Wall Street rebounds, but investors dump Facebook

Stocks rose more than 1 percent on Monday, with the S&P 500 snapping a six-day losing streak in a rebound from equities' biggest weekly drop in almost six months, but Facebook slumped in its second session after a disappointing debut.  Tech shares .GSPT were among the day's biggest gainers, with an S&P sector index surging 2.8 percent on the strength of Apple Inc (AAPL.O). Shares of Apple climbed 5.8 percent to $561.28, leading the Nasdaq to its biggest one-day percentage gain since December 2011.  Facebook Inc (FB.O), the social networking giant that fell short of lofty expectations last week, fared no better on Monday.  Facebook's stock sank 11 percent in its second day of trading, dropping to $34.03, well below its $38 issue price.

METALS-LME copper gains for third day on China hopes

London copper futures rose for a third straight day on Tuesday, supported by hopes top consumer China is exerting efforts to reinvigorate its economy, helping the metal recover some ground after losing more than 7 percent so far this month. Continuing uncertainty in the euro zone should keep copper's gains in check and investors are looking to the European Union summit on Wednesday for possible fresh measures by the currency bloc to address its debt crisis that has hurt the outlook for raw material demand.

Currency Traders Dither; Greek Turmoil Supports Dollar

WORLD FOREX: Currency Traders Dither; Greek Turmoil Supports Dollar - WSJ.com

LONDON (Dow Jones)--Currency traders dithered in European hours Monday in a session with little discernible direction while underlying nervousness over Greece's future in the euro zone lent the dollar some support.  The greenback pared some of the losses sustained Friday against the euro and continued to trade below Y80 against the Japanese yen.  "For the moment there is simply not enough appetite to break the tight intraday ranges," said Citigroup in a note to clients. It cited a slightly better outlook for several currencies against the dollar, adding traders would see any rally as merely an opportunity to sell them at better levels, Citigroup said.  The euro stayed under pressure against major currencies as investor nerves jangle over whether or not Greece will elect on June 17 a government opposed to the nation's anti-austerity measures. That would further increase expectations Greece may be forced from the currency bloc and raise concerns investors could then lose faith in other indebted countries like Spain and Italy.

Corn Crop Off to Best Start Since 2007; Wheat, Soy Seedings Gain

U.S. cornfields are in the best shape for this time of year since 2007 after warm, dry weather led to early planting and recent rains gave plants a good start, the government said. Soybean and wheat planting moved closer to completion.

World Forex: Currency Traders Dither; Greek Turmoil Supports Dollar

Currency traders dithered in European hours Monday in a session with little discernible direction while underlying nervousness over Greece's future in the euro zone lent the dollar some support.  The greenback pared some of the losses sustained Friday against the euro and continued to trade below Y80 against the Japanese yen.

Greece Urged to Stay in the Euro

Top Headlines: Greece Urged to Stay in the Euro: Video - Bloomberg


Germany and France have again called for Greece to stay in the Euro.

Bond Spreads Soar as JPMorgan Goes ‘Underweight’

Bond Spreads Soar as JPMorgan Goes ‘Underweight’: Credit Markets - Bloomberg

The riskiest part of the global corporate bond market is driving relative yields on company debt to the widest levels in more than three months as speculation mounts that the economic recovery is faltering.
The extra yield investors demand to hold bonds rather than government debt widened 22 basis points last week, the most since November, to 305 basis points, or 3.05 percentage points, according to Bank of America Merrill Lynch index data. Spreads on speculative-grade notes soared 54 to 713.

Stocks gain on Wall Street; Facebook falls

All the major U.S. stock indexes climbed, as investors latched on to weekend statements from China’s Premier Wen Jiabao, who promised to boost the country’s consumption rather than just try to curb inflation. That helped ease the disappointment of what many investors saw as an ambiguous conclusion to the weekend’s G-8 meeting of world leaders, which produced statements promising to pursue growth in Europe but not much in the way of concrete plans for how to do so.

OIL FUTURES: Crude Snaps Losing Streak As Greece Fears Ebb

Oil futures snapped a six-session losing streak Monday, lifted by brisk gains in the equity markets and signs that Greece's departure from the euro zone appears less likely.  Light, sweet crude for June delivery settled $1.09, or 1.2%, higher, at $92.57 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange settled $1.67, or 1.6%, higher, at $108.81 a barrel.

Weather fears boost grains, but softs sag

There are some who believed that Chicago's new trading hours, extended to 21 hours a day, would lead to more volatility, as volumes were spread over longer periods, allowing greater scope for small orders to swing values.  Whether it was down to the extra hours or not, the day certainly brought its share of price swings...

Gold Extends Advance as Wen Comment Boosts Stocks

Gold climbed for a third day, gaining alongside equities and other commodities, before German and French leaders meet today to discuss the euro and as China said it will focus on aiding growth. Platinum and palladium gained.  Spot gold rose as much as 0.3 percent to $1,598.25 an ounce, the highest price since May 10, and was at $1,596.25 at 11 a.m. in Singapore. Bullion last week rebounded after a 21 percent drop from an intraday record in September. The metal ended the week up 0.9 percent, the first weekly advance in three.

Stocks open higher on Wall Street; Facebook falls

Stocks are opening higher on Wall Street after a new survey suggested that economists are more optimistic about housing and employment. Facebook slid below its initial offering price.  The Dow Jones industrial average rose 37 points to 12,406 shortly after the opening bell Monday. The Dow hasn't had an up day in more than a week.  The Standard & Poor's 500 index rose three to 1,298. The Nasdaq composite rose 10 to 2,788.

Investors Least Bullish in 2012 as Crisis Escalates: Commodities

Hedge funds reduced wagers on a rally in commodities to the lowest this year on mounting speculation that Greece will leave the euro, slowing global growth and curbing demand for everything from copper to soybeans.  Money managers reduced net-long positions across 18 U.S. futures and options by 15 percent to 616,841 contracts in the week ended May 15, the lowest since Dec. 27, Commodity Futures Trading Commission data show. Gold bets fell for a second week and to the lowest since December 2008, while copper holdings tumbled 69 percent, the most in five weeks. Cotton wagers dropped to the lowest in five years.

Wheat Slips as Rainfall May East Concerns Over Drought

Wheat futures fell for the first time in six sessions in Chicago after climbing to the highest price in more than eight months in earlier trading, as rain in Ukraine and Russia may relieve drought concerns. July-delivery wheat fell as much as 1.8 percent to $6.8275 a bushel on the Chicago Board of Trade and was at $6.8725 at 12:40 p.m. Paris time. The contract earlier rose as high as $7.22 a bushel, the highest level for the most active contract since Sept. 13.

Crude oil dynamics continue turning bullish

Oil traded down to the 90 handle before bouncing a bit as we head into what will be a historic week in energy. We will see the first oil in the gulf from the reversal of the Seaway Pipeline, a watershed event that is symbolic of the changing energy dynamic here and around the globe. As the United States and Canada take advantage of new technologies, North America will now be an exporter to the new emerging markets.  At the same time a showdown with Iran looms. A visit by weapon inspectors to Iran is raising hopes that perhaps sanctions will force Iran into better behavior.  In the meantime oil supply in the United States most likely rose again. Supply, already at a 22-year high, will rise as Canadian and domestic production will increase supply again at Cushing, Oklahoma. Look for crude to rise by 2.0 million barrels. Gas could increase by 2 million barrels and distillates will fall by 1.0 million barrels. Runs will increase by 1.5%.