Stock Market Today - Suspense Mounts Over Greece

NEW YORK ( TheStreet) -- Will they? Won't they? Who needs a big Hollywood blockbuster to keep us on the edge of our seats this summer, when the good leadership in Greece are providing us with all the suspense we can handle? Another emergency summit is set to begin, where Greek negotiators meet with their eurozone counterparts.

U.S. equity futures were modestly lower this morning, as crude oil saw some gains and the dollar weakened.

The drama in Greece is continuing to weigh on German business confidence, which weakened for the second month in a row. Ifo's business climate index fell to 107.4 in June from 108.5 in May and came in below expectations of 108.1.

In M&A news, Dutch food retailer Royal Ahold has agreed to merge with Belgium's food retailer Delhaize (DEG) bringing together a host of well-known U.S. supermarket chains including Stop & Shop, Giant, Food Lion, Hannaford and the online grocery retailer Peapod.

Earnings calls of note today include Lennar (LEN) - a competitor of Standard Pacific (SPF), which is held in the Stocks Under $10 portfolio -- Monsanto (MON), Steelcase (SCS), Herman Miller (MLHR), Bed Bath & Beyond (BBBY), and HB Fuller (FUL).

The domestic calendar is meaningful today, as we brace ourselves for the final first-quarter GDP report at 8:30 a.m. Expectations are calling for -0.2% growth.

Also of note, at 10:30 a.m. we will get the DOE Energy Inventories report.

Happy trading!

  • German business confidence fell to the lowest level in four months in June, the Ifo Institute said on Wednesday. It was the second month in a row that the index has fallen and analysts had been expecting a much shallower decline.
  • Japanese stocks hit an 18-year high, partly due to optimism about a deal on Greece's debt. Japan's Nikkei led Asian markets higher, with a rise of 0.5% clearing a peak from 2000, to reach ground last trod in late 1996.
  • Goldman Sachs has downgraded Action Alerts Plus portfolio holding General Motors (GM) to "neutral" from "buy," citing slowing growth in China and the U.S. By contrast, Goldman upgraded Ford (F) to "buy" from "neutral", saying Ford's North America profitability is likely to grow next year.
  • European supermarket groups Ahold (AHONY) and Delhaize (DEG) have agreed to a $29 billion merger that would create one of the biggest supermarkets in the U.S. Netherlands-based Ahold operates the Stop & Shop and Giant chains, as well as online grocery store Peapod, while Belgium's Delhaize owns the Food Lion and Hannaford banners.
  • Wal-Mart (WMT) will begin charging fees to almost all vendors for stocking their items in new stores and for warehousing inventory. Analysts say this is due to the fact that cost pressures are mounting on the world's largest retailer after its decision to raise wages.

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