Stocks are sliding — Dow down 151 (SPY, DJI, IXIC, USO, WTI, OIL, VDE, UST, USD, TWTR, TLT)
Stocks are tumbling.
Near 12:15 pm ET on Friday, the Dow was near its lowest levels of the day, down 154 points, with the S&P 500 and Nasdaq also following lower.
The S&P was down 15 points and the Nasdaq was off 32.
On Friday we got more shaky headlines out of Greece, with Reuters reporting that senior EU officials have officially discussed a "Plan B" in case Greece defaults on its debt.
On Thursday, the IMF withdrew its team negotiating with Greece in Brussels.
In a morning note, Hans Redeker, Morgan Stanley's global head of FX strategy, wrote: "Greece was warned by a group of EU officials in Brussels that it had less than 24 hours to come up with a serious counter-proposal, according to person familiar with discussion. Should Greece fail to deliver a credible proposal today, markets will leave into the weekend, pricing in a worst case scenario."
In economic data, producer prices saw the biggest monthly gain in five years in May. The Producer Price Index climbed 0.5% month-over-month (versus 0.4% expected) and fell 1.1% year-over-year.
Excluding food and energy, core PPI rose 0.1% from the previous month, in line with expectations, and 0.6% year-over-year (versus 0.9% estimated.)
The University of Michigan's Consumer Sentiment beat expectations in June, rising to 94.6 from 90.7 at the end of May.
Around 1:00 p.m. ET, we'll get the latest count of US oil rigs from Baker Hughes. West Texas Intermediate crude oil is slightly lower at around $60.39 per barrel.
Twitter shares were forfeiting their rally in early trading, trading up just 0.8% after rising as much as 9% after hours on Thursday.
On Thursday, the company announced that CEO Dick Costolo is stepping down July 1, to be replaced by co-founder Jack Dorsey. It doesn't seem, however, like Wall Street isexpecting any drastic changes in the company's direction.
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