Stock Market Today - Clock Ticking on Greece

NEW YORK ( TheStreet) -- U.S. equity index futures looked stronger this morning, along with the price of crude oil and the dollar.

LAST CHANCE! That's what Greece's creditors say today, as the last day of the emergency summit is underway and both sides seem still far apart. The creditors have planned to propose their own final deal for Greece to decide whether to take it or leave it. Greece is due to repay the International Monetary Fund 1.6 billion euros ($1.8 billion) in debt by Tuesday. The clock is ticking and Greece looks to be playing with fire.

It's the end of the world as we know it for Molycorp (MCP) shareholders as the company officially filed for Chapter 11 bankruptcy protection. This marks an ignominious fall from grace from the company's $6 billion market cap valuation back in 2011.

Notable earnings reports today include the former Growth Seeker holding Methode Electronics (MEI), Commercial Metals (CMC), Accenture (ACN), Barnes & Noble (BKS), Micron Technology (MU), Synnex (SNX), and Nike (NKE).

At 8:30 a.m. we get the Personal Income report for May, with consensus at 0.5%, and the initial jobless claims, with estimates at 273,000.

At 9:45 a.m. the preliminary June Markit U.S. Composite PMI report is released, as well as the June 21 Bloomberg Consumer Comfort report.

At 10:30 a.m. we see the EIA natural-gas storage change and at 11 a.m. the Kansas City Fed Manufacturing Activity report for June will be released, with estimates calling for -9.

Happy trading!

 

  • Talks between Greece and European creditors have resumed in Brussels, but the outcome is uncertain and the two sides seem to be as far apart as ever. Greek ruling Syriza party dismissed reform demands from the country's international creditors as "blackmail" after eurozone ministers cut a meeting short the previous day, frustrated by the lack of progress.
  • JP Morgan (JPM) is in talks with the Securities and Exchange Commission to settle a probe into whether it steered private banking customers into its own investment banking products, the Wall Street Journal reports.
  • Representatives of European oil giants Royal Dutch Shell (RDS.A) and Eni (E) have held talks with Iranian officials in Tehran to discuss the possibility of investing in the country's energy sector, the Financial Times reports.
  • Paris-based media and content group Vivendi (VIVEF) became the biggest shareholder in Telecom Italia (TI), as it increased its stake to 15%.
  • Palantir, the Silicon Valley artificial intelligence company, is set to become the second most valuable private technology company in the U.S. after Uber, as it seeks to raise funds that would value it at $20 billion, according to a report in the Financial Times.

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