US markets were nervous today after news quoted from
the United Kingdom that European finance ministers
were not scheduled to meet on Wednesday as was
previously circulated in the news. Expectations are
extremely high that a credible financial plan to rescue
Greece and stop the debt crisis spreading to other
countries and anything less than the highest quality plan
will likely result in stocks dropping the next 2 days.
For most of three weeks the market has ignored the idea
that Europe cannot afford to totally finance the damage
control from Greece and yet stocks continued to move
up. After today’s news and trading action, in addition to
some key earnings that were missed, stocks are likely to
head down tomorrow unless there is some news out of
Europe that meets investors’ expectations. Earnings
such as Amazon.com (AMZN) will also cast a shadow on
Wednesday’s trading.
The Dow30 was down 1.74%, Nasdaq Composite was down
2.2%, the S&P 500 was down 2.0%, and the Russell 2000
was down 3.00%. The CBOE Volatility Index which is a
gauge used to measure fear in the market place was up
10.1%.
In earnings news, NFLX, Netflix was down 34.9% Tuesday
after reporting weak earnings during after market hours on Monday. AMZN, Amazon.com reported a 73% drop in net
income and a weaker than expected outlook during after market hours Tuesday. Shares were down over 10% during aftermarket trading and this could likely weigh heavily on other stocks in the tech sector.
MMM, 3M was down 6.2% after missing earnings expectations and lowering their outlook. BRCM, Broadcom reported
weaker than expected earnings after the market close on Tuesday and shares dropped over 5%.
In economic news, Consumer Confidence dropped more than expected to 39.8, which is the lowest level since March 2009.
Also, the Case Shiller 20-city Index was down 3.8% which was in line with expectations.
In other news:
FSLR, First Solar was down 25.3% Tuesday after news the CEO Rob Gillette had departed.
DGX, Quest Diagnostics was up 10.8% Tuesday after news that CEO Surya Mohapatra would step down. This brought
speculation the firm could be a target for a takeover.
the United Kingdom that European finance ministers
were not scheduled to meet on Wednesday as was
previously circulated in the news. Expectations are
extremely high that a credible financial plan to rescue
Greece and stop the debt crisis spreading to other
countries and anything less than the highest quality plan
will likely result in stocks dropping the next 2 days.
For most of three weeks the market has ignored the idea
that Europe cannot afford to totally finance the damage
control from Greece and yet stocks continued to move
up. After today’s news and trading action, in addition to
some key earnings that were missed, stocks are likely to
head down tomorrow unless there is some news out of
Europe that meets investors’ expectations. Earnings
such as Amazon.com (AMZN) will also cast a shadow on
Wednesday’s trading.
The Dow30 was down 1.74%, Nasdaq Composite was down
2.2%, the S&P 500 was down 2.0%, and the Russell 2000
was down 3.00%. The CBOE Volatility Index which is a
gauge used to measure fear in the market place was up
10.1%.
In earnings news, NFLX, Netflix was down 34.9% Tuesday
after reporting weak earnings during after market hours on Monday. AMZN, Amazon.com reported a 73% drop in net
income and a weaker than expected outlook during after market hours Tuesday. Shares were down over 10% during aftermarket trading and this could likely weigh heavily on other stocks in the tech sector.
MMM, 3M was down 6.2% after missing earnings expectations and lowering their outlook. BRCM, Broadcom reported
weaker than expected earnings after the market close on Tuesday and shares dropped over 5%.
In economic news, Consumer Confidence dropped more than expected to 39.8, which is the lowest level since March 2009.
Also, the Case Shiller 20-city Index was down 3.8% which was in line with expectations.
In other news:
FSLR, First Solar was down 25.3% Tuesday after news the CEO Rob Gillette had departed.
DGX, Quest Diagnostics was up 10.8% Tuesday after news that CEO Surya Mohapatra would step down. This brought
speculation the firm could be a target for a takeover.
