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From Briefing.com: Major indices all ended lower after yesterday's monster rally as many participants were reluctant to step in ahead of the weekend with no new developments on the Greek front. There was not much in the line of economic news heading into the weekend, although its worth noting that next week May's existing home sales report is expected to be released.

It should be little surprise that the S&P Information Technology sector ended 0.8% lower today considering the broader market weakness. However, the underperformance of the sector against the broader market, the S&P 500 falling just 0.6%, is certainly something worth noting. On the other hand, there were several notable gainers that bucked the overall sector trend, including, Fiserv (FISV 85.27, +2.58, +3.1%), Microchip Tech (MCHP 49.67, +0.66, +1.3%), Electronic Arts (EA 65.95, +0.68, +1%), Red Hat (RHT 79.30, +0.81, +1%), and Fidelity National Info Services (FIS 63.94, +0.54, +0.9%)

Notable news items from sector components included the following:

eBay (EBAY 61.17, +0.48, +0.8%): Confirmed it has sold its equity interest in craigslist. Under a confidential settlement agreement, craigslist has repurchased all of eBay's equity and all litigation between eBay and craigslist will be dismissed.

Red Hat (RHT 79.30, +0.81, +1%): Announced that it is taking over the OpenJDK 7 project, following a transition of leadership that is meant to help provide continuity of public updates and support for the technology.

Computer Sciences (CSC 67.71, -0.02, -0.03%): Disclosed that its Exec. VPs (2) sold 55,016 shares at $67.93-68.45 worth ~$3.7 million.

Maxim Integrated (MXIM 35.56, +1.14, +3.3%): The company was among others named as potential Texas Instruments (TXN 54.51, +0.29, -0.5%) targets, according to Reuters DealTalk, which indicated that TXN is looking for a large acquisition and had talks last year with MXIM. Also mentioned Analog Devices (ADI 67.91, -0.39, -0.6%), Linear Technology (LLTC 47.27, +0.24, +0.5%), Microchip Technology (MCHP 49.67, +0.66, +1.3%), Intersil (ISIL 13.54, +0.00, +0%) and Atmel (ATML 10.30, +0.06, +0.6%)

Elsewhere in the technology space:

Qihoo 360 Tech. (QIHU 69.54, -0.172, -2.4%): Formed a special committee to consider its proposed 'going private' proposal.

Integrated Silicon Solution (ISSI 22.11, +0.65, +3%): Entered into a further amendment to the previously announced merger agreement with Uphill Investment Co -- the merger consideration was further increased to $22.00 per share in cash, from the $21.00 per share in cash. ISSI and Uphill amended the Uphill Agreement after Cypress announced yesterday that it had submitted a revised offer of $21.25 per share

Analyst Action:

Fiserv (FISV 85.27, +2.58, +3.1%): Upgraded to Outperform from Perform at Oppenheimer; price target $95

Micron (MU 24.47, +0.01, +0.02%): Upgraded to Buy from Hold at Topeka Capital; price target raised to $34 from $30

Finisar (FNSR 19.88, -2.27, -10.3%): Downgraded to Outperform from Strong Buy at Raymond James... price target raised to $25.50 from $24 at MKM Partners

Zhaopin (ZPIN16.38, -0.20, -1.2%): Initiated with Buy at Citigroup

InterNAP (INAP 9.27, +0.15, +1.6%): Initiated with Outperform at Oppenheimer; price target $11

SAP AG (SAP 72.66, -0.60, -0.8%): Price target raised to $89 from $85 at Barclays; Overweight

Cohu (COHU 12.79, -0.13, -1%): Price target raised to $16 from $15 at Dougherty; Buy

Redhat (RHT 79.30, +0.81, +1%): Price target raised to $88 from $78 at UBS; Buy... price target raised to $75 from $70 at MKM Partners; Neutral... price target raised to $85 from $79 at Stifel; Buy... price target raised to $86 from $82 at Needham; Buy... price target raised to $88 from $85 at Mizuho; Buy... price target raised to $85 from $80 at Northland Capital; Outperform

Oracle (ORCL 41.59, -1.15, -2.7%): Price target lowered to $46 from $48 at UBS; Buy

Monolithic Power (MPWR 54.27, +0.15, +0.3%): Price target raised to $62 from $58 at Stifel; Buy

Ubiquiti Networks (UBNT 33.35, +0.71, +2.2%): Price target raised to $37 from $32 at Wunderlich; Buy

Elli Mae (ELLI 68.14, +0.54, +0.8%): Price target raised to $68 from $62 at FBR Capital; Market Perform

Weekly Recap - Week ending 19-Jun-15The stock market ended an upbeat week on a lower note as participants showed reluctance to step in ahead of a weekend that will be filled with uncertainty related to Greece. The S&P 500 lost 0.5% on Friday, but gained 0.8% for the week.

Despite frequent-and short-lived-rumors to the contrary, the entire week passed without a deal between Greece and its creditors. That lack of progress caused more than EUR3.00 billion in outflows from the Greek banking system this week alone, which prompted the European Central Bank to increase Greece's Emergency Liquidity Assistance by EUR1.80 billion to EUR84.90 billion.

European indices ended the Friday session near their flat lines while Germany's 10-yr bund rallied, sending its yield lower by 11 basis points to 0.75%. For the week, Germany's benchmark yield fell ten basis points. Similarly, the U.S. 10-yr note rallied today with its yield dropping seven basis points to 2.26%, which extended this week's decline to 13 basis points.

All ten sectors ended the day in negative territory with the consumer staples sector (-0.1%) losing its slim gain during the final hour. The countercyclical group displayed relative strength thanks to ConAgra (CAG 43.37, +4.25), which spiked 10.9% after Jana Partners disclosed a 7.2% active stake in the company and announced plans to seek representation on the company's board of directors.

Similar to the staples sector, consumer discretionary (-0.3%) and health care (-0.1%) ended the day with slimmer losses than the broader market. The discretionary sector displayed relative strength thanks to gains among homebuilders after KB Home (KBH 16.37, +1.41) beat earnings estimates. Shares of KBH soared 9.4% while the broader iShares Dow Jones US Home Construction ETF (ITB 27.40, +0.35) gained 1.3%. To be fair, retail stocks also fared better than the broader market with SPDR S&P Retail ETF (XRT 100.40, -0.11) ending little changed.

Elsewhere, the health care sector spent the day near its flat line, locking in a 2.0% gain since last Friday, which helped the group finish the week ahead of the remaining sectors. Biotechnology was at the forefront of the weekly move with iShares Nasdaq Biotechnology ETF (IBB 377.40, -0.48) spiking 3.7% for the week.

On the downside, the energy sector (-0.9%) trailed throughout the session with crude oil contributing to the weakness. The energy component lost 1.3%, ending the pit session at $59.64/bbl. Similar to the energy sector, financials (-1.0%) struggled throughout the session. For the week, the financial sector slipped 0.1%.

It is worth noting that earlier this week, the financial sector was among the top-performing groups of the month with the strength predicated on the expectation that interest rates will continue rising. However, Wednesday's FOMC policy statement indicated the Fed is determined to stay on its current path for the time being, which pressured the financial sector as the week drew to its close.

Also of note, the top-weighted technology sector (-0.7%) struggled throughout the day, which prevented the market from stringing together a rebound rally. Large cap sector components like Apple (AAPL 126.60, -1.28), Microsoft (MSFT 46.10, -0.62), and Oracle (ORCL 41.59, -1.15) lost between 1.0% and 2.7% while chipmakers fared a bit better with the PHLX Semiconductor Index falling 0.3%.

Today's trading volume was well above average, which was due to quadruple witching. As a result, nearly two billion shares changed hands at the NYSE floor.

Monday's data will be limited to the 10:00 ET release of the Existing Home Sales report for May (Briefing.com consensus 5.26 million).

Week in Review: Nasdaq Sets Fresh Record High

The stock market began the trading week on a cautious note with the S&P 500 (-0.5%) sliding below its 100-day moving average (2,089). Equities notched their session lows during the opening hour after Sunday's talks between Greek officials and the country's creditors broke down without any progress. This left the situation essentially unchanged since last week with the two sides remaining at odds over cuts to state pensions/wages and the appropriate VAT levels. The lack of progress between the two sides fueled the opening retreat, but the S&P 500 was able to cut its loss in half by midday. Equities held near their afternoon levels after Germany's Suddeutsche Zeitung reported that Eurozone officials have agreed on a plan B in the event Greece is unable to come to terms with its creditors.

The market ended Tuesday on an upbeat note with the S&P 500 adding 0.6%. In addition to posting a solid gain, the benchmark index reclaimed its 100-day moving average (2,089) after settling below that mark on Monday. Equity indices began the day near their flat lines and rallied throughout the day, unperturbed by the lack of progress between Greece and its creditors. Furthermore, the rhetoric in Athens intensified with Greek Prime Minister Alexis Tsipras saying the International Monetary Fund bears "criminal" responsibility for the current state of the Greek economy. Similar to U.S. equities, European stocks were able to rally despite the lack of positive macro developments. All ten sectors posted gains with consumer staples (+1.1%) leading the advance.

Equities ended the midweek session on an upbeat note with the S&P 500 settling four points below its 50-day moving average (2,104). The benchmark index added 0.2% while the Dow and Nasdaq posted comparable gains. The key indices began the trading day with modest gains, but the first half of the session saw a steady retreat with liquidity drying up ahead of the afternoon release of the FOMC policy statement, which called for no change to the current monetary policy stance. However, the accompanying interest rate forecast implied two 25-basis point increases before the year ends. Furthermore, the Fed lowered its 2015 GDP growth forecast range to 1.8-2.0% from the range of 2.3-2.7% that was forecast in March. Stocks struggled for direction immediately after the release, but rallied to highs during Chair Janet Yellen's press conference, which was viewed as dovish. To that point, Ms. Yellen said the central bank would like to see more "decisive evidence" on inflation and employment before hiking rates.

Stocks ended Thursday on an upbeat note with the Nasdaq Composite (+1.3%) leading the market higher. In addition to pacing the advance, the Nasdaq set a fresh nominal intraday record high at 5,143.32, overtaking levels last seen in March 2000. Equity indices rallied throughout the morning after the combination of Wednesday's FOMC policy statement and Thursday's economic data set the tone for interest rates to remain at their current levels for longer. To that point, the CPI report for May (+0.4%; Briefing.com consensus 0.5%) was cooler than expected while the remaining data points released on Thursday indicated improving economic conditions.

Index Started Week Ended Week Change % Change YTD %
DJIA 17898.84 18014.28 115.44 0.6 1.1
Nasdaq 5051.10 5117.00 65.90 1.3 8.0
S&P 500 2094.11 2109.99 15.88 0.8 2.5
Russell 2000 1265.02 1284.66 19.64 1.6 6.6

5:03 pm Emcore announces final results of modified dutch auction; repurchased ~6.87 mln shares at $6.55 (EMKR) :

3:31 pm Earnings Preview for the week of June 22 - 26 (:SUMRX) : Of the companies reporting earnings for the week of June 22 - 26 some of the bigger names include:

Monday: After Hours - SONC
Tuesday: Pre Market - CCL, DRI, BBRY, IHS

Wednesday: Pre Market - MON, LEN
After Hours - BBBY, WOR, SCS, MLHR, APOG
Thursday: Pre Market - ACN, CMC, SJR, BKS, WGO, MEI, LNNAfter Hours - NKE, MU, SNX
Friday:
Pre Market - FINL

Week Ahead:

Monday: May Existing Home Sales (10:00 ET)

Tuesday: May Durable Goods Orders and Durable Goods ex-transportation (08:30 ET); April FHFA Housing Price Index (09:00 ET); May New Home Sales (10:00 ET); $26 billion 2-year note auction (13:00 ET)

Wednesday: MBA Mortgage Index for the week ending 6/20 (07:00 ET); Q1 GDP -- Third Estimate and Q1 GDP Deflator -- Third Estimate (08:30 ET); Crude Inventories for the week ending 6/20 (10:30 ET); $35 billion 5-year note auction (13:00 ET)

Thursday: Initial Jobless Claims for the week ending 6/20 and Continuing Jobless Claims for the week ending 6/13 (08:30 ET); May Personal Income and Personal Spending (08:30 ET); May PCE Prices -- Core (08:30 ET); Fed Governor Powell (FOMC voter) speaks on "Building a Safer Payment System" (09:45 ET); Natural Gas Inventories for the week ending 6/20 (10:30 ET); $29 billion 7-year note auction (13:00 ET)

Friday: June Michigan Sentiment -- Final (10:00 ET); Kansas City Fed President George (non-FOMC voter) speaks on "The Payments System" (12:45 ET)

11:42 am Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (165) outpacing new lows (71) (:SCANX) : Stocks that traded to 52 week highs: ACFC, ACGL, ACHC, AFSI, AGO, AHL, ALJ, ALSK, AMED, AMPH, AMSG, ASGN, AXTA, AYI, BBP, BCRX, BIB, BITI, BKS, BLKB, BOOT, BRKL, BRO, CAG, CAVM, CEB, CFI, CFO, CHFC, CNO, COF, COKE, CPB, CRI, CSF, CSFL, CUK, CVS, CYT, DPLO, DSKX, DST, DTV, DWRE, DXCM, EGBN, EMCI, EME, ENS, ENSG, ESNT, ETY, EVC, FCB, FCBC, FCTY, FISV, FLXS, FOE, FTHI, GDDY, GEVA, GLOB, GLPI, GTT, HAIN, HALO, HAS, HBCP, HCA, HDS, HELE, HLS, HOLX, HQY, HRTX, HSIC, IBB, IL, IMAX, IMS, INFN, INGN, IPCM, IPHI, ISSI, JHX, KMPH, KYTH, LABC, LGND, LHCG, LKQ, LNBB, LOXO, MCRI, MHLD, MKL, MKTX, MNTA, MSBF, MSO, MTG, MTN, MW, MXL, MYCC, NAT, NBIX, NKE, OPB, ORLY, PANW, PEGA, PETS, PF, PGR, PGTI, PRGS, PSCH, PSCT, PTC, PZZA, Q, QQEW, QQXT, RHT, RNG, RNST, ROCK, ROL, RPTP, RTIX, RTRX, RYAAY, SBUX, SC, SCI, SCL, SEE, SEIC, SGYP, SLAB, SPB, SPNS, SQBG, STRZA, STRZB, SUBK, SWKS, SYBT, TFX, THG, TREE, TSS, TV, TWOU, UBOH, UCBI, UHS, USPH, VRTU, WCIC, XL, ZTS

Stocks that traded to 52 week lows: AAVL, ACP, ADK, APIC, ARLP, AXON, BBG, BGH, BGR, BHK, BIS, CHK, CLBS, CMLP, CNX, CRT, CTP, CTR, DFP, DTEA, EBIO, EGLE, EOX, ERA, FMY, FSYS, GIFI, GLF, HGT, HH, HTCH, HWAY, KIQ, KYE, MEET, MGF, MTR, NAV, NETE, NOR, NR, NSLP, NSM, NTG, NTIP, NTL, NTN, OB, OII, PACD, PCN, PGP, PHK, PHT, PLPC, PSUN, PVA, PVCT, RLJE, SCON, SD, SMM, SRV, SSN, STRT, SYNL, TEO, URRE, VTG, XPL, ZAZA

ETFs that traded to 52 week highs: IBB, IGV, IHF

ETFs that traded to 52 week lows: DBB, PALL, SGG, URA