Commodity prices are mixed. Aug crude oil (CLQ15 -0.70%) is up +0.78%, Aug gasoline (RBQ15 -0.24%) is up +0.95%. Metals prices are weaker. Aug gold (GCQ15 -0.17%) is down -0.72%. Sep copper (HGU15 -1.98%) is down -2.44% at a new 5-month low. Agricultural prices are lower.
The dollar index (DXY00 +0.57%) is up +0.54% at a 1-month high. EUR/USD (^EURUSD) is down -0.77% at a 1-week low. USD/JPY (^USDJPY) is down -0.06%.
Sep T-note prices (ZNU15 +0.39%) are up +10.5 ticks on carry-over support from a rally in German bunds to a 1-month high.
In a document published on its website today, the ECB added "moral hazard" to its Emergency Liquidity Assistance (ELA) rules in an attempt to clarify the conditions to which banks may access emergency aid. The ECB warned that "moral hazard" could be a reason to object to ELA it allows banks to access saying that "the objective of ELA is to support solvent credit institutions facing temporary liquidity problems. It is not a monetary-policy instrument." The reference to moral hazard indicates the ECB is worried that bending the liquidity rules for Greece may lead future Eurozone members to act less responsibly.
One of the Russell 1000 companies reports earnings today: MSC Industrial Direct (consensus $0.96).
U.S. IPO's scheduled to price today include: none.
Equity conferences this week: none.
Broadcom (BRCM -1.34%) was downgraded to 'Perform' from 'Outperform' at Oppenheimer.
Marvell (MRVL -1.19%) was upgraded to 'Perform' from 'Underperform' at Oppenheimer.
Dillard's (DDS -0.39%) was downgraded to 'Underperform' from 'Neutral' at BofA/Merrill Lynch.
Disney (DIS +0.63%) was upgraded to 'Overweight' from 'Neutral' at Atlantic Equities.
BTIG initiated Teva (TEVA +0.16%) with a 'Buy' rating and a $77 price target.
Baxter (BAX -0.68%) was downgraded to 'Market Perform' from 'Outperform' at BMO Capital.
W. R. Berkley (WRB +1.19%) was upgraded to 'Hold' from 'Sell' at Deutsche Bank.
Electronic Arts (EA +0.31%) and Kansas City Southern (KSU -0.82%) were both upgraded to 'Buy' from 'Neutral' at UBS.
Tesla (TSLA -0.11%) was downgraded to 'Hold' from 'Buy' at Deutsche Bank.
Advance Auto Parts (AAP +0.81%) will replace Family Dollar (FDO +0.05%) in the S&P 500 as of the close of trading on Wednesday July 8.
A. Schulman (SHLM -2.25%) reported Q3 adjusted EPS of 72 cents, below consensus of 77 cents, and then lowered guidance on 2015 EPS to$2.37-$2.42, weaker than consensus of $2.47.
Luxor Capital Group reported a 5.03% passive stake in Northstar Realty (NRF -1.14%) .
Advanced Micro Devices (AMD -2.37%) lowered guidance on Q2 revenue view to down 8% versus Q1, weaker than an earlier estimate of down 3%, plus or minus 3%.
Sep 10-year T-notes (ZNU15 +0.39%) this morning are up +10.5 ticks. Monday's closes: TYU5 +28.50, FVU5 +15.25. Sep T-notes on Monday gapped up to a 2-week high and closed higher on (1) Grexit concerns after Sunday's referendum vote, and (2) ideas that the Fed might be forced to delay a rate hike by the Greek crisis. T-notes fell back from their best levels after stocks recovered on speculation the ECB will contain any negative fallout from the Greek crisis.
The dollar index (DXY00 +0.57%) this morning is up +0.523 (+0.54%) at a fresh 1-month high. EUR/USD (^EURUSD) is down -0.0085 (-0.77%) at a 1-week low. USD/JPY (^USDJPY) is down -0.07 (-0.06%). Monday's closes: Dollar Index +0.185 (+0.19%), EUR/USD -0.0028 (-0.25%), USD/JPY -0.486 (-0.39%). The dollar index on Monday climbed to a 1-month high and settled higher on the decline in EUR/USD to a 1-week low on Grexit concerns. However, the rally in the dollar index was curbed by safe-haven demand for the yen and by news that Greek Finance Minster Varoufakis resigned, which means that Prime Minister Tsipras may be ready for a bailout deal.
Aug WTI crude oil (CLQ15 -0.70%) this morning is up +41 cents (+0.78%). Aug gasoline (RBQ15 -0.24%) is up +0.0183 (+0.95%). Monday's closes: CLQ5 -2.99 (-5.39%), RBQ5 -0.0651 (-3.25%). Aug crude oil and gasoline gapped lower Monday and finished sharply lower with Aug crude at a 2-1/2 month low and Aug gasoline at a 1-month low. Negative factors included dollar strength, Grexit concerns, and the possibility of an Iran nuclear deal this week, which would pave the way for at least a doubling of Iranian oil exports.
|US||0830 ET||May trade balance expected -$42.75 billion, Apr -$40.90 billion.|
|1000 ET||May JOLTS job openings expected -76,000 to 5.300 million, Apr +267,000 to 5.376 million.|
|1300 ET||Treasury auctions $24 billion of 3-year T-notes.|
|GER||0200 ET||German May industrial production expected +0.1% m/m and +2.6% y/y, Apr +0.9% m/m and +1.4% y/y.|
|UK||0430 ET||UK May industrial production expected -0.2% m/m and +1.6% y/y, Apr +0.4% m/m and +1.2% y/y.|
|0430 ET||UK May manufacturing production expected +0.1% m/m and +1.8% y/y, Apr -0.4% m/m and +0.2% y/y.|
|1901 ET||UK Jun BRC shop price index, May -1.9% y/y.|
|MSC Industrial Direct Co Inc||MSM US||7:00||Q3 2015 Earnings Release||Q3 2015||0.962|
|MSC Industrial Direct Co Inc||MSM US||8:30||Q3 2015 Earnings Call||Q3 2015|
|Columbus McKinnon Corp/NY||CMCO US||9:00||Investor and Analyst Day||Y 2015|
|A Schulman Inc||SHLM US||10:00||Q3 2015 Earnings Call||Q3 2015|
|Stifel Financial Corp||SF US||12:00||Annual General Meeting|
|Navidea Biopharmaceuticals Inc||NAVB US||13:00||Business Update Call|
|Container Store Group Inc/The||TCS US||16:30||Q1 2016 Earnings Call||Q1 2016|
|Container Store Group Inc/The||TCS US||Aft-mkt||Q1 2016 Earnings Release||Q1 2016||-0.124|
|Allegiant Travel Co||ALGT US||June 2015 Sales and Revenue Release - Traffic Results||2015|