With the deadline of a $300 million euro debt repayment looming on Friday, discussions between Greece and the International Monetary Fund have heated up as they try to find some common ground to make a deal. Skepticism abounds, though, and shares were trading lower in Europe this morning.
Also overseas, proof that the European Central Bank's (ECB) stimulus activities are bearing fruit was seen as euro-area consumer prices showed an increase in May -- the first time in six months. The euro gained some ground vs. the dollar this morning. Worldwide stimulus packages and actions continue to be deployed, with the latest being from The Reserve Bank of India, which made its third rate cut this year, lowering its key repo rate by 25 basis points to 7.25%.
In a positive economic read, Ford (F) announced that it will shorten its planned summer shutdown this summer vs. their typical two week shutdown at 16 manufacturing plants as demand for light-trucks and SUVs, including the F-150 and the Edge and Explorer models are driving healthy demand. This marks the third consecutive year that demand was robust enough for Ford to institute the change.
Some earnings reports of note today include Conn's (CONN), Dollar General (DG), G-III Apparel (GIII), Medtronic (MDT), Cracker Barrel (CBRL), Ascena Retail (ASNA), Guidewire Software (GWRE), and Guess? (GES).
Today's economic calendar includes the May New York ISM report at 9:45 a.m., with estimates set at 58. At 10 a.m. we are set to receive the April Factory Orders, with consensus at -0.1%.