The stock markets in the United States fluctuated and eventually ended the trading session lower as investors monitor the bailout negotiations between Greece and the finance ministers of the European region.
The Dow Jones Industrial Average (DJIA) and S&P 500 slightly declined .The The Russell 2000 dropped 0.60% while the NASDAQ gained 0.28%.
Greece Finance Minister Yanis Varoufakis is seeking better terms for the country’s bailout out deal, which is set to expire by the end of the month. The new government of Greece won a parliamentary vote for its policy to refuse to extend an international bailout.
Finance Minister Varoufakis recently stated that Greece will implement approximately 70% of reforms under the current bailout agreement. Investors are concerned that the standoff between Greece and the Eurozone would led the country’s exit from the single-currency union.
[drizzle]Greece presented four principles for new financing deal to its counterparts in the Eurozone today. According to Bloomberg, Greece is pushing for a deal that offers financial flexibility, financial sustainability and debt restructuring while addressing its humanitarian crisis.
Dutch Finance Minister Jeroen Dijsselbloem said the finance ministers in the Eurozone want to hear the proposals of Greece. He doesn’t expect an outcome because there is no extra money on the table right now. He also emphasized that Greece need to stick to its direction towards reform.
On the other hand, Michael Matousek, head trader at U.S. Global Investors told Reuters, ‘Ultimately, I don’t think it can be resolved anytime soon. Some people are anticipating a quick solution.
- Dow Jones Industrial Average (DJIA) – 17,862.14 (-0.04%)
- S&P 500- 2,068/53 (0.00%)
- NASDAQ- 4,801.18 (+0.28%)
- Russell 2000- 1,201.55 (-0.59%)
- EURO STOXX 50 Price EUR- 3,374.14 (-0.27%)
- FTSE 100 Index- 6,818.17 (-0.16%)
- Deutsche Borse AG German Stock Index DAX- 10,752.11 (-0.02%)
- Nikkei 225- 17,652.68 (-0.33%)
- Hong Kong Hang Seng Index- 24,315.02 (-0.87%)
- Shanghai Shenzhen CSI 300 Index- 3,434.12 (+0.80%)
Stocks in Focus
The stock price of Rite Aid surged more than 6% to $8.08 per share after the company agreed to acquire Envision Pharmaceutical Services for $2 billion. Under the agreement, Rite Aid will pay Envision Pharmaceuticals $1.8 billion in cash and $200 million worth of Rite Aid stock (around 27.9 million shares).
Wholesale Foods Market gained more than 3% to $55.14 per share during the extended hours trading after reporting better-than-expected earnings for its fiscal first quarter. The company posted $167 million in net income or $0.46 in earnings per share on $4.67 billion in revenue. Analysts expected the company to deliver $0.45 in earnings per share. The company’s revenue matched expectations.
Pioneer Natural Resources declined 4% to $146.97 per share. The company decided to reduce its drilling and infrastructure budget by 45% to $1.85 billion this year due to the sliding commodity prices.