The NASDAQ opened flat on Tuesday July 14th amid disappointing data in retail sales. Abroad, investors remain uneasy about talks surrounding Greece’s bailout package.
European shares turned lower on Tuesday after a four-day rally due to uncertainty over whether the measures would be passed in Greece’s parliament. The yield 10-year German bond was at 0.87%, marginally higher on that day. Following the sharp drop on Monday, the euro was 0.21% higher against the dollar in early trade at $1.10.
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
U.S. Retail Sales Unexpectedly Weak in June
Concerns that the economy was slowing again put pressure on retail sales in June. Retail sales slipped 0.3% last month, the weakest reading since February. The numbers indicate the economy has not been strong enough as many economists expected in the second quarter.
Iran Nuclear Deal
Iran and six world powers reached a historic nuclear deal on Tuesday morning, sending oil prices lower as fear over the oversupplied market grows. The drop in oil prices pushed commodity-linked shares and currencies lower as well.
Greek Lawmakers Split Over Bailout as Vote Looms
Lawmakers in Greece’s parliament are arguing behind closed doors on Tuesday about whether to accept the latest bailout plan offered by the country’s creditors.
U.S. Small Business Confidence Tumbles to One-Year Low
The small business confidence fell in June to its lowest level in more than a year due to lower expectations on profit and a weakening labor market. The number signals that the economy’s second-quarter growth will likely disappoint analysts.
Stocks to Watch
Intel Corporation (NASDAQ/INTC)
Analysts at Bernstein downgraded the company’s stocks from “perform” to “underperform,” citing weakness in the company’s data center business.
Amazon.com Inc. (NASDAQ/AMZN)
The giant e-commerce retailer was upgraded from “neutral” to “buy” at UBS, due to strong subscriber growth for its Prime service.
GoPro, Inc. (NASDAQ/GPRO)
Analysts at Barclays upgraded the high definition camera maker to “overweight” from “equal weight,” referring to solid execution, new products, and brand strength.