Commodity prices are mostly higher. Jul crude oil (CLN15 +2.20%) is up +1.82%. Jul gasoline (RBN15 +1.84%) is up +1.55%. Metals prices are stronger. Aug gold (GCQ15 +0.69%) is up +0.60%. Jul copper (HGN15 +1.04%) is up +0.57%. Agricultural prices are mixed.
The dollar index (DXY00 -0.06%) is up +0.06%. EUR/USD (^EURUSD) is down -0.19%. USD/JPY (^USDJPY) is down -0.29%.
Sep T-note prices (ZNU15 +0.06%) are up +4 ticks.
According to people familiar with the matter, a divide is growing between German Chancellor Merkel, who wants to make concessions to keep Greece in the Eurozone because of geopolitical concerns, and German Finance Minister Schaeuble, who is willing to let Greece exit the Eurozone and said the contagion risk from Greece leaving the Eurozone is "marginal."
ECB Governing Council member Liikanen said that the ECB is looking through the recent rise in market rates and is "unanimous that we should look through these developments and maintain a steady monetary policy." He added that Eurozone financial stability risks "are today well contained, but we need to follow it" and the ECB's QE program will run longer than Sep 2016 "if needed."
China May CPI rose +1.2% y/y, less than expectations of +1.3% y/y. May PPI fell -4.6% y/y, unch from Apr and a bigger decline than expectations of -4.5% y/y.
There are two of the Russell 1000 companies that report earnings today: Greif (consensus $0.46), HD Supply (0.29).
U.S. IPO's scheduled to price today include: none.
Equity conferences during the remainder of this week include: Apple's Worldwide Developer's Conference (WWDC15) on Mon-Fri, Nomura Retail Conference on Tue, Oppenheimer Energy Conference on Tue, Morgan Stanley Financials Conference on Tue-Wed, NAREIT REITWeek Investor Forum on Tue-Wed, Piper Jaffray Consumer Conference on Tue-Wed, Piper Jaffray Consumer Conference on Tue-Wed, Goldman Sachs Global Healthcare Conference on Tue-Thu, Deutsche Bank db Access Global Consumer Conference on Tue-Thu, William Blair Growth Stock Conference on Tue-Thu, Goldman Sachs European Payments Conference on Wed, Macquarie Group Ltd. Global Metals, Mining & Materials Conference on Wed, Gabelli & Co., Inc. Movie & Entertainment Conference on Thu, Goldman Sachs 2020 Vision Chemicals Conference on Thu, Susquehanna Energy and Industrials Conference on Thu, Barclays High Yield Bond and Syndicated Loan Conference on Thu-Fri.
Dollar General (DG -0.21%) was upgraded to 'Strong Buy' from 'Market Perform' at Raymond James.
General Electric (GE -0.18%) announced that it will sell its U.S. Sponsor Finance business and a $3 billion bank loan portfolio to Canada Pension Plan Investment Board in a transaction valued at approximately $12 billion.
Akamai (AKAM -0.47%) was downgraded to 'Neutral' from 'Outperform' at Macquarie.
HD Supply (HDS -2.35%) reported Q1 adjusted EPS of 33 cents, higher than consensus of 29 cents.
HSBC (HSBC +0.40%) said it will cut 50,000 jobs in a global business overhaul.
Lululemon Athletica (LULU -3.57%) rose nearly 3% in pre-market trading after it reported Q1 EPS of 34 cents, higher than consensus of 33 cents.
D. E. Shaw & Co reported a 5.1% passive stake in Tesoro (TSO -0.50%) .
FedEx (FDX -1.29%) raised its quarterly dividend 25% to 25 cents from 20 cents per share.
Newmont Mining (NEM -0.27%) filed to sell 29 million shares of common stock.
AMAG Pharmaceuticals (AMAG -2.54%) was initiated with a 'Buy' at Guggenheim with a price target of $85.
H&R Block (HRB -0.73%) reported fiscal 2015 EPS of $1.75, better than consensus of $1.73, although 2015 revenue of $3.079 billion, below consensus of $3.090 billion.
Casey's General Stores (CASY -0.47%) reported Q4 EPS of $1.05, well above consensus of 85 cents.
United Natural Foods (UNFI -0.34%) slid 7% in after-hours trading after it reported Q3 EPS of 83 cents, below consensus of 85 cents, and then lowered guidance on fiscal 2015 adjusted EPS view to $2.84-$2.88 from $2.90-$2.99, weaker than consensus of $2.92.
Sep 10-year T-notes (ZNU15 +0.06%) this morning are up +4 ticks. Monday's closes: TYU5 +7.50, FVU5 +6.50. Sep T-notes on Monday settled higher on increased safe-haven demand for T-notes after stocks sold off.
The dollar index (DXY00 -0.06%) this morning is up +0.057 (+0.06%). EUR/USD (^EURUSD) is down -0.0021 (-0.19%). USD/JPY (^USDJPY) is down -0.36 (-0.29%). Monday's closes: Dollar Index -1.007 (-1.05%), EUR/USD +0.01762 (+1.59%), USD/JPY -1.117 (-0.89%). The dollar index on Monday closed lower on strength in EUR/USD after German Apr industrial production rose more than expected. In addition, there was strength in the yen as USD/JPY fell back on reduced BOJ stimulus expectations after Japan Q1 GDP was revised higher.
July WTI crude oil (CLN15 +2.20%) this morning is up +$1.06 a barrel (+1.82%). July gasoline (RBN15 +1.84%) is up +0.0311 (+1.55%). Monday's closes: CLN5 -0.99 (-1.67%), RBN5 -0.0225 (-1.11%). Jul crude and gasoline on Monday closed lower on concern that the global crude supply glut will persist after OPEC on Friday agreed to maintain its crude production target at 30 million bpd. There was also concern about reduced demand from China, the world's second-biggest crude consumer, after China May crude imports dropped -25.7% m/m to 5.5 million bpd, the lowest in 15 months.
|US||1000 ET||Apr wholesale inventories expected +0.2% m/m, Mar +0.1% m/m. Apr wholesale trade sales expected +0.6% m/m, Mar -0.2% m/m.|
|1000 ET||Apr JOLTS job openings expected +50,000 to 5.044 million, Mar -150,000 to 4.994 million.|
|1300 ET||Treasury auctions $24 billion of 3-year T-notes.|
|JPN||0100 ET||Japan May consumer confidence index expected +0.4 to 41.9, Apr 41.5.|
|0200 ET||Japan May machine tool orders, Apr +10.5% y/y.|
|1950 ET||Japan May PPI expected +0.2% m/m and -2.2% y/y, Apr +0.1% m/m and -2.1% y/y.|
|1950 ET||Japan Apr machine orders expected -2.1% m/m and -1.4% y/y, Mar +2.9% m/m and +2.6% y/y.|
|GER||0200 ET||German Q1 labor costs, Q4 +1.0% q/q and +2.0% y/y.|
|EUR||0500 ET||Revised Eurozone Q1 GDP, previous +0.4% q/q and +1.0% y/y.|
|CHI||n/a||China May new yuan loans expected 850.0 billion yuan, Apr 707.9 billion yuan.|
|Endo International PLC||ENDP US||6/9/2015||Annual General Meeting||Y 2015|
|Greif Inc||GEF US||6/9/2015||Q2 2015 Earnings Release||Q2 2015||0.46|
|HD Supply Holdings Inc||HDS US||6/9/2015||Q1 2016 Earnings Release||Q1 2016||0.287|
|Newmont Mining Corp||NEM US||6/9/2015||Acquisition of Cripple Creek & Victor Gold Mine from AngloGold Ashanti Ltd by N|
|HD Supply Holdings Inc||HDS US||6/9/2015||Q1 2016 Earnings Call||Q1 2016|
|TD Ameritrade Holding Corp||AMTD US||6/9/2015||May 2015 Sales and Revenue Release||2015|
|General Motors Co||GM US||6/9/2015||Annual General Meeting||Y 2015|
|Outfront Media Inc||OUT US||6/9/2015||Annual General Meeting|
|Avnet Inc||AVT US||6/9/2015||Investor Day||Y 2015|
|Cisco Systems Inc||CSCO US||6/9/2015||Investor Day||Y 2015|
|Tesla Motors Inc||TSLA US||6/9/2015||Annual General Meeting||Y 2015|
|Best Buy Co Inc||BBY US||6/9/2015||Annual General Meeting|
|Regeneron Pharmaceuticals Inc||REGN US||6/9/2015||FDA Adcomm, alirocumab, hypercholesterolemia|
|AMC Networks Inc||AMCX US||6/9/2015||Annual General Meeting|
|BioMarin Pharmaceutical Inc||BMRN US||6/9/2015||Annual General Meeting|
|Netflix Inc||NFLX US||6/9/2015||Annual General Meeting|
|MasterCard Inc||MA US||6/9/2015||Annual General Meeting|