Stocks have turned red.
The Dow is down 42 points, the S&P 500 is down 3 points, and the Nasdaq is down 9 points.
Futures were lower overnight, as the destabilizing situation in Iraq and renewed tensions in Ukraine spooked investors.
However, after solid economic data earlier this morning stocks reversed higher, but have since forfeited these gains and fallen to their lows.
Following the Supreme Court’s decision not to hear Argentina’s case against hedge fund creditors, Argentina’s stock market is crashing.
On the economic data front, the New York Fed’s Empire State Manufacturing Survey came in at 19.28, topping expectations for a 15.0.
The Federal Reserve’s industrial production report said production climbed 0.6% in May. Economists were expected growth of 0.5%.
And a reminder: its also a Fed week. The Fed’s June meeting starting tomorrow and its latest monetary policy announcement expected at 2:00 pm ET on Wednesday, followed by a press conference from Fed Chair Janet Yellen at 2:30.
In corporate news, its another Merger Monday, headlined by medical device maker Medtronic buying Ireland-based Covidien in a $US43 billion mega deal. As part of the acquisition, Medtronic will move its headquarters to Ireland in a “tax inversion,” a controversial corporate tactic that U.S. lawmakers have been seeking to stop.
Shares of Covidien are up 22% following the announcement while Medtronic shares are lower by about 1%.
Internet networking companies Level 3 Communications and tw telecom announced a deal to merge, with Level 3 acquiring tw telecom in a deal that values tw at about $US40.86 per share. Following the announcement, tw telecom is up more than 7%, while Level 3 is down more than 4%.
Hard drive maker SanDisk announced an agreement to acquire Fusion-io for $US11.25 per share, or about $US1.1 billion. Fusion-io is up more than 22% following the announcement, and shares of SanDisk are up nearly 3%.
Williams Companies announced plans to merge with Access Midstream Partners in a deal worth about $US6 billion. Shares of Williams are up 19% following the announcement, while Access Midstream shares are down 1.1%.
A Bloomberg report said Siemens is preparing a roughly $US5.4 billion bid for France-based Alstom’s gas turbines unit.
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