The Game of Chicken


As we enter the 3rd quarter and the dog days of summer, the game of chicken continues to unfold in Greece, as the upcoming vote this weekend may result in the old  “watch out what you ask for, you just may get it”. Members of the EU seem content to let the blustery Greek Prime Minister Tsipras discover whether the Greek people agree with his “they won’t dare throw us out” bravado. We’ll be dealing with all of that on Monday morning. In the meantime, the ADP private sector payroll number was a little better than expected, and tomorrow we get the non-farm payroll number (consensus is for about 230,000 new jobs to have been created in June).

As for today’s markets, stocks buoyed by hopes that a deal was in the works, spent the day in positive territory and got the second half of the year off to a decent start. For the day, the Dow Jones Industrial Average was up 138 points to close at 17,757. The S&P 500 was up 14 points to finish the day at 2077. Gold was down 3 points to trade at $1168 per ounce, while oil was down $2.55 to trade at $56.92 per barrel WTI. After a rally earlier in the week, bonds sold off today (rates rose) as the 10 year Treasury note traded at a yield of 2.42%.

Unless there is some sort of miraculous deal out of Greece overnight, tomorrow’s jobs report should be what market participants are focused on. We’ll let you know how the final day of the trading week plays out.

Have a nice evening everyone.

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