Morning Notes

29/06/2015 Argonaut Morning Note

Sporting gear giant Nike has lifted the Dow into positive territory, while disappointing results from chipmaker Micron Technology pushed Nasdaq into the red. The Dow Jones Industrial Average gained 56.32 points on Friday (0.31 per cent) to 17,946.68. The broad-based S&P 500 slipped 0.82 (0.04 per cent) to 2,101.49, while the tech-rich Nasdaq Composite Index fell 31.68 (0.62 per cent) to 5,080.51. Nike jumped 4.3 per cent to lead the Dow as earnings for the quarter ending May 31 rose 21.6 per cent to $US865 million ($A1.12 billion).

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26/06/2015 Argonaut Morning Note

U.S. stocks fell in afternoon trading Thursday, as Greece's bailout talks with creditors appeared set to stretch into the weekend. The Dow opened higher and gave up gains during the day, turning lower in afternoon trade. The Dow Jones Industrial Average was down 76 points, or 0.3%, to 17890. The S&P 500 index fell 6 points, or 0.2%, to 2102, and the Nasdaq Composite Index lost 13 points, or 0.2%, to 5112.

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25/06/2015 - Argonaut Morning Note

U.S. stocks headed sharply lower Wednesday after two consecutive sessions of gains, as negotiations between Greece and its creditors hit a snag. The S&P 500 fell 12 points, or 0.6 %, to 2,111. The Dow Jones Industrial Average dropped 145 points, or 0.8 %, to 17,999. The Nasdaq Composite fell 31 points, or 0.6% at 5,128, retreating from its record high reached Tuesday. Ahead of the opening bell, market reaction to a government report showing the U.S. economy contracted by 0.2 % in the first quarter, was muted as data was in line with the market's expectations. Jim Paulsen, chief investment strategist at Wells Capital Management, noted that while Greece headlines are moving markets, the moves are less and less significant. "The revision to GDP data is a look in rear-view mirror. Also, investors know there is a seasonality problem with calculating first-quarter data," Paulsen said. "At this point, stock traders are watching the bond markets carefully, as changes in yields, which can happen rapidly, will affect stock prices," he said. Government bonds rallied as investors sought safety of havens on Wednesday. 10-year Treasury yield , which moves inversely to prices dropped 3 basis point to 2.38%. Negotiations continued on Wednesday, with Greek Prime Minister Alexis Tsipras repairing to meet lenders in Brussels. Media reports said Tsipras had told his government the creditors haven't accepted Greece's latest reform proposal, adding pressure on European stocks as well as U.S. stock futures. Eurozone finance ministers are scheduled to hold a Eurogroup meeting on Greece at 7 p.m. Brussels time, or 1 p.m. Eastern Time.

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24/06/2015 - Argonaut Morning Note

U.S. stocks bounced around the flat line Tuesday, a day after optimism that Greece was nearing a bailout deal with its creditors propelled global markets higher. The moves came a day after a rally across global stock markets helped boost the Nasdaq Composite to a record close. Investors have been closely watching talks between Greece and its creditors amid concerns that without a bailout agreement, the country may default on its debt and possibly leave the eurozone. As negotiations have made some progress this week, investors have become more optimistic that this scenario, which potentially could roil financial markets across the region, will not occur. A report showed demand for big-ticket manufactured goods in the U.S. fell for the third time in four months, falling 1.8% in May from a month earlier. Economists expected a decline of 1%. Separately, sales of newly built homes rose 2.2% in May from a month earlier to 546,000, a seven-year high, the Commerce Department said Tuesday.

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23/06/2015 - Argonaut Morning Note

U.S. stocks advanced Monday, lifted by gains in health-care and financial shares as well as optimism that Greece will eventually reach a bailout deal with its creditors. The Dow Jones Industrial Average rose 104 points, or 0.6%, to 18,120, while the S&P 500 index added 13 points, or 0.6%, to 2,123.

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