Morning Market Report 6/29/2015

June 29, 2015
The KUIK Morning Market Report for Monday, June 29:
Markets are down.
Index Direction Change Units Time Change
Dow Down                    (118)  points           17,825 7:09 AM
S&P500 Down -0.7% percent            2,087           (14.25)
Nasdaq Composite Down -0.8% percent            5,042           (38.45)
30 Year Treasury Down                        (8) Basis Points              3.17 Annual Yield
Greece looks like it will default on a repayment to the International Monetary Fund due tomorrow. That puts the debt-strapped country on the edge of fiscal collapse and raises the chances it could Grexit form  the European Union — a “Grexit”. Greece’s Prime Minister Alexis Tsipras unexpectedly called for a referendum on whether to accept reform measures demanded by the country’s lenders. The country’s parliament approved the vote, which will be held July 5.
European stock markets  were hit when trading opened today, with Germany’s DAX down more than 3%. Chinese stocks dropped, and the Shanghai Composite fell 3.3% further into bear-market territory despite a decision Saturday by China’s central bank to cut interest rates.
The Greek debt crisis put pressure on U.S. bank stocks. Citigroup led decliners, falling more than 2%, J.P. Morgan Chase fell 1.8%, Goldman Sachs  dropped 1.6%.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/greek-debt-crisis-latest-news-2015-06-29
http://www.marketwatch.com/story/us-stocks-set-for-sharp-losses-with-greece-on-brink-of-default-2015-06-29
http://www.marketwatch.com/story/us-stocks-set-for-sharp-losses-with-greece-on-brink-of-default-2015-06-29
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