Stocks are mostly lower through Wednesday afternoon as traders wait for news out of two key meetings in Europe.
In Brussels, the new Greek government is presenting European Union finance ministers a new plan to deal with its massive debt.
Meanwhile in Minsk, Belarus, Ukrainian and Russian leaders have gathered to try and find some common ground as the fighting between the two countries continues.
Keith Bliss, Senior Vice President at Cuttone & Co. says the two events are weighing on the minds of investors and the results could have real implications for equities stateside. “If the so-called ‘Grexit’ happens then I think that will be the first domino to fall in a long list of dominoes.”
He notes that utilities in particular, which have sold off thanks in part to an increase in bond yields, could be most directly impacted.
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“If we have any disruption in the global marketplace,” Bliss notes, “either in the form of the talks in Brussels not going well or the talks in Minsk not going well, watch for that 10-year yield to reverse. You’ll see money flow into bonds quickly and then you’ll also see money flow back into utilities” as traders seek out higher yields.
But not all fortunes rest with news from abroad. Bliss also notes that the continued weakness in corporate top lines is troubling. Consumer names in particular are suffering from lower sales.
“They’re citing the fact that their sales are slowing and the broad impact of the dollar. That’s a worrying theme that we’re seeing played over and over again,” he says.
Part of the blame falls on the strong dollar. It’s something Bliss thinks will continue through much of 2015, at which point valuations will start to be questioned.
Crude prices and drillers
The Wall Street Journal, quoting data from Rice University's Baker Institute, says oil producers drilled 28 percent fewer wells in January than they did in June, when crude prices peaked.
“This is the rational thing for oil producers to do,” argues Yahoo Finance Editor-in-Chief Aaron Task. “This is economics 101. The price is collapsing, demand for your product is falling so you have to produce less.”
Related: Oil is entering its most bullish season of the year
Yahoo Finance Senior Columnist Mike Santoli says this decrease will soon make its way into the job rolls as some workers are cut. “It won’t be, necessarily, something that I think really steers the entire aggregate job numbers, but it’s going to be a drag.”
Tim Cook: “Sitting is the new cancer”
Apple chief Tim Cook spoke at the Goldman Sachs Technology and Internet Conference yesterday and one remark is getting a lot of attention: "a lot of doctors think sitting is the new cancer."
Was this a ploy to point out the features of the forthcoming Apple Watch? A genuine concern for humanity?
“Every utterance of this man is scrutinized to a ridiculous degree,” Santoli said on today’s Midday Movers. “He’s trying, essentially, to make the use case for the Apple Watch. He wants to tell the world before it’s even out, 'this is not a watch... this is going to be a life management device.'”
Related: Apple and Microsoft: $300 billion in cash just isn't enough
Aaron Task pointed out that while tongues are wagging about this headline grabber of a quote, Tim Cook also doubled down on his concern about global warming. The company is investing in solar technology and sitting on $180 billion in cash could make a big impact. Much bigger than the sale of its latest gadget.
Millennial work force in trouble?
Ethan Czahor, the tech guru with a history of unseemly tweets and hired by Jeb Bush’s team, has now resigned over those tweets. It begs the question: Will companies have a tough time hiring Millennials given the fact that they often don’t have much of a filter on their very public social media pages?
More and more it seems the next generation of workers has a tough time understanding the difference between a funny tweet and an offensive one.
What do you think? Do companies need to change their policies or do Millennials need a talkin’ to! (or both)? Let us know in the comments section or tweet @YahooFinance
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