By Anora Mahmudova and Sara Sjolin, MarketWatch
Trade deficit widens as strong dollar hurts export
U.S. stocks edged lower Tuesday as investors remained cautious
while Greece and its international creditors hold meetings that
could determine the country's future in the eurozone.
The S&P 500 was down 4 points, or 0.2% at 2,064. The Dow
Jones Industrial Average fell 44 points, or 0.3%, to 17,637. The
Nasdaq Composite declined 20 points, or 0.4%, to 4,971.
Nervousness among global investors could be gleaned from falling
government bond yields, which move inversely to bond prices. The
yield on a 10-year Treasury note fell 8 basis points to 2.21%.
Market reaction to U.S. trade data released ahead of the opening
bell was muted.
Greece remained in the headlines on Tuesday as eurozone finance
ministers convened for an emergency meeting in Brussels to discuss
what's next for Greece after Sunday's referendum. Eurogroup
President Jeroen Dijsselbloem said on arrival for the meeting that
it is going to be difficult to reach an agreement
(http://www.marketwatch.com/story/dijsselbloem-after-greek-no-vote-difficult-to-reach-debt-deal-2015-07-07-7911950)
after the "no" vote.
That gathering will be followed by a meeting of eurozone
leaders. Greece's Alexis Tsipras-led government is expected to
submit a fresh set of reform proposals ahead of the meetings. Read:
Greek debt crisis: Who's meeting and when on Tuesday
(http://www.marketwatch.com/story/greek-debt-crisis-whos-meeting-and-when-on-tuesday-2015-07-07)
Greece's stock market will remain shut Tuesday and Wednesday (),
alongside the extended closure of the country's banks, the Hellenic
Capital Market Commission said. Meanwhile, Global X FTSE Greece 20
ETF (GREK) is off by 0.6% after a 7% slide on Monday.
U.S. data: The U.S. trade deficit rose 2.9% in May, mostly
because the U.S. exported fewer aircraft and other manufactured
goods. The increase was smaller than expected by economists
surveyed by MarketWatch.
Oil rebound:Oil prices fell, after briefly ticking higher
earlier in electronic trade,
(http://www.marketwatch.com/story/crude-oil-struggles-to-recover-from-selloff-2015-07-07)
following Monday's carnage, with the August contract for crude oil
falling 1.1% to $51.94 a barrel. Brent crude for the same month
inched 0.2% lower to $56.43 a barrel.
The contracts slid 7.7% and 6.3%
(http://www.marketwatch.com/story/oil-tumbles-4-after-greek-voters-reject-creditors-reform-proposal-2015-07-06),
respectively, on Monday. The selloff was driven by the turmoil in
Greece and a potential Iranian nuclear deal, which may result in a
flood of millions of barrels of oil, adding to global supplies.
Movers & shakers: Shares of Advanced Micro Devices Inc.(AMD)
sank 17% after the chip maker cut its outlook late Monday
(http://www.marketwatch.com/story/amd-warns-revenue-to-fall-short-on-weak-pc-demand-2015-07-06).
A. Schulman Inc.(SHLM) plunged 11% after the plastic
manufacturer late Monday said it swung to a loss in the third
quarter
(http://www.marketwatch.com/story/a-schulman-swings-to-a-loss-cuts-forecast-2015-07-06-174854739).
Advance Auto Parts Inc.(AAP) edge higher, up 0.5% after S&P
Dow Jones Indices said on Monday it would add the company's stock
to the S&P 500 index
(http://www.marketwatch.com/story/advance-autoparts-set-to-join-the-sp-2015-07-06).
MSC Industrial Direct Co.(MSM) shares rose 3% after the company
said third-quarter profit fell less than expected.
For more on today's notable movers read Movers & Shakers
column
(http://www.marketwatch.com/story/amd-a-schulman-advanced-auto-parts-shares-in-focus-2015-07-07).
Other markets: Chinese stock indexes moved sharply lower
(http://www.marketwatch.com/storyno-meta-for-guid), continuing the
recent downbeat trend in the country's financial markets. Trading
was halted in shares
(http://www.marketwatch.com/story/over-20-of-listed-china-stocks-now-in-trading-halt-2015-07-07)
in more than 200 mainland-traded China-traded companies during the
selloff. The rest of Asian markets closed mixed. European stocks
struggled for direction
(http://www.marketwatch.com/storyno-meta-for-guid), with investors
waiting for the latest word on Greece.
Gold fell 1.4% to $1,156.3, while the dollar rallied against
most major currencies, rising 0.8% to 97.08.
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