NEW YORK ( TheStreet) -- June 30, 2015 is the new Jan. 1, 2000. Many can recall the fear building into Y2K as the date neared, and we get a similar sense with concerns building ahead of the June 30 deadline for Greece to pay a big chunk of its debt to the International Monetary Fund. The chasm between the sides in negotiations regarding Greece's bailout remains large, and we believe the parties are playing a very dangerous game of chicken.
In other overseas action, the Shanghai Composite index of Chinese mainland shares was smacked around again, giving up 3.7% as the flood of new IPOs hitting that market may be causing a reallocation of funds.
In Europe but outside the EU, we saw Norway cut its interest rates to a historic low and indicating that they have additional room for further cuts if their economy continues to slump.
Meanwhile in the U.S. the Fed fury has subsided, as it looks like one hike remains on the table by year end -- economic data permitting. (In other words, no change). In response, bond yields and the dollar are lower, while stock index futures are indicating a higher open.
Earnings reports of interest today include Rite Aid (RAD), Kroger (KR), Finisar (FNSR), Smith & Wesson (SWHC), and Red Hat (RHT).
On the economic front, we are set to receive the May CPI data at 8:30 a.m., with consensus at 0.5% and the June 13 Initial Jobless Claims, with consensus at 277,000.