By Anora Mahmudova and Carla Mozee, MarketWatch
Main indexes set to record monthly and quarterly losses
U.S. stocks pared modest opening gains and were trading near the
flat on Tuesday, a day after a brutal selloff erased year-to-date
gains for the main indexes. The S&P 500 and Dow were on track
to post monthly and quarterly losses, snapping a nine-quarter
winning streak.
Earlier gains appeared to be fueled by news that Greece and its
lenders may find a last-minute measure to avert a default, after
Greece proposed a two-year deal using the eurozone bailout fund,
according to The Wall Street Journal
(http://www.wsj.com/articles/some-greek-banks-to-open-for-pensioners-1435653433).
However, the main indexes have struggled to stay in positive
territory.
The S&P 500 was up 1 point to 2,059. The Dow Jones
Industrial Average was up 7 points to 17,603. The Nasdaq Composite
was 15 points, or 0.3% higher to 4,972.
Here's what technical analysts are watching after the year's
biggest selloff
(http://www.marketwatch.com/story/heres-what-technical-analysts-are-watching-after-the-years-biggest-selloff-2015-06-30)
"This is a holiday-shortened week and with Greece news driving
the markets, we expect some erratic trading. The concern here is
the kind of pullback we last saw in October. Traders will be
watching the 2,040 level on the S&P 500 very closely," said
Frank Cappelleri, executive director at Instinet LLC.
Questions remain about the future of Greece as it heads toward a
referendum
(http://www.marketwatch.com/story/yay-or-nay-greeces-referendum-will-be-complicated-2015-06-29)
July 5 that is being framed as a vote on whether the European
country should stay in the eurozone. Greece missed a Tuesday
deadline to repay 1.54 billion euro ($1.71 billion) to the
International Monetary Fund, and the country's bailout program also
expires today
Also read: Athens considers last-minute bid to secure a deal
(http://www.marketwatch.com/story/greek-debt-crisis-athens-considers-last-minute-bid-to-secure-a-deal-2015-06-30)
Data: Investors digested a trio of mixed economic reports. U.S.
house prices rose in April, supported by the spring sales market,
with gains in all the cities tracked by the Case-Shiller 20-city
composite index released Tuesday, however the gain fell short of
expectations.
Chicago PMI rose in June but remained under the 50 level,
indicating a slight contraction in conditions. That is the fourth
month below 50 this year.
Separately, U.S. consumer confidence jumped in June, according
to an index released by The Conference Board on Tuesday, topping
forecasts.
Stocks to watch: ConAgra Foods Inc. (CAG) shares rose 0.9% after
the company reported fiscal fourth-quarter earnings and said it is
planning to exit the private-label business as it focuses more on
growing its consumer and commercial foods segments.
Pentair PLC (PNR) shares jumped 5% after Trian Fund Management
L.P. revealed a 7.24% stake in the companies. Trian is asking the
maker of pumps and valves to buy rivals and consolidate fragmented
market.
General Electric Co. (GE) has agreed to sell its European
private-equity finance business to Japan's Sumitomo Mitsui Banking
Corp. for about $2.2 billion. The stock added 0.5%.
For more on today's notable movers read Movers & Shakers
column
(http://www.marketwatch.com/story/microsoft-apollo-education-conagra-in-spotlight-2015-06-29).
Other markets: Chinese shares bounced back from heavy selling
(http://www.marketwatch.com/story/china-shares-fall-as-rest-of-asia-is-calm-2015-06-29)
seen Monday, pulling the benchmark back from losses that had put it
in bear-market territory. Japan's Nikkei ended higher by 0.6%. But
European stocks extended their losses
(http://www.marketwatch.com/story/european-stocks-mired-in-red-with-greek-default-expected-2015-06-30)
as investors continued to wrestle with Greek-related worries.
Oil prices were higher, while gold futures lost ground.
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