministers, with Greece's looming debt deadline on the horizon. Meanwhile, Micron Technology, Inc.'s (NASDAQ:MU) sell-off exacerbated pressure on the tech-heavy Nasdaq Composite (COMP), while the S&P 500 Index (SPX) essentially called the day a wash.
Continue reading for more on today's market, including:
- How big trouble in China impacted these 3 stocks.
- What rising short interest levels could mean for this trio of equities going forward.
- Option bulls were active as a bullish note -- not to mention M&A rumors -- lifted Monster Beverage Corp (NASDAQ:MNST).
- Plus ... Consumers grow optimistic, another SCOTUS landmark, and another round of winning IPOs.
The Dow Jones Industrial Average (DJIA - 17,947.02) spent the session in the green -- and was up triple digits at its session high -- ending with a gain of 56.7 points, or 0.3%. NKE led the 19 advancing blue chips, gaining 4.3%, while Intel Corporation (NASDAQ:INTC) paced the 10 laggards with a 3% drop. American Express Company (NYSE:AXP) finished flat. For the week, the Dow lost 0.4%.
The S&P 500 Index (SPX - 2,101.61) finished a wishy-washy session with a fractional loss, also surrendering 0.4% on the week. The Nasdaq Composite (COMP - 5,080.51) fared the worst on the day and the week. The COMP gave up 31.7 points, or 0.6%, today, and 0.7% week-over-week.
The CBOE Volatility Index (VIX - 14.02) traded on both sides of breakeven today, but resolved to the upside -- albeit barely -- tacking on 0.1% to stay north of 14. For the week, the "fear gauge" added 0.4%.
5 Items on Our Radar Today:
- The Thomson Reuters/University of Michigan consumer sentiment index registered at 96.1 in June -- a 16.5% year-over-year increase, and higher than expected. In fact, based on the survey, consumer confidence is at its highest level in five months. (Fortune)
- SCOTUS handed down another key ruling today, just after validating Obamacare. The Supreme Court voted 5-4 in favor of same-sex marriage -- boosting a handful of stocks. (USA Today)
- In fact, the Obamacare ruling boosted healthcare stocks for a second straight day, including Tenet Healthcare Corp (NYSE:THC) and Community Health Systems (NYSE:CYH).
- The IPO party shows no signs of slowing down, after this pair of equities made strong debuts.
- The biotech that may have to liquidate assets.
Commodities:
Crude oil was pressured lower on fears that a potential nuclear deal between Iran and the West -- ahead of next week's deadline -- could inundate global markets. By day's end, crude for August delivery was down 7 cents, or 0.1%, at $59.63 per barrel. On a weekly basis, liquid gold edged 2 cents higher, comparing most active contracts.
Gold snapped its five-day losing streak, as investors sought safe-haven investments amid the ongoing Greek debt crisis. The August-dated contract added $1.40, or 0.1%, to end at $1,173.20 per ounce. For the week, however, the malleable metal lost 2.4%.