Stock Market Today - Eyes on the Michigan Sentiment Report

NEW YORK ( TheStreet) - U.S. stock futures are indicated modestly lower this morning, while the dollar stabilized and oil pulled back.

How do you resign from your position as a CEO of a major technology corporation in 40 characters or less?

Ask Twitter's (TWTR) soon-to-be former CEO Dick Costolo, who stepped down from his position at the struggling technology giant on Thursday. Twitter is a holding in the Action Alerts Plus charity portfolio, which is co-managed by Jim Cramer, and it is rated at "Two", which means the portfolio managers would buy it on a pullback. Cramer believes that a lot of changes will come at Twitter after the departure of Costolo.

Meanwhile, in Germany the yields on the Bund fell again, with money finding its way back into the German debt as the market's risk aversion grows (or maybe as the market's queasiness in regards to a positive outcome in the negotiations with Greece over their debt payments grows).

The U.S. government data hack looks to have affected as many as 14 million government employees, up from the original estimate of four million records. Yikes...No wonder we have budgetary issues...

There are no S&P 500 companies reporting earnings today.

On the domestic economic front today we get the May PPI Final Demand at 8:30 a.m., with consensus expectations at 0.4%.

At 10 a.m. the University of Michigan Sentiment report for June will be released, with estimates set at 91.2.

Last, today at 1 p.m. the Baker Hughes rig count will be reported.

Happy trading!

  • European stocks were lower, with Athens down more than 4% on Friday morning after the representatives of the International Monetary Fund (IMF) left Brussels as talks broke down. Sources quoted by the German newspaper Bild say the German government is holding concrete consultations about what to do if the Greek state goes bankrupt, including on capital controls on Greece and the possibility of debt haircuts.
  • Oil prices fell after Saudi Arabia said it stood ready to raise output to meet demand, potentially adding to oversupply in a global economy that seems to be slowing down. Front month U.S. crude fell around $0.50 to $60.25 a barrel by 03:04 a.m. ET, while Brent futures were down $0.41 at $64.70 a barrel.
  • Emerging markets saw the biggest outflows since the financial crisis, data from funds tracker EPFR quoted by the Financial Times show. Around $9.3 billion left emerging market funds in the week that ended Thursday, of which $7.1 billion from Chinese equity funds.
  • Cash levels at the Templeton Global Fund are among the highest they have been in anticipation of the first rate hike by the Federal Reserve since the financial crisis, Franklin Templeton's lead bond fund manager Michael Hasenstab told the Wall Street Journal.
  • Dish Network (DISH) is discussing with banks about possibly borrowing between $10 billion and $15 billion to fund its takeover of T-Mobile (TMUS), the Wall Street Journal reports.

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