Stock Market Today - Some OPEC Members Back Away From $100 a Barrel Fair Market Price

NEW YORK ( TheStreet) -- U.S. stock index futures trade in the red this morning, indicating a lower open as European stock markets lost ground following protracted lack of progress on the Greek bailout, and despite a very dovish European Central Bank news conference on Wednesday.

In Greece, the country's creditors may have blinked first and have eased on some of their requirements, though there remains a vast divide between the two negotiating parties.
 
Bond yields rose across Europe after comments by ECB President Mario Draghi yesterday that indicated that he and his policymakers were going to look through the recent sharp rise in yields and maintain their current monetary policy.
 
OPEC members are beginning to publicly back away from the Saudi Arabia-favored $100 a barrel fair market price that they have clung to for years, and are now publicly commenting that $75 to $80 a barrel oil could be the new "fair" price.
 
In Mergers and Acquisitions news, The Wall Street Journal is reporting that Dish Network (DISH) and T-Mobile (TMUS) are involved in merger negations. T-Mobile had been a rumored target of Sprint (S) last year.
 
Some notable earnings reports today include: Joy Global (JOY), JM Smucker (SJM),  Ciena (CIEN), Navistar (NAV), Cooper (COO), Zumiez (ZUMZ), Diamond Foods (DMND), UTi Worldwide (UTIW), Esterline Technologies (ESL), and Thor Industries(THO).
 
Today's economic calendar includes the recently reported first quarter non-farm productivity, which fell 3.1% from a prior -1.9% drop, and initial Jobless Claims for May 30, which came in at 276,000 nearly in-line with the 278,000 estimates. These reports did not depart much from what was expected.
 
And at 9:45 a.m we'll get the Bloomberg Consumer Comfort report for May 31. At 10:30 a.m. we receive the EIA natural-gas storage change.
 
Happy trading!
 
  • Some OPEC members say that a price of around $80 per barrel would be a fair price for oil, speaking ahead of the cartel's biannual meeting in Vienna on Friday. Oil ministers from Iraq, Venezuela and Angola said that a price of $75 or $80 a barrel could be just fine. Iraq's Adel Abdel Mahdi said it would be "equitable".
  • China may remove ceilings on bank deposit interest rates soon, rather than raising the cap as it did in previous liberalization steps, an official from the People's Bank of China (PBOC) was quoted as saying. When the central bank cut interest rates in May - for the third time since November -- it lifted the ceiling for deposit rates to 1.5 times the benchmark.
  • Dozens of people were killed in the eastern Ukrainian city of Donetsk, in the fiercest fighting since a ceasefire was signed in February.
  • Dish Network (DISH) is in talks to merge with T-Mobile, the Wall Street Journal reports. Questions about a purchase price and the mix of cash and stock that would be used to pay for a deal remain unresolved, the people said. One of the people characterized the talks as at "the formative stage," and said an agreement might not ultimately be hammered out.
  • European officials said progress has been made in talks with the Greek government over an extension of the country's bailout. Greek Prime Minister Alexis Tsipras met European Commission President Jean-Claude Juncker and the chair of eurozone finance ministers, Jeroen Dijsselbloem. An official from the ruling Syriza party said that if the EU and the IMF give it an ultimatum that is unacceptable, the party would opt for early elections.

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