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Market Update

S&P 500 and Indexes Down on Rate Jitters, Greece in Rearview

Author: Nichole Harper
Last Update: 1:40 PM ET June 08 2015

1:40 PM – Market indexes on Wall Street traded lower on the worries that the upbeat jobs report may facilitate rate hike later in the year. Deutsche Bank in Germany overhauled its executive team and European lenders and politicians struggled to find compromise on Greece.

Market averages traded lower and indexes extended losses of last two weeks on the ongoing rate increase jitters.

Investors are looking ahead to the release of retail sales for May on Thursday and economists are anticipating an increase of 1.3%. On Friday, wholesale price index data is scheduled to release and traders are expecting price index to rise 0.4%.

On Wall Street, Tollbooth Strategy Index fell 0.5% or 48.26 to 10,685.32 and the index has turned lower from the high in April.

S&P 500 index fell 0.3% or 7.12 to 2,085.67 and the Nasdaq Composite Index slid 0.6% or 29.62 to 5,038.85.

Crude oil in New York slipped 61 cents to $58.52 a barrel and gold gained $2.50 to $1,170.60 an ounce.

U.S. Movers

Apollo Global Management, LLC (APO) slipped 1.2% or 28 cents to $22.14 after the investment manager approached France-based Saint-Gobain''s glass-bottle maker Verallia with an offer of $3.27 billion or €2.95 billion.

The glass maker operates 47 plants in 13 countries.

McDonald’s Corporation (MCD) increased 13 cents to $95.67 after the quick service restaurants operator said U.S. comparable stores sales in May declined 2.2% and system-wide sales fell 1.3% while comparable store sales in Europe jumped 2.3% but system-wide sales for the month plunged 13.4%.

Comparable sales in Asia/Pacific, Middle East and Africa regions dropped 3.2% and system-wide sales in the region tumbled 8.7%.

Sears Holdings Corp (SHLD) fell 16 cents to $40.58 after the department stores operator reported revenues in the second-quarter ending in April plunged 25.4% to $5.88 billion from a year ago period.

Domestic comparable store sales in the quarter declined 10.9%, 7% decline at Kmart stores and 14.5% plunge at Sears domestic stores.

Net loss in the quarter narrowed to $303 million or $2.85 per diluted share compared to $402 million or $3.79 from the same quarter last year.

European Markets

In London trading, FTSE 100 index rose 0.2% or 12.78 to 6,805.42 and in Frankfurt the DAX index dropped 1% or 112.47 to 11,082.43.

In Paris, CAC 40 index declined 1.2% or 58.81 to 4,861.93.

Deutsche Bank AG climbed 5.1% to €29.01 after the lender accepted shareholders demand and announced on Sunday that resignations of co-Chief Executive Officers Anshu Jain and Jürgen Fitschen, from July 1.

John Cryan, will assume the position of sole chief executive.

Diageo Plc soared 7.3% to 1,889 pence after the Brazilian news Veja said billionaire Jorge Paulo Lemann and private equity firm 3G Capital intend to make a €64 billion offer for the U.K. based alcoholic drinks maker.

Shire Plc slumped 2% to 5,345 pence after the Sunday Times in the U.K. reported that the pharmaceutical firm is in talks to acquire Switzerland-based rival Actelion Ltd for about 160 francs per share or £12.4 billion or $18.9 billion.

Syngenta AG fell 0.8% to 409.70 Swiss francs after the Switzerland-based crop chemicals maker rejected second takeover proposal of $45 billion from the U.S.-based Monsanto Co.

Monsanto offered $2 billion reverse break-up fee if the company fails to obtain global regulatory approvals.

Asian Markets

Market indexes in Japan sold off after the latest revision showed economy expanded at a faster pace than previously estimated.

The faster-than-expected economic growth combined with the trade and current account surplus data lowered the expectations of another monetary stimulus from the central bank.

The current account surplus in April declined to 1.33 trillion yen from 2.80 trillion yen March. In April 2014, current account surplus was 220.8 billion yen, the Ministry of Finance said today.

Trade deficit in April was 146.2 billion yen compared to surplus of 671.4 billion yen in March and deficit of 789.6 billion in the same month a year ago.

Exports in the month jumped 4.1% to 6.23 trillion from a year ago month but declined 9.8% from a month ago.

Imports plunged 5.9% to 6.37 trillion after tumbling 15.8% in March.

Separately, the department said foreign reserves in May declined to $1.246 trillion compared to $1.250 trillion in April and as of May 31 the reserves were at $1.284 trillion.

Gross domestic product in first-quarter climbed to 3.9% annual rate from the preliminary reading of a 2.4% annual rate increase and 1.2% reported for the fourth-quarter, the Cabinet Office said.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc