STOCKS FALL: Here's what you need to know

Stocks failed to rally into the green on a relatively calm day for markets that saw no major economic data released. Monday afternoon, however, saw reports that Greece’s creditors may have extended a new lifeline.

First, the scoreboard:

  • Dow: 17,816.49, -32.97, (-0.18%)
  • S&P 500: 2,085.18, -7.65, (-0.37%)
  • Nasdaq: 5,033.16, -35.30, (-0.70%)

And now, the top stories on Monday:

  1. Stocks climbed off their lows of the day following news that Greece’s creditors have suggested extending the bailout plan until March 2016, according to the Wall Street Journal. Three people familiar with the negotiations told the Journal that as part of the extension, Greece would get access to €10.9 billion that had been set aside to recapitalize weak banks.
  2. Apple unveiled a bunch of upgrades and new services at its big annual Worldwide Developers Conference (WWDC) in San Francisco. Shares fell about 1% ahead of the conference but rallied from the lows during the event. Here’s some of the highlights: Apple Music will let you stream any song on iTunes on demand for $US9.99 a month from June 30. OS X El Capitan is the newest operating system for Macs, and iOS 9 will replace iOS 8 on iPhones and iPads. Apple Watch software also got an upgrade. We have all the details here.
  3. Deutsche Bank shares surged more than 6% after co-CEOs Anshu Jain and Jürgen Fitschen stepped down over the weekend, replaced by John Cryan. They resigned amid several regulatory and legal problems, including probes into rigging of benchmark interest rates, tax evasion, and money laundering. Fitschen had been in court over perjury charges. It’s a big mess that’s now in Cryan’s hands for cleanup.
  4. McDonald’s reported that US same-store sales fell more than expected in May. Sales at stores open for at least a year fell 2.2% compared to the prior year — more than the 1.7% decline that was expected. Global comparable store sales fell 0.3% May, however, less than the 0.9% decline that was expected. In Europe, comparable-store-sales rose 2.3% against expectations for a 0.6% increase. The company will only disclose these numbers for one more month.
  5. Tesla shares gained up to 3% after Baird analysts raised their price target to $US335 from $US275 with an “Outperform” rating. They wrote that the Model X SUV launch, Tesla Energy, and the upcoming shareholder meeting on Tuesday are likely positive catalysts. “We like the setup of news flow which should help drive the stock higher and improve sentiment, which is still not overly positive,” they wrote. Tesla has surged 15% year-to-date.
  6. Investors are nervous about stocks and until they feel differently, we’re probably not at the top. In a client note on Monday, Wells Fargo’s Gina Martin Adams wrote: “At the market peak in 2000, 66% of individual investors were bullish. Likewise, at the peak in 2007, 55% were bullish. Today, just 25% of individual investors are bullish stocks. Until investors become significantly less nervous about the future for stocks, the longer-term bull market likely remains intact.” Her 12-month fair value estimate for the S&P 500 is 2,222.
  7. Markets in Turkey tanked after president Tayyip Erdoğan lost big to the opposition party in elections. The Turkish lira fell to a record low, and was down against virtually every other currency. And, the Turkish stock market closed more than 5% lower in Istanbul.

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