Stocks Slip After Hitting 2012 Highs, Hurt by Tech Stocks
On Thursday, German Chancellor Angela Merkel and French President Francois Hollande plan to meet in Berlin. Later in the week, Greek Prime Minister Antonis Samaras is expected to request an extension for Greece to fulfill its fiscal objectives as the country works through onerous reforms.
A senior lawmaker with Merkel's party said Tuesday that concessions are possible for Greece as long as Samaras shows a willingness to meet the main targets set out in his country's bailout program, according to Bloomberg.
Samaras is expected to meet Merkel on Friday in Berlin and Hollande in Paris on Saturday.
European markets got a lift Tuesday as borrowing costs declined at Spain's auction of shorter-term debt.
The FTSE in London finished up 0.6% and the DAX in Germany closed up 0.8%.
In other European developments, Moody's was reporting that troubled southern eurozone nations are benefiting from repair programs there.
"The euro needs a friendly pat on the back from policymakers pretty much every day, or it goes off to sulk," said Nicholas Colas, chief market strategist at ConvergEx.
There were no major U.S. economic releases on the docket Tuesday.
The next big catalyst on the domestic front looks to be the release of the minutes of the Federal Reserve's late July meeting on Wednesday.
"Traders could easily latch on to any section that shows there was a robust debate about further easing," said Dan Greenhaus, chief global strategist at BTIG. "That would leave us in an interesting position heading into the worst month of the year, September ... this might the set up for an interesting short trade."
On the corporate front, shares of Urban Outfitters(URBN) jumped after the Philadelphia-based specialty fashion apparel retailer posted above-consensus quarterly results following Monday's closing bell. The stock rose 18.2%.
Best Buy(BBY) was back in the news on Tuesday. The stock closed off 1.4% in recent trades after the Minneapolis-based consumer electronics retailer, which named a new CEO on Monday, reported quarterly results that were well short of Wall Street's expectations and suspended its guidance.
Facebook's(FB) stock dipped 4.3% in the wake of news that director Peter Thiel has unloaded most of his stake in the company following the expiration of restrictions on insider sales.