The stock markets fluctuated and ended the trading session lower except the Dow Jones Industrial Average (DJIA), up 0.32%.
Companies in the semiconductor industry experienced a sell-off today. Investors continue to monitor the debt negotiations between Greece and its international creditors.
Commenting on the market trends, Tim Ghriskey, managing director and chief investment officer at Solaris Asset Management told Bloomberg, “The selloff here seems to be more in tech than anywhere else, which could be weighing on the market overall. Traders are taking money off the table in front of the weekend and perhaps even quarter-end as we head into earnings season and a short week.”
On the other hand, Jon Corpina, a senior managing partner at Meridian Equity Partners commented that the equity markets are affected by a several factors including the impending headlines regarding Greece’s debt talks, the Russell and end of the quarter. He said,”It’s an interesting yin and yang that’s performing in the market right now.”
Earlier today, Bloomberg reported that Greece’s creditors offered a $17.3 billion financial aid for the struggling country. The creditors proposed a five-month extension of the bailout program, which is set to expire on Tuesday.
According to the European official, the proposed extension would be dependent upon the commitment of Greece on the so-called prior actions to implement economic measures. The finance ministers in the Eurozone are scheduled to meet in Brussels on Saturday to develop an agreement based on those economic measures with sticking points such as increases in pension contributions and sales-tax rates.
Malta Finance Minister Edward Scicluna told Bloomberg, “Whatever the package, it remains a very difficult one for the prime minister to sell, and that is the issue.”
- Dow Jones Industrial Average (DJIA) – 17,947.02 (+0.32%)
- S&P 500- 2,101.60 (-0.03%)
- NASDAQ- 5,080.51 (-0.62%)
- Russell 2000- 1,279.52 (-0.29%)
- EURO STOXX 50 Price EUR- 3,621.37 (+0.29%)
- FTSE 100 Index- 6,753.70 (-0.79%)
- Deutsche Borse AG German Stock Index DAX- 11,492.43 (+0.17%)
- Nikkei 225- 20,706.15 (-0.31%)
- Hong Kong Hang Seng Index- 26,663.87 (-1.78%)
- Shanghai Shenzhen CSI 300 Index- 4,336.20 (-7.87%)
Stocks in Focus
The stock value of Bio Blast Pharma declined more than 11% to $7.12 per share. Yesterday, the company announced that the European Commission issued the Orphan Drug Designation for Cabaletta, a treatment for Oculopharyngeal Muscular Dystrophy (OPMD).
Micron Technology plummeted more than 18% to $19.66 per share. The company’s earnings of $0.54 per share missed the $0.56 per share consensus estimate of Wall Street analysts.
The stock price of Nike climbed more than 4% to $109.71 per share after reporting better than expected financial results for the fourth quarter. The company posted a 26% increase in earnings to $0.98 per share and 5% increase in revenue to $7.8 billion.