NEW YORK (CNNMoney)
The Dow Jones Industrial Average, S&P 500 and the Nasdaq all kicked off the trading session lower. The Dow is down over 100 points (around 0.7%) with the other two indexes down around the same percent.
Trading volumes could take a hit during the middle of the day as investors turn their attention to the the soccer game, but it's not off to a good start for investors.
"I fully expect no one to be focused on trading today," said Michael Block, chief strategist at Rhino Trading, predicting the distraction will eclipse the 2010 slowdown during the U.S. vs. Algeria match. "I am going to be looking for outliers and will be looking to take advantage of those for myself and clients even if I may have one eye on the game. I would buy and sell extremes gladly."
While soccer is clearly front-and-center, there are a number of big name stock movers, including Barclays (BCS), Bed Bath & Beyond (BBBY) and Alcoa (AA).
Here are six things to watch in the global financial markets:
1. Where's the drama? U.S. markets continue to experience a period of low turbulence.
Volatility remains near seven-year lows and the S&P 500 hasn't generated a close up or down by 1% or more since April 16. That's the longest such streak since 1995.
Still, the major indexes are in striking range of all-time records and the Dow is less than 150 points away from cracking the 17,000 mark for the first time ever. U.S. stocks closed higher Wednesday.
Related: Where's the drama on Wall Street?
2. Barclays under fire: Shares of Barclays (BCS) crumbled over 7% after the New York Attorney General unleashed a lawsuit late Wednesday against the British bank alleging a lack of transparency in some of its alternative trading platforms. The attorney general claims the bank misled investors -- even going as far as lying in marketing materials -- about how much high-frequency trading firms were operating in Barclays "dark pool" trading platform.
Related: NY Attorney General goes after Barclays
3. GoPro goes public: Camera maker GoPro has already shown it can withstand drops from space and close encounters with sharks. Now we'll see how the gadget company grapples with life on Wall Street.
Investors can start trading GoPro shares Thursday after the company completed its initial public offering. The consumer electronics company is set to debut on the Nasdaq under the ticker symbol "GPRO" later in the morning.
On Wednesday evening, GoPro priced shares at $24 apiece, the high end of the expected range of $21 to $24. This raised roughly $425 million.
Related: Fear & Greed Index
4. Movers & shakers - Alcoa, Bed Bath & Beyond, Philip Morris: It's shaping up to be an ugly day for Bed Bath & Beyond (BBBY). The houseware retailer tumbled 9% on after earnings came in lower than expected and the retailer doesn't forecast it will get much better the rest of the year.
Philip Morris International (PM) was also stuck in reverse, losing almost 3%, after the cigarette maker dimmed its forecast for the year due to currency troubles and economic challenges in Europe.
On the other hand, Alcoa (AA) bounced 4% after unveiling a $2.85 billion cash-and-stock deal to acquire Firth Rixson, which makes jet-engine parts. The move should help Alcoa diversify amid anemic aluminum prices.
Nabors Industries (NBR) soared 7% after inking a $2.86 billion deal to combine one of its units with C&J Energy Services (CJES).
Nike (NKE) is scheduled to hit the earnings stage after the closing bell.
5. Economic data: Investors will keep an eye on consumer discretionary stocks after the government said consumer spending inched up just 0.2% in May, trailing forecasts for a 0.4% rise. Spending for April was upgraded from a contraction to a 0.1% increase. Personal income rose 0.4%, as expected.
Also, new data showed unemployment claims dipped to 312,000 last week from an upwardly revised 314,000 the week before.
Related: CNNMoney's Tech30
6. International markets looking chipper: European markets were mostly flat, while Asian markets largely ended with gains. The Hang Seng in Hong Kong was a standout performer -- rising by 1.4% during the day.
Gold prices were also declining by roughly 0.5%. Prices for the shiny metal tend to rise when investors are feeling nervous, and tend to fall when investors are feeling confident. Oil prices also dipped slightly.
First Published: June 26, 2014: 9:55 AM ET
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