The NASDAQ opened slightly higher amid the Federal Reserve Chair’s comments on the possible rate hike this year, along with the positive news overseas.
European stocks rose as investors are optimistic that the Greek’s parliament will pass the proposed bailout deal. Bonds were the biggest movers among European assets whereas yields on German Bonds fell four basis points to 0.8%.
China stocks dropped in afternoon trade on Wednesday, July 15th, despite the positive data; the Shanghai Composite Index tumbled more than five percent at one point, but eased some losses to end the day down 3.5%.
The NASDAQ turned slightly higher, up 9.49 points or 0.19% to 5,081 on the discouraging news at the beginning of the trading session. Other U.S. indices were trading mixed amid the news.
Top Market News Today
Federal Reserve Chair Janet Yellen Testimony
The Federal Reserve remains on track to raise rates this year if the economy grows as expected. In a speech earlier today, Fed Chair Janet Yellen told lawmakers the U.S economy is expanding while the labor market remains weak.
Tsipras Fights to Pass Reforms in Greek Parliament
Prime Minister Alexis Tsipras is fighting to win parliament’s approval for the latest bailout deal proposed by the country’s creditors to avert financial crisis. Tsipras has described the deal as a “one-way street” imposed on Greece, though he remains committed to getting the deal passed.
China’s Economy Continues to Grow
Chinese economy grew at annual rate of seven percent in the second quarter, slightly higher than economists had expected. However, the news did little to boost investor confidence, with Chinese equity prices plunging another 3.5% overnight.
Stocks to Watch
Netflix, Inc. (NASDAQ/NFLX)
Netflix reports its quarterly earnings today after the bell. It is said that the most important number to watch is of streaming subscribers. The stocks have been set for a 7-for-1 stock split. Its stocks opened at $100.05 after closing at $702.60 yesterday.
eBay Inc. (NASDAQ/EBAY)
eBay will be replaced in the S&P 100 by PayPal, which eBay is spinning off. eBay is expected to start trading separately next Monday. The company is also set to announce its earnings on Thursday. Earnings of $0.73 cents per share on revenue of $4.5 billion are expected, according to analysts polled by Thomson Reuters.
ADTRAN Inc. (NASDAQ/ADTN)
ADTRAN announced that it expects to complete its repurchased plan. The company is expected to report its second-quarter earnings today. Prior to its earnings, stocks are trading down six percent at $16.09.