What's Up On Wall Street - Steven Russolillo, WSJ

Well it pretty good week for stocks last week June Dow was up 200 points for the week it's at 121700. Market is negative this morning. I know it's not that that was. Our bill though it was futures were really slow and seeing some -- on the horizon Dow futures down 26 S&P down one. NASA is actually up six point oil is trading down a dollar sixty tenure US treasury is down slightly at one point 574. And then you've got gold down -- and -- sixteenth one -- it will Steven Russell is in New York he works for the Wall Street Journal. Stephen welcome to the show -- Dolan. Take good morning thanks so much traveling. So you know what's turn in the market negative it was a positive last night why is it negative territory this morning. Yet you know last night there was this -- -- there was some positive sentiment coming from these Greek elections. The the pro bailout parties. A kick out front. And there are a lot of worries that some of the the the washing parties to organize sort of rejected ballot measures there was word that they were going to. To win in the state did there was concern about what would have been in terms of renegotiating a lot of the austerity. Measures that Hillary absolutely been agreed to and implemented -- you you know that was kind of -- off the table those Sunday night. President of -- over release flat rally based on that. Now that relief for Kelly did not last very long so European stocks turn overnight. And it it it couldn't even last up until the at the opening bell this morning and so. Stocks opened lower and now the focus. Again has shifted from Greece. And it's back on to Spain and Spain obviously the much larger economy. Then then Greece that it's a much bigger worry for the eurozone. And. Those Spanish bond yields. Which people have been closely following over the last few weeks as sort of a proxy of that the amount of stress you don't write stress in the eurozone. They -- back above 7% this morning which is sort of the key to rational player where previous countries have had to. Secure. Spell out the past. So that's the big worry now -- -- being crude -- it could you know eventually need a bellowed at some point. And so because of that yeah he's seeing stocks in the US struggle now to that of the market as you get limited market it is -- slightly lower this morning absolutely huge move. And there's a couple of in the dynamics at play here people are very focused on what does that is going to do. During its policy meeting this week begins. Two -- and then one day. And a lot of people are expecting that Ben Bernanke to come out and unveiled some sort of new stimulus plan whether it be quantitative easing or QE the radio were. Expensive Operation Twist that's the one known at this point but a lot of people that we talked to said that you know the rally that we. On Thursday and Friday when Mattel rose more than a quarter point -- -- more that was based on that started this QE trade sort of feel the hopes for the Fed. I don't know the Stephen BGC the feds stepping in now it's so close to the election I almost that would hold. That the Fed would -- the sidelines because I don't want them to be influencing the the election one way or the other. Right I think. Think that from purely from an economic standpoint I agree with -- -- was at that I -- -- the that would sort of step back here to kind of let things he got up there on. You know. Economic curious would say that that's so that that's what they wish it happened back to detonate in. You know we would've had the eve of the worst would happen sooner rather than later and perhaps we could've recounted bastion for the things stuck in the -- economy -- You know that's it's destined for a whole other time but I think that right now you know yes maybe to the economy if it's debatable what good. -- Morse that stimulus would have on the economy. But purely from a market standpoint. -- talking -- two traders you know they're very excited about what the that is -- next and it does that disappoint. You could the a lot of disappointment market especially considering the level that the market has had over the last few weeks ago I was up. They can run out. And you know it. With this Greek election which will be able to positive outcome. The positive outcome of the short term but he's still have a lot of worries about Spain a lot of worries. And then here in the US while -- is that what that does -- at this point. It could be could be Iraqi -- and. How big a deal as the G-20 meeting that's going on in I gave in the peninsula in Mexico lead this thing -- -- cobble some morbid to -- -- -- that Spain has to be on the agenda there Italy has to be on the agenda and I would think. That Europe is under a lot of pressure to get their act in the Chinese are sick of it -- everybody -- here and about Europe. Everybody is sick about your invested in particular it's ticketed adult just sick of it we journalists there are -- it is well I mean. The and you're right there with the Atlantic came out last week that's. You know the G-20 years central bankers around the globe are are prepared to act if needed. You know it's been an expansion market needs some sort of stabilizing and the central banks around the world will step then at appropriate times so. A you know many people in yesterday that once she got that the stable capable great collection. They wouldn't be in need for that to happen. Now you know with with markets not exactly roaring out of the key here there is some concern that maybe essentially will need to step in again. As he spoke about earlier LA it it's got the states. You know what sort impact they could have I mean they just keep flooding nervous system with liquidity which is a good short term. Solution but it definitely -- anything over the long term and so. Absolutely a lot of focus on the on the G-20 meeting in what may or may not come from that. And so you know time will tell but these these are the most -- -- here. And you know we historian in the papers they just talking about trading volume and and stocks and bonds. It's just down across the board people have just left. The markets and I think that the very can't find because people are not confident at this point and so. You know competent definitely rooted out of the stock market in the aftermath -- You know. The financial crisis the dot com boom and bust FaceBook debacle like the first flash pressured it has a lot of reasons like people are there are very skeptical that stock street now and so. The don't know is clear cut catalyst is 21 that's going to change any time. All right well thank you very much for joining mr. appreciated Stephen. Our great Steve universal joining us from the Wall Street Journal.