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From Briefing.com: 4:15 pm : The stock market pretty much ran in circles on Monday, having closed the session close to where it began. Its indecisive nature was attributed to some worrisome-sounding headlines on the geopolitical front, yet the market action suggested it may have been owed more to a case of wait-and-see in front of Wednesday's FOMC meeting when a new policy directive will be issued along with updated economic and fed funds rate projections.

To the latter point, oil prices were little changed despite the news that the militant group, Islamic State of Iraq and Syria, took over yet another city in northern Iraq. The 10-yr note, gold prices, and the US Dollar Index, meanwhile, were also little changed, signalling that there wasn't a flight to safety on those headlines or the news that Russia cut off its gas supply to Ukraine after the two countries failed to agree on pricing.

In turn, a batch of better-than-expected economic data and another round of M&A activity highlighted by Medtronic's (MDT 60.03, -0.67) $42.9 bln acquisition of Covidien (COV 86.75, +14.73) failed to stir any concerted buying interest.

Market internals reflected an overall mixed disposition. The advance-decline line was roughly even at the NYSE and Nasdaq, volume was light at 591 mln shares, and there wasn't a single sector that ended the day up, or down, more than 1.0%. For good measure, only two Dow components -- Visa (V 210.24, -1.05) and Chevron (CVX 128.54, +1.28) -- closed more than a point away from where they ended on Friday.

The financial sector (-0.4%) underperformed all day while the utilities sector (+0.7%) outperformed all day. The former finished off its low while the latter finished off its high.

Today's trading action in the S&P 500 was bounded between 1931 on the downside and 1941 on the upside. A little wave of buying interest in the closing minutes left it closer to the top end of that range than the bottom end when the closing bell rang.

The performance edge among the major indices went to the Nasdaq (+0.2%) and Russell 2000 (+0.3%), which benefited from some relative strength in Apple (AAPL 92.20, +0.92) and the biotech stocks, evidenced by the iShares Nasdaq Biotechnology ETF (IBB 248.49, +0.90).

In terms of today's economic reports, the Empire Manufacturing Survey for June, the Industrial Production report for May, and the NAHB Housing Market Index all exceeded the Briefing.com consensus estimates and overshadowed the IMF lowering its 2014 growth outlook for the US to 2.0% from 2.8%:

Empire Manufacturing Survey 19.3 (Briefing.com consensus 12.8; prior 19.0)
Industrial Production +0.6% (Briefing.com consensus +0.5%; prior -0.3%)
NAHB Housing Market Index 49 (Briefing.com consensus 46; prior 45)

Tuesday's economic calendar will feature the Housing Starts and CPI reports for May, both of which will be released at 08:30 a.m. ET.

S&P 500 +4.8% YTD
Nasdaq Composite +3.5% YTD
Dow Jones Industrial Average +1.2% YTD
Russell 2000 +0.1% YTD

DJ30 +5.27 NASDAQ +10.45 SP500 +1.62 NASDAQ Adv/Vol/Dec 1430/1.56 bln/1271 NYSE Adv/Vol/Dec 1557/591 mln/1496 3:40 pm :

Aug gold traded in a consolidative pattern near the unchanged level after pulling back from its session high of $1283.00 per ounce set in morning action. Unable to gain momentum, it settled 0.1% higher at $1275.30 per ounce.
July silver touched a session high of $19.75 per ounce moments after floor trade opened and dipped to a session low of $19.58 per ounce later in morning action. The precious metal eventually settled with a 0.4% gain at $19.72 per ounce.
July crude oil traded in a tight range near the unchanged level today. It touched a session high of $107.17 per barrel in early morning action and brushed a session low of $106.61 per barrel before settling at $106.88 per barrel, or 3 cents higher.
July natural gas touched a session high of $4.78 per MMBtu after trading as low as $4.67 per MMBtu in morning action. However, it retreated back into the red ahead of the close and settled with a 0.8% loss at $4.70 per MMBtu.

4:05 pm MagnaChip Semi and SENIS AG sign patent license agreement (MX) : Co announced that it has signed a patent license agreement with SENIS AG, a manufacturer of magnetic field and current measurement instruments based in Zug, Switzerland.

With the agreement, MagnaChip acquires the right to use a portfolio of SENIS' patents covering magnetic field and current measurement technologies in its sensor products. MagnaChip expects the agreement to significantly strengthen the co's existing initiatives in sensors and allow development of sensor solutions for new industrial and consumer applications.

Large Cap Gainers

COV (85.89 +19.25%): To be acquired by Medtronic (MDT) in a cash-and-stock transaction valued at $93.22 per share, or a total of approximately $42.9 billionWMB (56.18 +19.08%): Agreed to acquire Global Infrastructure Partners' GP and LP interests in Access Midstream Partners (ACMP) for $5.995 bln; plans higher dividend; proposes subsequent merger of Access Midstream Partners and Williams Partners (WPZ); upgraded to Buy at Jefferies; upgraded to Buy from Hold at Tudor PickeringTSLA (219.65 +6.41%): Seeing reports that co is in talks with Nissan (NSANY) and BMW (BAMXY) regarding charging stations

Large Cap Losers VRTX (67.79 -7.75%): Negative blog mention regarding co's Phase 3 TRAFFIC and TRANSPORT studies evaluating lumacaftor (VX-809) in combination with ivacaftor for the treatment of cystic fibrosisLVLT (41.32 -6.28%): Announced acqisition of tw telecom (TWTC) in a cash and stock transaction valued at $40.86 per shareYHOO (35.28 -4.50%): Weakness following updated financial results and IPO-related disclosures from Alibaba Group (YHOO owns a 22.5% stake in Alibaba)

Mid Cap Gainers LAD (87.39 +13.97%): Co and DCH Auto Group USA announced they will combine; DCH stores are estimated to generate ~$2.3 bln in annualized revenue; and are expected to increase 2014 EPS by ~$0.12-0.14, excluding acquisition costsSUNE (21.4 +10.34%): Mentioned positively at Deutsche Bank, target raised to $35; stockholders voted to increase the number of the co's authorized shares of common stock issuable to 700 mln from 300 mln
NUAN (18.76 +9.71%): Seeing reports that co is considering a sale

Mid Cap Losers
DWA (24.23 -11.41%): "How to Train Your Dragon 2" opening domestic box office was weaker than expected at $50 mln
BFR (10.06 -7.28%): Weakness in Argentinian stocks following court ruling that forces Argentina to repay certain debts: TEO, BMA also lowerGNC (34.03 -2.66%): Downgraded to Neutral from Outperform at Robert W. Baird

11:46 am Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (147) outpacing new lows (24) (:SCANX) : Stocks that traded to 52 week highs: AAV, ACMP, AFH, AHL, ALDR, ALLE, AMAT, AMOT, APA, APC, AXDX, BBEP, BCEI, BDSI, BFAM, BLUE, BNS, BPT, BRCM, BSTC, BTE, CAVM, CBPO, CHRW, CIFC, CIO, CLS, CMO, CNI, CNQ, COP, COV, CPG, CRT, CSCD, CSTM, CVE, CVEO, CVX, DOM, DVN, DYN, E, ECA, ECF, EDAP, ELS, ENSV, ENZ, EOG, EQIX, EQM, ESTE, ETR, EVHC, EXAS, FANG, FCS, FET, FLT, FTNT, GAIA, GBR, GBX, GLNG, GLOP, HK, HRB, IMO, INTC, ITMN, KED, LABC, LAD, LGCY, LLNW, LPNT, LRCX, MGA, MGLN, MLM, MPO, MTR, MU, MVG, NCT, NFX, NGL, NRG, OFIX, OILT, OKE, OPEN, OXY, PAH, PCYG, PDS, PFIS, PGH, PNY, PPS, PQ, PTX, REX, RGC, RGP, SBR, SD, SE, SIM, SIRO, SJT, SMCI, SMLP, SNDK, SPWR, SQBG, SRE, STO, STV, SU, SUPN, SYA, SYK, TBPH, TEDU, TGLS, TKR, TOWR, TRNX, TROX, TRV, TWTC, TXI, TYC, UBIC, VET, WG, WGP, WIN, WLL, WMB, WPZ, WR, WSBF, XEC, XRS

Stocks that traded to 52 week lows: CHCI, COOL, CPSL, DCIX, DGSE, FHCO, GLPI, GNC, GRVY, HDNG, LAYN, LIME, MGT, MIXT, OGXI, PNRA, QNST, QRM, SEAC, TAXI, TRR, UNTK, VHI, VRTB

ETFs that traded to 52 week highs: AMJ, BNO, DIG, EWC, IEO, IGE, IHI, IXC, IYE, JNK, SMH, SOXX, XES, XLE, XOP

ETFs that traded to 52 week lows: none

9:10 am HEICO announces Seal Dynamicc, a subsidiary of its Flight Support Group, completed acquisition of certain assets and liabilities of Quest Aviation Supply of Chatsworth, California; co expects the acquisition to be accretive to its earnings within the first year after the closing (HEI) :

8:48 am Cadence Design completes acquisition of Jasper Design Automation; expects the transaction to be accretive to its non-GAAP earnings per share in fiscal 2015 after the impact of merger-related accounting (CDNS) :

8:01 am Advanced Micro announces extension of tender offer for its 8.125% notes and related consent payment deadline (AMD) : Co announced that in connection with its previously announced tender offer and consent solicitation with respect to any and all of its outstanding 8.125% Senior Notes due 2017, each commencing on June 2, 2014, AMD has extended the deadline by which holders of the 8.125% Notes may early tender their 8.125% Notes and receive an additional payment of $20.00 for each $1,000 principal amount of 8.125% Notes purchased pursuant to the Tender Offer in accordance with the terms of the Tender Offer , for an aggregate purchase price of $1,045.88 per $1,000 principal amount of 8.125% Notes. The Consent Payment Deadline has been extended to 12:00 midnight, New York City time, on June 19, 2014.

7:48 am Fusion-io to be acquired by SanDisk (SNDK) for $11.25 per share in cash (FIO) :

SanDisk (SNDK) announced a definitive agreement to acquire Fusion-io. The acquisition will be an all-cash transaction valued at ~$1.1 bln, net of cash assumed.Under the terms of the agreement, SanDisk will commence a tender offer for all outstanding shares of Fusion-io for $11.25 per share in cash. SanDisk will fund the acquisition with cash available on its balance sheet. It is expected that the transaction will close in the third quarter of SanDisk's fiscal 2014 and be accretive to non-GAAP earnings in the second half of SanDisk's fiscal 20157:00 am Last week's biggest % gainers/losers (:SCANX) : The following are last week's top 20 percentage gainers and top 20 percentage losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).

Last week's top 20 % gainers

Technology:OPEN (104.48 +47.97%),HITT (78.02 +28.83%),IGT (15.86 +26.78%),ANET (69.58 +26.51%),SYNA (84.59 +24.87%)Services:SGMS (10.91 +25.69%)Healthcare:IDIX (23.64 +226.97%),ACHN (6.47 +124.65%),KPTI (47.12 +87.21%),VTL (32.14 +75.34%),RCPT (40.1 +54.23%),TGTX (9.61 +47.85%),GERN (2.98 +43.27%),NWBO (7.66 +34.15%),TRXC (5.52 +31.43%),ALDR (20.34 +29.39%)Basic Materials:RBY (1.23 +29.47%),CAK (0.8 +26.98%),ANV (3.55 +24.56%)

Last week's top 20 % losersTechnology:SFUN (8.88 -20.64%),FNSR (19.71 -20.17%),NQ (7.94 -15.08%)Services:HA (14.43 -11.2%),UAL (42.78 -10.97%),AL (37.95 -10.52%),MDCA (20.34 -8.95%)Industrial Goods:CBI (74.94 -10.38%)Healthcare:ARWR (12.33 -13.23%),INO (8.71 -11.57%),ONVO (6.87 -11.01%),OREX (5.85 -10.14%)Financial:TBBK (11.37 -30.33%),LEJU (10.47 -10.82%)Consumer Goods:CXDC (9.74 -20.16%),LULU (37.61 -15.33%),DMND (25.71 -13.55%),TSN (35.43 -11.69%)Basic Materials:VHI (5.2 -12.31%),SBGL (9.32 -9.43%)

STMicroelectronics (STM) announced that its STiH273 HD cable chipset has been selected by DEN Networks, a leading Indian Cable MSO with over 6 million subscribers. The ST technology inside DEN's newest HD zapper delivers an even better user experience and helps broaden market access to HD zappers and enable DEN to win more subscribers and grow its own revenues.

ARM (ARMH) and its Partners will start shipping a digital signal processing to universities worldwide to help boost practical skills development and the creation of new ARM-based audio systems. This will include products such as high definition home media and voice-controlled home automation systems.