Stock Market Today - Greeks Withdrawing Billions in Savings From Banks

NEW YORK ( TheStreet) -- U.S. equity futures are looking slightly stronger this morning, as oil sags and the dollar gains a tad.

The Shanghai Composite's continued implosion, -- the index closed down 6.4% today -- is enough to give investors a respite from the drone of the Greece debt saga.

The Bank of Japan announced that it would continue its pace of asset purchases, keeping its stimulus program running on all cylinders.

But just because there are other things going on in the world doesn't mean that Greece has solved its liquidity crisis. There are various reports of positive steps in the negotiating process, but we don't put much weight on that.

However, they better come to an agreement fast, as Greeks withdrew more than 1.0 billion euros ($1.12 billion) from their savings accounts in one day, as they lack confidence that a deal will be reached.

Meanwhile, Russia has announced that it is considering providing emergency financing to Greece in return for "investment projects and trade"...and eventually full sovereignty, Mr. Putin?

In domestic market news, yesterday's red hot IPO FitBit (FIT) the largest wearables maker, screamed almost 50% higher in its first day of trading.

Earnings calls of note today include CarMax (KMX) and KB Home (KBH).

Lastly, there are no major economic data due today.

Happy trading! 

  • The Bank of Japan maintained its upbeat view of the economy and its massive stimulus program, with Governor Haruhiko Kuroda saying companies were increasingly putting their profits into capital investment and wages.
  • Outflows from Greek banks exceeded 1.0 billion euros ($1.12 billion), sources in the industry told Reuters. The withdrawals between Monday and Thursday have reached about 3 billion euros, representing about 2.2% of household and corporate deposits held by Greek banks at the end of April. The European Union leaders will have an emergency meeting on Monday evening about Greece.
  • Russian oil and gas firm Gazprom (GZPFY) is building a global alliance with Royal Dutch Shell (RDS.A, RDS.B), which is a direct competitor of Occidental Petroleum(OXY), a holding in the Action Alerts Plus portfolio, co-managed by Jim Cramer. The alliance will include asset swaps and will allow the Russian gas giant to penetrate new markets, its chief executive told Reuters.
  • This year will be the first in the history of McDonald's (MCD) that the company will close down more restaurants than it opens in the U.S., the FT notes. The company plans to open 125 new restaurants this year, but did not give the figure for closures.
  • Orders amassed by Airbus (EADSY) at the Paris air show exceeded those that Trifecta Stocks portfolio holding Boeing (BA) received. However, the total value of the aircraft sold fell compared with last year's Farnborough show in the U.K. and the Paris air show in 2013.

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