NEW YORK (CNNMoney)
Here are the five things you need to know as trading gets underway in New York.
1. Halftime report: The S&P 500 posted slight losses and the Dow Jones Industrial Average lost about 30 points in early trading. But the Nasdaq fared better, flirting with slight gains.
The year started ominously due to emerging market concerns and severe winter weather, but things have turned around on Wall Street along with the warmer temperatures.
Related: The 2014 half-time report
The S&P 500 is up about 6% during the first six months of 2014, even after losing some ground last week. Of course, the first-half rally pales in comparison with 2013 when the S&P 500 soared 12.6% by this point.
Volatility has all but vanished on Wall Street. The VIX, or so-called "fear gauge," recently plunged to seven-year lows and remains at just over 11 -- which is far lower than its historical average of about 20.
Related: Fear & Greed Index still extremely greedy
2. Stock movers -- Yahoo, Mannkind, BNP Paribas: Yahoo (YHOO, Tech30) enjoyed a 2% bump after the Internet company was upgraded to "overweight" by Piper Jaffray.
While Yahoo's core business remains "challenged," analyst Gene Munster said his bullish call is based on the belief that the company's stake in Alibaba is "undervalued." Last week, the Chinese e-commerce giant revealed plans to list its highly anticipated initial public offering on the New York Stock Exchange.
Shares of MannKind (MNKD) soared 10% after the company said the Food and Drug Administration approved a powder form of insulin that is inhaled.
The U.S. Department of Justice is expected to announce a multi-billion dollar settlement with French banking giant BNP Paribas (BNPQY) on Monday. The bank has been subject to a long running criminal investigation over accusations that it breached U.S. sanctions on Iran, Sudan and other countries. Shares of BNP dipped slightly in Paris.
U.S. Steel (X) shed 1% as investors react to the company being kicked out of the S&P 500. The steel maker, an original member of the S&P 500, is being replaced by Martin Marietta Materials (MLM), which traded about 2% higher on Monday.
3. GM details compensation: Kenneth Feinberg, a consultant who worked on payouts after the 9/11 terrorist attacks and the BP (BP) oil spill, is set to announce a victim compensation plan for General Motors (GM) later on Monday. At least 13 people have died and many more were injured as a result of a defect in GM cars. GM shares started slightly higher.
4. Will Facebook fury hit stock?: Facebook (FB, Tech30) is in hot water after it was revealed the social network conducted a 'mood' experiment on users without their knowledge or explicit consent.
Facebook's terms of service give the company permission to conduct this kind of research, but many users have reacted with anger. Investors are not nearly as bothered, with Facebook shares up modestly.
5. Dubai crumbles, Bulgaria booms: Investors continue to give Dubai's stock market a big thumbs down.
The DFM General Index plunged 4.4% on Monday due to worries about property stocks, especially contracting giant Arabtec Holdings. Dubai plummeted 22% in June, its worst month since 2008.
On the other hand, Bulgaria's stock market raced almost 5% higher after the European Union gave the green light to the country providing $2.3 billion in state aid for banks. The move follows a series of arrests of men accused of fueling bank runs.
Other European markets were mixed in midday trading. Asian markets closed mixed. The main loser of the day was Australia's ASX All Ordinaries index, which dropped by 0.9%.
It's also worth keeping an eye on Argentina's markets. The country faces a Monday deadline to pay two groups of bondholders. The way things unfold from here will determine Argentina's ability to move past its 2001 default and regain access to foreign funds.
First Published: June 30, 2014: 9:50 AM ET
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