mmfnschedule   mmfnschedule

«

»

Jun 26 2015

Greek uncertainty & falling oil prices outweigh economic developments

6/25/15 Market Recap:

Equities ended a choppy trading session lower yesterday as Greek uncertainty and falling oil prices outweighed positive economic developments and strength in the Healthcare sector. Markets began the day on a positive note thanks to the release of some better than expected economic news. Consumer spending rose .9% in May, its greatest increase in over six years while jobless claims rose by less than consensus expectations. Also, despite the slight uptick, unemployment claims continued to fall under the 300k mark, a level consistent with a recovering employment market. However, these econ-led gains to begin the day were short-lived. Headline fears surrounding the Greek debt drama once again weighed on the markets along with the decreasing price of oil. All four averages closed the day lower with the Dow and S&P once again leading on the downside. Among the S&P sectors, energy lagged the most due to the aforementioned fall in oil prices, declining by slightly more than one percent. Healthcare stocks led, rising by almost half a percent, after the Supreme Court upheld some crucial Obamacare subsidies.


Looking Ahead:

Futures are little changed this morning with no new developments in the Greek situation to spur the markets in either direction. Trading this week has clearly centered around the Greek drama. During the first two days of the week, optimism surrounded the talks and pushed the markets forward as there seemed to be growing belief that an agreement was coming. Sentiment quickly changed early Wednesday morning after reports of significant divisions still remaining between the two sides and the markets went in the opposite direction over the last two trading days as this headline news has affected short term trading. Now, with the talks postponed till Saturday and a lack of major US economic data, we might be in for a tight range-bound day of trading with a market struggling for direction and investors cautious ahead of negotiations that will take place over the weekend. In overnight trading both Treasuries and the US Dollar were, like equities, little changed. Make sure to listen to Money Matters with Gary Goldberg this Sunday at 11:00 AM on WOR 710 AM Radio to hear our latest economic and market analysis. Visit our website www.ggfs.com for details.