(As of 7:20 am PST)
Stocks opened to the downside
Wednesday after two consecutive days of gains as news that Greece’s latest
reform proposal was rejected by its creditors. European markets fell from the
open and look set to finish the day with losses for the first time this week.
Economic data is light once again today, however the final revision to Q1 GDP
showed GDP contracting -0.2% in the first quarter. The final revision shows a
smaller decline than previously forecasted reflecting higher consumer spending
and a lower drop in exports compared to the initial readings. Markets seem to
be ignoring the GDP report and focusing mostly on the Greece drama that
continues to unfold. Asian markets finished Wednesday’s session mixed. Gold
prices are slightly lower today while oil is inching higher ahead of a report
on crude inventories. Interest rates are flat as is the US dollar.
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