The stock markets in the United States ended the trading session down except the S&P 500, up by 0.04%. The Dow Jones dropped 0.01%; NASDAQ declined 0.15%, and Russell 2000 fell 0.35% today.
Commenting on the market trends, Richard Hunter, head of equities at Hargreaves Lansdowne told Bloomberg, “It’s like we’re all waiting for a catalyst, but we don’t really know where to look. Everyone’s trying to double guess when the Fed’s interest-rate hike will be, and mixed data has not really made it too clear. You could buy on dips given the recent selloff, but you can also come up with a bunch of reasons not to invest.”
Investors are speculating that the Federal Reserve could start raising interest rates this year after the Department of Labor reported that the economy created 280,000 jobs in May—the strongest job hiring in five months.
Investors will monitor closely the upcoming consumer confidence and retail sales, which will be released this week. Economists are expecting that the data would show economic improvement.
Investors are also monitoring any progress in Greece’s debt negotiations with the International Monetary Fund (IMF) and the leaders of the European Union. The Greek government submitted new proposals to unlock bailout funds. Yesterday, it was reported that the country’s international creditors were considering extending the bailout program until the end of March 2016.
- Dow Jones Industrial Average (DJIA) – 17,764.04 (-0.01%)
- S&P 500- 2,080.15 (-0.04%)
- NASDAQ- 5,013.87 (-0.15%)
- Russell 2000- 1,249.27 (-0.35%)
- EURO STOXX 50 Price EUR- 3,456.79 (-0.33%)
- FTSE 100 Index- 6,753.80 (-0.53%)
- Deutsche Borse AG German Stock Index DAX- 11,001.29 (-0.58%)
- Nikkei 225- 20,096.30 (-1.76%)
- Hong Kong Hang Seng Index- 26,989.52 (-1.20%)
- Shanghai Shenzhen CSI 300 Index- 5,317.46 (-0.49%)
Stocks in Focus
The shares of AudioCodes declined 20% to $3.27 per share. The company reduced its revenue outlook for the second quarter due to weaker market conditions for its legacy business. Its second quarter revenue is expected to be 5% to 15% lower than its revenue in the first quarter.
Lululemon Athletica gained almost 11% to $68.27 per share after reporting outstanding financial results for the first quarter. The yoga apparel company posted a 10% increase in revenue to $423.5 million. Its net income was $47.8 million or $0.34 per share. Analysts expected Lululemon to achieve $0.33 in earning per share on $418.9 million revenue.
The stock price of Marinus Pharmaceuticals gained almost 30% to $12.28 per share, the highest gainer listed on NASDAQ. Zacks recently upgraded its rating on the stock to Buy from Hold. The clinical state biopharmaceutical company is focused on developing neuropsychiatric therapeutics.