The stock markets in the United Stated declined after gaining over the past two days. Today, the equity markets were negatively impacted by the slump in the shares of raw material and railroad companies as well as slow-paced debt negotiations between Greece and its international creditors.
Commenting on the market trends, Bill Schultz, chief investment officer at McQueen Ball & Associates told Bloomberg, “This is just a bit of a pullback because we’ve had a good run over the last few days, and there has been some nervousness that the Greece situation may not get resolved soon. Other than that, there’s a little bit of a lull until earnings next month.”
The finance ministers in the European region adjourned their meeting regarding Greece’s proposals and indicated that a financial aid deal remained elusive. Greek Prime Minister Alexis Tsipras criticized the country’s international creditors earlier today after they rejected its list of proposals in exchange for financial aid.
Germany’s Finance Ministry Spokesman Martin Jaeger said, “Our impression is that there is still a long way to go. According to him, Greece’s creditors already made “exceptionally generous” compromises and “it’s now up to the Greek side to show some movement.”
The international creditors rejected some of the economic measures proposed by Greece including the extra charge on company profits, a tax on electronic gaming, and an increase in employer contributions.
- Dow Jones Industrial Average (DJIA) – 17,966.07 (-0.98%)
- S&P 500- 2,108.58 (-0.74%)
- NASDAQ- 5,122.41 (-0.73%)
- Russell 2000- 1,284.15 (-0.90%)
- EURO STOXX 50 Price EUR- 3,610.95 (-0.41%)
- FTSE 100 Index- 6,844.80 (+0.15%)
- Deutsche Borse AG German Stock Index DAX- 11,471.26 (+0.62%)
- Nikkei 225- 20,868.03 (+0.28%)
- Hong Kong Hang Seng Index- 27,404.97 (+0.26%)
- Shanghai Shenzhen CSI 300 Index- 4,880.13 (+1.96%)
Stocks in Focus
The shares of Netflix slightly declined to $678.61 per share today. Activist investor Carl Icahn sold out his stake in the online video streaming company after the Board approved a seven-for-one stock split.
The stock price of Turtle Beach surged more than 34% to $2.80 per share, the biggest gainer listed on NASDAQ. Turtle Beach is an audio technology company.
Transition Therapeutics plummeted almost 74% to $2.35 per share. The biopharmaceutical company revealed that the results of the Phase 2/3 stage clinical trial for its neuropsychiatric drug candidate ELND005 did not meet its primary efficacy endpoint.