U.S. stock indices are mixed in morning trading, as investors digest the results of the G7 meeting and continue to monitor the Greek sovereign debt situation.
After dropping about 4 points in the opening minutes, the S&P 500 Index has stabilized to trade slightly down. It is down 1.95 points, or 0.18 percent, to trade at 1,064.24. The Dow Jones Industrial Average has dipped below 10,000, losing 39.14 points, or 0.39 percent, to trade at 9,973.09 at 10:30 am.
The Nasdaq Composite fares the best as traders continue to favor tech shares. It is down 0.12 percent. Google (NASDAQ:GOOG)
is up 1.53 percent and Dell (NASDAQ:DELL) is up 3.17 percent.
Some earnings also gave the market a slight boost.
CVS (NYSE:CVS) beat estimates for profits but missed expectations for revenues, although the firm showed growth for both figures. It is trading up 5.99 percent.
Hasbro (NYSE:HAS), the second-biggest U.S. toy maker, crushed earnings estimates and beat sales estimates. It is trading up 11.07 percent.
The dollar has been trading range-bound against the euro since 8:00 am. Around 10:30 am, however, the dollar began declining against the euro.
The G7 met in Canada last week on Friday and Saturday. According to Reuters, European leaders were committed to Greece’s plans of cutting its budget deficit to 3 percent of Gross Domestic Product by 2012, from the current 13 percent level.
Although investors and analysts may have preferred some sort of guarantee or support for Greece, European leaders gave no such indication and have reiterated their rejection of an IMF bailout.
The costs of ensuring government defaults of peripheral European nations are relatively unchanged in the European session. The spreads on the credit default of the sovereign debt of Greece and Spain narrowed modestly, while those of Portugal widened modestly.