(As of 7:00 am PST)
US stocks opened lower today for the first time in four sessions, as investors digested a weaker than expected retail sales report along with tumbling oil prices on the heels of an Iranian nuclear deal. For the first time in what seems like many weeks, headlines today are not being dominated by Greece. Although Greece is not out of the woods completely, the debt laden country made great strides Monday after accepting terms to a fresh bailout proposal from its lenders. After rallying yesterday on the Greece story, markets have fizzled a bit today, with investors turning to weak data at home. US retail sales fell 0.3% in June as consumers spent less on several different goods and services. Data for May and April were also lower suggesting that the pace of economic growth may be slowing. Oil prices tumbled as much as 2% Tuesday after a nuclear deal was reached with Iran which would limit Iran's nuclear activities in exchange for a release of certain economic sanctions. The deal is expected to cause a further supply glut as Iran steps up its oil exports putting further pressure on oil prices. A barrel of oil is trading near $51 today. Asian markets finished mixed today, with China's rally unable to take hold today as the Shanghai index fell over 1%. European indexes were lower across the board after rallying yesterday on Greece. Gold is up slightly while interest rates and the US dollar are down.
US stocks opened lower today for the first time in four sessions, as investors digested a weaker than expected retail sales report along with tumbling oil prices on the heels of an Iranian nuclear deal. For the first time in what seems like many weeks, headlines today are not being dominated by Greece. Although Greece is not out of the woods completely, the debt laden country made great strides Monday after accepting terms to a fresh bailout proposal from its lenders. After rallying yesterday on the Greece story, markets have fizzled a bit today, with investors turning to weak data at home. US retail sales fell 0.3% in June as consumers spent less on several different goods and services. Data for May and April were also lower suggesting that the pace of economic growth may be slowing. Oil prices tumbled as much as 2% Tuesday after a nuclear deal was reached with Iran which would limit Iran's nuclear activities in exchange for a release of certain economic sanctions. The deal is expected to cause a further supply glut as Iran steps up its oil exports putting further pressure on oil prices. A barrel of oil is trading near $51 today. Asian markets finished mixed today, with China's rally unable to take hold today as the Shanghai index fell over 1%. European indexes were lower across the board after rallying yesterday on Greece. Gold is up slightly while interest rates and the US dollar are down.
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