ECONOMIC CALENDAR:Monday: ISM Non-Mfg. Index Tuesday: International Trade, JOLTS Wednesday: EIA Petroleum Status Report, FOMC Minutes Thursday: Jobless Claims Friday: Janet Yellen Speaks 12:00 PM ET
Quote of the week:
“You can never cross the ocean until you have the courage to lose sight of the shore.” – Christopher Columbus
- Greeks vote “No” on bailout. Greek voters rejected the historic bailout referendum, refusing to give in to pressure to accept further austerity cuts. The result paves the way for negotiators to try and get a better deal from European creditors.
- China slips into bear market. The Shanghai Composite Index closed over 20% lower than its June 12 high, officially putting Chinese stocks in a bear market. Some analysts believe that China’s correction is unremarkable given the country’s economic struggles.
- Pending home sales reach multi-year high. The number of houses under contract rose to the highest level in over nine years in May, indicating that homebuyers may be taking advantage of a reprieve on higher interest rates.
- Consumer confidence rises more than expected in June. A gauge of how optimistic Americans feel about their economic prospects soared last month, stoking hopes that spending may boost economic growth.