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From Briefing.com: Optimism on a deal between Greece and its creditors sparked an early rally in US equities. What began as a jump in futures continued throughout the day as the all major indices spent the entire session in the green on Monday.

US Economic data was limited to Existing Home Sales, which increased 5.1% in May to 5.35 million SAAR from an upwardly revised 5.09 million (from 5.04 million) in April. It's worth noting that that was the most existing homes sold in one month since November 2009 when 5.44 million were sold. Much of the gain came from an increase in first-time home buyers who accounted for 32% of all sales in May, up from 30% observed in April, representing the largest contribution since September 2012.

The S&P Information Technology Sector lead the markets higher today, gaining 0.8% versus the S&P 500's 0.6% gain. Several well known names performed well in the space, including Adobe (ADBE 82.28, +2.58, +3.2%), Facebook (FB 84.74, +2.23, +2.7%), Sandisk (SNDK 65.48, +1.56, +2.4%), and Motorola (MSI 59.22, +1.17, +2%), which were the sectors top performers in today's session.

Notable news items from sector components included the following:

Cadence Design (CDNS 20.15, +0.08, +0.4%) and Applied Materials (AMAT 19.86, +0.14, -0.7%) announced a collaboration on a development program to optimize the chemical-mechanical planarization (CMP) process through silicon characterization and modeling for advanced-node designs at 14 nanometer and below. The joint development program will be focused on front end-of-line (FEOL) and wafer-level CMP modeling.

Synaptics (SYNA 93.55, -4.82. -4.9%) Digitimes reported that Apple (AAPL 127.61, +1.01, +0.8%) is developing in-house touch and display solutions for the next refresh of the iPhone.

Reuters reported over the weekend that Advanced Micro (AMD 2.62, +0.04, +1.6%) was considering options including possible breakup or spinoff. A subsequent Extreme Tech report suggested AMD denied the Reuters report.

Qualcomm (QCOM 67.37, +0.49, +0.7%) and Samsung (SSNLF) announced they should be cleared of alleged Nvidia (NVDA 21.78, +0.10, -0.4%) patent infringement, according to Bloomberg article
Elsewhere in the technology space:

Integrated Silicon (ISSI 22.51, +0.40, +1.8%): Cypress (CY 12.74, +0.06, +0.5%) increased its offer to acquire ISSI to $22.25 per share from $21.25 per share, while maintaining its previously outlined ticking fee of $0.10 per share per quarter beginning October 1, 2015. Additionally, Cypress will put into escrow through our lawyers today a merger agreement pre-negotiated with ISSI and signed by me to further demonstrate our sincerity and strong commitment to closing this transaction.

NXP Semi (NXPI 104.60, -0.02, -0.02%): Disclosed that it does not expect any obstacles in obtaining Committee on Foreign Investment clearance for its merger with Freescale Semi (FSL 42.27, +0.04, +0.1%) or the separate sale of its RF Power unit.

Sina Corp (SINA 58.30, +0.05, +0.1%): Morgan Stanley discloses 5.0% passive stake in 13G filing

Rosetta Stone (RST 8.61, +0.02, +0.2%): Roumell Asset Management disclosed a 5.5% active stake in a 13D filing. The firm also sent a letter to the Board in support of management team but believes the company should consider PE deal.

Analyst Action:

Connecture (CNXR 10.22, +0.72, +7.6%): Upgraded to Strong Buy from Outperform at Raymond James

Micron (MU 24.63, +0.16, +0.7%): Downgraded to Sell from Neutral at Goldman; price target lowered to $19 from $27... initiated with an Outperform at Cowen; price target $34

Leju Holdings (LEJU 8.71, +0.09, +1%): Initiated with an Overweight at Barclays; price target $11.50

Gogo (GOGO 22.00, +0.49, +2.2%): Price target raised to $26 from $22 at UBS; Buy

Synaptics (SYNA 93.55, -4.82. -4.9%): Reiterated Outperform at Northland Capital

Nimble Storage (NMBL 30.85, +0.28, +0.9%): Price target raised to $36 from $32 at Monness Crespi & Hardt; Buy

IMS Health Holdings (IMS 31.86, +0.49, +1.6%): Price target raised to $35 from $32 at Topeka Capital; Buy

Adobe Systems (ADBE 82.28, +2.58, +3.2%): Price target raised to $95 from $85 at Argus; Buy

Facebook (FB 84.74, +2.23, +2.7%): Price target raised to $120 from $92 at Piper Jaffray; Overweight

Bankrate (RATE 10.97, -0.22, -2%): Resumed with a Buy at Needham; price target $14

4:10 pm : The stock market opened the new trading week on a higher note with the Dow and S&P 500 gaining 0.6% apiece while the Nasdaq Composite (+0.7%) outperformed.

Equity indices spent the entire Monday session in the green with investor sentiment receiving a boost from reports indicating Greek officials submitted a new proposal to the Eurogroup. However, regional officials did not share the market's optimism with Germany's Finance Minister Wolfgang Schaeuble saying he does not see anything new in the proposal. The Eurogroup met briefly today, setting the stage for tonight's emergency Euro Summit that was called by European Council President Donald Tusk.

Today's developments pressured global bonds with Germany's 10-yr bund yield spiking 12 basis points to 0.88%. Similarly, the U.S. 10-yr note retreated throughout the day, sending its yield higher by ten basis points to 2.36%.

Some of the outflows from the Treasury market made their way into equities as nine of ten sectors posted gains while the rate-sensitive utilities sector (-0.1%) was pressured by today's increase in yields.

Meanwhile, another countercyclical sector-health care (+0.8%)-spent the day among the leaders thanks to strength in biotechnology and insurance names. The iShares Nasdaq Biotechnology ETF (IBB 383.16, +5.68) gained 1.5% while Cigna (CI 162.65, +7.39) climbed 4.8% after rejecting Anthem's (ANTM 171.05, +5.99) offer at $184/share. Also of note, The Wall Street Journal reported that Aetna (AET 128.12, +4.05) offered to acquire Humana (HUM 189.94, -12.37) for an undisclosed amount.

Over on the cyclical side, three of six sectors-energy (+1.0%), financials (+0.8%), and technology (+0.7%)-settled ahead of the broader market with energy boosted by a 26.0% spike in the shares of Williams Companies (WMB 60.93, +12.59) after the company rejected an offer to merge with Energy Transfer Equity (ETE 65.06, -3.33) as part of an all-stock transaction valued at $64/share. For its part, crude oil erased its overnight loss to end higher by 0.6% at $60.01/bbl.

Elsewhere, the top-weighted technology sector received support from some of its largest components like Apple (AAPL 127.61, +1.01), Intel (INTC 32.26, +0.19), and Qualcomm (QCOM 67.36, +0.48) with the trio gaining between 0.6% and 0.8%.

Today's participation was below recent averages as fewer than 700 million shares changed hands at the NYSE floor.

Economic data was limited to Existing Home Sales, which increased 5.1% in May to 5.35 million SAAR from an upwardly revised 5.09 million (from 5.04 million) in April while the Briefing.com consensus expected an increase to 5.26 million

That was the most existing homes sold in one month since November 2009 when 5.44 million were sold
Much of the gain came from an increase in first-time home buyers who accounted for 32% of all sales in May, up from 30% observed in April, representing the largest contribution since September 2012

Tomorrow, May Durable Orders (Briefing.com consensus -0.5%) will be reported at 8:30 ET while the FHFA Housing Price Index for April will be released at 9:00 ET. The day's data will be topped off with the 10:00 ET release of May New Home Sales (consensus 525K)

Nasdaq Composite +8.8% YTD
Russell 2000 +7.3% YTD
S&P 500 +3.1% YTD
Dow Jones Industrial Average +1.7% YTD

DJ30 +103.83 NASDAQ +36.97 SP500 +12.86 NASDAQ Adv/Vol/Dec 1956/1.50 bln/1006 NYSE Adv/Vol/Dec 1860/695.2 mln/1242
3:40 pm :

Gold and natural gas futures remained in the red all day, while strength in the dollar index helped contribute to this weakness
WTI crude oil posted modest gains today, ending just above the $60/level (up $0.37)
July nat gas, however, ended $0.09 at $2.73/MMBtu
Aug gold lost 1.5% today to $1180.40/oz, while July silver rose $0.03 to $16.15/oz

4:04 pm Ingram Micro acquires U.K.-based CANAI Group, and Portugal-based Clarity Technology; financial details not disclosed (IM) :

Established in 2001, CANAI specializes in retail, carrier and web-based trade-in processes, sustainable recovery, reuse and recycling of electronic products. Clarity Technology was established in 2008 and provides a range of services for the mobility industry including reverse logistics, repairs, parts and accessory management and diagnostics and repair avoidance.
11:50 am Stocks/ETFs that traded to new 52 week highs/lows this session- New highs (68) outpacing new lows (3) (:SCANX) : Stocks that traded to 52 week highs: ABT, ACN, ADBE, AET, AGO, ANN, ANTM, ATML, AXTA, BCS, CAG, CCL, CI, CMCSA, CMCSK, CNC, CNO, COF, CPB, CVS, DG, DIS, DLPH, EA, ESRX, EXAS, FHN, FNFG, FV, GCI, GEVA, GILD, GS, HALO, HBAN, HCA, HDS, HOLX, HZNP, IBB, ILMN, IMS, INFN, ING, JPM, LGF, MTG, NKE, NTRS, NVAX, PANW, PBCT, PGR, POST, QRVO, RAI, SC, SKX, SPR, STJ, SWK, TWX, VOYA, WFC, WMB, XL, XON, ZTS

Stocks that traded to 52 week lows: AA, EGO, GG

ETFs that traded to 52 week highs: EWK, EWN, IBB, IGV, IHF, IWC, IWF, IWM, IYF, IYG, IYH, IYK, KCE, UWM, UYG, VTI, XBI, XLV

ETFs that traded to 52 week lows: DBB, ENZL, PALL, PPLT, VXX, VXZ

8:02 am Integrated Silicon: Cypress (CY) increasing its offer to acquire ISSI to $22.25 per share from $21.25 per share (ISSI) :

Cypress is increasing its offer to acquire ISSI to $22.25 per share, while maintaining its previously outlined ticking fee of $0.10 per share per quarter beginning October 1, 2015. Additionally, Cypress will put into escrow through our lawyers today a merger agreement pre-negotiated with ISSI and signed by me to further demonstrate our sincerity and strong commitment to closing this transaction. "This Cypress proposal is clearly superior to an Uphill proposal at the same price per share, given our inclusion of a ticking fee and our mitigation of regulatory risk. We have gone to great lengths to systematically address ISSI's concerns by 1) demonstrating committed financing, 2) eliminating regulatory risk by agreeing to possible ISSI SRAM divestitures, 3) adding a ticking fee to compensate for any unforeseen delay in closing, and 4) adding a reverse break-up fee. Meanwhile, the Uphill Proposal is still plagued with significant governmental (:CFIUS) timing and closing risks along with mandated Taiwan divestitures... Our offer is now subject only to your countersigning the escrowed merger agreeme "