Stocks in China are falling over themselves as investors have completely ignored comments by the People's Bank of China that they would intervene and create liquidity in the markets. Currently, half of listed Chinese companies have halted trading in their stock to avoid being caught up in the implosion of Chinese equities. The Shanghai Composite Index closed 5.9% lower today and markets in Asia are starting to feel the pressure from this selloff.
In other overseas action, Greece's new deadline is Friday morning, as the eurozone leadership has given the country until then to offer realistic economic reform proposals.
Meanwhile, investors are set to shift their focus back to domestic markets as earnings season kicks off today. First up: Alcoa (AA). This will be the first chance for investors to hear from a management team what the impact will be of economic uncertainty in Greece and the European Union on the global economic marketplace and whether the stock market dive in China is affecting business there.
Domestic investors will also be focused on the minutes from the Federal Open Market Committee's June meeting -- which will be released today at 2 p.m. E.T. In addition, we get the DOE Energy Inventories report at 10:30 a.m. E.T.
Last, if you still want to get your PVH (PVH) manufactured Donald Trump shirts (sold exclusively at Macy's (M)), you'd better hurry as the retailer is pulling the product in response to the billionaire's recent comments about the Hispanic community. So please, Tommy Hilfiger, don't create a controversy -- we don't want to go shirtless!
The New York Times is reporting today that Microsoft (MSFT) is gearing up for a massive round of layoffs in the very near term. A year ago, Microsoft announced it would fire 18,000 employees, or 14% of its workforce.
U.S. stock index futures are down on Wednesday, as is the dollar. Crude is also modestly down in early morning trading -- at $52.16 a barrel.
Today's earnings of note include Alcoa -- which unofficially kicks off the second-quarter earnings season -- and WD-40 (WDFC), both after market close.