(As of 7:15 am PST)
Stocks opened near the
unchanged line this morning but are quickly accelerating to the downside as
lingering concerns over Greece have investors cautious early Tuesday. Greek and
euro-zone finance ministers are gathered in an emergency meeting in Brussels
today after Sunday’s referendum resulted in a ‘no’ vote to bailout terms for
Greece. Greek’s Prime Minister Alexis Tsipras is expected to deliver new reform
proposals at today’s meeting in a last ditch effort to save Greece from what it
looks like an imminent ‘Grexit.’ European equity markets were all in the red
today as investors awaited the outcome of Greece’s meetings. Asian markets
finished down today in another wild session which included a halt in trading for
nearly 200 Chinese stocks. In the US, a light data calendar is being
overshadowed by the more dramatic events unfolding on the global stage. A
report on the US trade balance showed the trade deficit widened 2.9% in May as
US exports of aircraft and manufactured goods shrank. The trade gap widened
less than economists expected in May. Oil is down over 2% today to $51.28 per
barrel after tumbling over $4 per barrel yesterday. Gold is also down 1.7% to $1,150
an oz. Interest rates are lower as investors flocked to safe haven assets like the
US treasury. Yields on the 10-year reached 2.20%.
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