Stock Market Crash Feared Ahead of Greek Debt Talks

stock market crashWall Street opened higher after suffering from the worst day of the year on Monday, June 29th. Eurozone stocks recovered after a devastating day on Tuesday but remained cautious as Greece moves towards default on a debt payment to the International Monetary Fund (IMF).

The Greece government and its creditors failed to reach a deal over the weekend which forced the country to close all banks until Thursday and impose capital controls. Greece is moving towards a default as it has failed to make a payment on Tuesday, according to the Greek finance minister. Greek media also hinted that talks may resume.

The S&P 500 was trading up 8.40 points or 0.36% to 2065.88 at the beginning of the trading session, as of 10:15 a.m. E.T. The broad-based Dow Jones Industrial Average and the technology-heavy NASDAQ Composite Indexwere also trading higher.

Also Read: Stock Market Crash in 2015 is Coming, Despite Widespread Bullishness

Top Market News Today

Greek Debt Talks May Resume

Representatives between Greece and its creditors are scheduled to meet later today. The talks represent a last ditch effort to keep Greece in the eurozone.

U.S. Consumer Confidence Strengthens in June

The Conference Board Consumer Confidence Index rose in June, indicating that households are more confident about the outlook of the economy. The index rose to 101.4 in June from 95.4 in May.

Puerto Rico Set to Delay Debt Payment

Puerto Rico is suffering from an enormous debt. Late Monday, Puerto Rico Gov. Alejandro Garcia Padilla said the commonwealth needs a restructuring plan for its $72.0 billion of debt. He aims to convince bond holders to postpone debt payments for a number of years.

Also Read: Warren Buffett Predicting Upcoming Stock Market Crash?

Stocks to Watch

Fitbit Inc. (NYSE/FIT)

RBC started to monitor the fitness wearable watch maker, emphasizing on shares “outperform” rating, quoting that Fitbit is rapidly gaining market share.

General Electric Company (NYSE/GE)

GE is getting smaller and smaller. The company is selling its European sponsor finance business to Sumitomo Mitsui Banking Corporation Europe for $2.2 billion.

Abercrombie & Fitch Co. (NYSE/ANF)

The company’s share was downgraded from “outperform” to “market perform” by FBR, quoting the apparel retailer turnaround may take a while and the company may face sales pressure from a variety of sources.

Lowe’s Companies Inc. (NYSE/LOW)

The company’s share was upgraded to “outperform” from “market perform” by BMO. The earnings outlook has improved as well. BMO cites that the stronger housing market in southeastern states helped the company.