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From Briefing.com: The stock market opened sharply lower on Tuesday as investors appeared to be concerned with the overseas uncertainty at the start of the session. That changed though just as markets across Europe closed for the day when a report was released suggesting a short-term debt deal could be offered to Greece, however, the report was attributed to an unnamed official, which should be met with caution.

The S&P 500 gained 0.6% after being down 1.2% at the start while the Nasdaq Composite (+0.1%) underperformed throughout the day. Surprisingly, amid all of today's volatility, every sector closed in the green, although the S&P 500 information technology sector (+0.04%) was the worst performing sector on the day, weighed down by semiconductors, which led to losses in the Philadelphia SOX index (-0.3%)

Autodesk (ADSK 53.29, +2.34, +4.6%), Electronic Arts (EA 69.89, +1.88, +2.8%), and First Solar (FSLR 45.12, +0.93, +2.1%) were the top performers in the sector.

Notable news items from sector components included the following:
Workday (WDAY 77.65, +0.97, +1.3%): An Information.com article was passed around suggesting that Microsoft (MSFT 44.30, -0.09, -0.2%) should purchase the company.

EMC's (EMC 26.60, +0.29, +1.1%) Announced that its Syncplicity business will be acquired by Skyview Capital. Terms of the deal were not disclosed, however EMC will remain a financial stakeholder in Syncplicity.

Western Union (WU 19.10, +0.15, +0.8%): Announced it has activated in-bound Western Union Money Transfer service into Greece, allowing customers to receive funds into their bank accounts from 31 countries across North America, Europe, CIS and Asia Pacific. Western Union Money Transfers will be credited based on the agreed send value into the bank accounts of customers; but the 60 per transaction per customer per day withdrawal limits imposed by the Greek Government will continue to apply.
Elsewhere in the technology space:

Travelport Worldwide (TVPT 13.84, +0.02, +0.1%): Announced it has acquired Mobile Travel Technologies, a private company based in Dublin, Ireland. MTT provides an industry-leading mobile travel platform and product set that allows airlines, hotels, corporate travel management companies and travel agencies to engage with their customers through sophisticated, tailored mobile services including apps, mobile web and intelligent mobile messaging.
Samsung Elect (SSNLF): Noted it sees Q2 sales below consensus, and Q2 Operating Profit of KRW6.8 ~ 7.0 trln. Additionally, it sees revs declining to KRW47-49 trln. (down from KRW52.4 trln in 2Q14).

SIMO (SIMO 32.97, -0.97, -2.9%), Announced that based upon its preliminary second quarter financial results, revenue is expected to increase 7% to 9% sequentially, at the upper half of its original guidance range of a sequential increase of 5% to 10% that the company issued on April 28, 2015.

Digital Ally (DGLY 13.26, -0.18, -1.3%): Forecasts Q2 revenues +55% to ~$5.5 mln. The company also noted that, "While we expect our operations to be profitable in 2015 for the first time since 2008, we do not expect to achieve our previous forecast of $2.5 million in operating income because of increases in production headcount, production support personnel, and SG&A expenses associated with additional direct sales personnel, pre- and post-sale support staff, technical support and engineering resources."

Virgin America (VA 27.10, -0.44, -1.6%): announces a new technology partnership with ViaSat (VSAT 59.19, +0.66, +1.1%) to bring faster WiFi connectivity to the airline's 10 new A320 aircraft deliveries, beginning in September of this year Virgin America will begin installation of ViaSat's systems immediately -- with the first Ka-band antenna equipped aircraft to take flight in the continental U.S. in September 2015. Aircraft scheduled for Hawaii flights will be outfitted with ViaSat's hybrid Ku/Ka-band antenna in early 2016. During the beta period rollout of the ViaSat product, Virgin America will offer free WiFi access on its first ViaSat equipped aircraft. The airline will introduce pricing for the service in 2016.

Analyst Action:
Electronic Arts (EA 69.89, +1.88, +2.8%): Upgraded to Buy from Neutral at UBS; price target raised to $80 from $65

Himax Tech (HIMX 8.52, +0.75, +9.7%): Upgraded to Buy from Sell at Chardan Capital; price target raised to $13 from $4

Marvell (MRVL 13.16, -0.10, -0.8%): Upgraded to Perform from Underperform at Oppenheimer

ARM Holdings (ARMH 48.61, +0.29, +0.6%): Upgraded to Overweight from Equal-Weight at Morgan Stanley

Salesforce.com (CRM 70.26, +1.10, +1.6%): Upgraded to Buy from Hold at Brean Capital

Global Payment (GPN 105.24, +0.68, +0.7%): Upgraded to Outperform from Market Perform at Keefe Bruyette

Broadcom (BRCM 51.43, -0.16, -0.3%): Downgraded to Perform from Outperform at Oppenheimer

Box (BOX 17.57, -0.42, -2.3%): Initiated with a Perform at Oppenheimer

Tyler Tech (TYL 133.48, +3.01, +2.3%): Initiated with a Market Outperform at JMP Securities

Palo Alto Networks (PANW 171.51, -3.81, -2.2%): Price target raised to $210 from $180 at Dougherty & Co; Buy

Allot Comms (ALLT 5.68, -0.32, -5.3%): Price target lowered to $6 from $9 at Barclays; Underweight

Autodesk (ADSK 53.29, +2.34, +4.6%): Price target raised to $80 from $75 at Credit Suisse; Outperform

Advanced Micro (AMD 2.09, -0.38, -15.4%): Price target lowered to $2 from $2.20 at UBS; Sell... price target lowered to $2.50 from $3.20 at MKM Partners; Neutral... price target lowered to $2.50 from $3 at FBR Capital; Market Perform

Western Digital (WDC 79.82, +0.01, +0.01%): Price target lowered to $101 from $124 at Needham; Strong Buy

Silicom Limited (SILC 27.09, -0.12, -0.4%): Price target lowered to $45 from $60 at Needham; Buy

Seagate Tech (STX 47.82, +0.80, +1.7%): Price target lowered to $55 from $68 at Needham; Strong Buy

Fortinet (FTNT 40.61, +0.64, +1.6%): Price target raised to $50 from $46 at Oppenheimer; Outperform

4:30 pm Rambus renews its patent license agreement with Renesas Electronics Corporation (RMBS) : The new agreement extends the relationship between the companies until April 1, 2020, covering the use of Rambus patented memory, interface, and security technologies in a wide range of logic integrated circuit products offered by Renesas Electronics. Specific terms of the agreement are confidential.

4:10 pm : The stock market was on track for a sharp decline in the early going, but the opening weakness became a distant memory by the end of the trading day. The S&P 500 gained 0.6% after being down 1.2% at the start while the Nasdaq Composite (+0.1%) underperformed throughout the day.

Equity indices struggled at the start amid rising macroeconomic uncertainty overseas. Greece was in the headlines this morning, but today's Eurogroup meeting ended rather quickly with Chief Jeroen Dijsselbloem saying the Eurogroup expects Greece to submit a formal request for access to the European Stability Mechanism tomorrow. To that point, the Financial Times reported during the afternoon that Greece has indeed sent an ESM access request to the European Central Bank.

As for China, the Shanghai Composite lost 1.3% in the Tuesday session despite Monday's CNY1.80 trillion liquidity injection from the People's Bank of China and other emergency measures undertaken by the government. As a result nearly 25% of A-share listings have been halted over the past seven days as companies scramble to protect their market values.

Investors appeared to be concerned with the overseas uncertainty at the start of the session, but the heavy selling abated just as markets across Europe closed for the day. The S&P 500 then returned above its 200-day moving average (2,055) and continued its charge into positive territory. It is worth noting that afternoon action featured a report suggesting a short-term debt deal could be offered to Greece, but the report was attributed to an unnamed official, which should be met with caution.

Cyclical sectors displayed relative weakness at the start, but just about every growth-sensitive group erased its decline by the close. Top-weighted financials (+0.2%) and technology (+0.2%) spent the bulk of the session at the bottom of the leaderboard, but dip-buyers helped the two sectors erase their losses. That being said, high-beta chipmakers finished among the laggards with the PHLX Semiconductor Index shedding 0.3% after Advanced Micro Devices (AMD 2.09, -0.38) lowered its Q2 revenue guidance due to weaker than expected PC demand. For its part, AMD surrendered 15.4%.

Elsewhere among cyclical groups, the materials sector (-0.3%) spent the day behind other sectors while another commodity-related group-energy (+0.9%)-settled among the leaders. The energy sector outperformed while crude oil struggled to stay near its flat line after yesterday's 7.8% dive. WTI crude settled lower by 0.4% at $52.33/bbl, but climbed into the green in electronic trading.

Also of note, industrials (+0.8%) played a significant role in the turnaround with transport stocks leading the way. The Dow Jones Transportation Average jumped 1.1% with all but three names ending in the green. Kansas City Southern (KSU 94.40, +2.75) spiked 3.0% after being upgraded to 'Buy' at UBS while Con-way (CNW 36.87, -0.16) was the weakest DJTA component, falling 0.4%.

Over on the countercyclical side, health care (+0.4%) and telecom services (+0.5%) ended with modest gains while consumer staples (+2.0%) and utilities (+2.5%) outperformed throughout the session.

Interestingly, the rate-sensitive utilities sector climbed into the afternoon even as selling in the Treasury market pressured the 10-yr note from its morning high. Still, the benchmark note ended in the green with its yield down three basis points at 2.26%.

Today's trading volume was heavier than usual with more than 950 million shares changing hands at the NYSE floor.

Economic data released this morning included Trade Balance and JOLTS:

The U.S. trade deficit increased by $1.20 billion in May from April's downwardly revised $40.70 billion (from $40.90 billion) to $41.90 billion while the Briefing.com consensus expected an increase to $42.50 billion
The goods deficit increased $1.20 billion in May from April's $60.30 billion to $61.50 billion while the services surplus was virtually unchanged at $19.60 billion
The May Job Openings and Labor Turnover Survey showed that job openings increased to 5.376 million from a revised rate of 5.109 million (from 5.367 million)

Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET, the FOMC Minutes from the June meeting will be reported at 14:00 ET, and the Consumer Credit report for May (Briefing.com consensus $18.20 billion) will cross at 15:00 ET.

Nasdaq Composite +5.5% YTD
Russell 2000 +3.6% YTD
S&P 500 +1.1% YTD
Dow Jones Industrial Average -0.3% YTD

DJ30 +93.33 NASDAQ +5.52 SP500 +12.58 NASDAQ Adv/Vol/Dec 1185/1.97 bln/1896 NYSE Adv/Vol/Dec 1850/963.4 mln/1255

11:35 am Stocks/ETFs that traded to new 52 week highs/lows this session- New lows (104) outpacing new highs (11) (:SCANX) : Stocks that traded to 52 week highs: CAG, DIS, DNKN, EA, HOLX, HSP, LLY, MPC, NKE, SKX, VLO

Stocks that traded to 52 week lows: AA, ACAS, APA, AR, ATI, AUY, AVP, AXP, BABA, BBRY, BHP, CAR, CCJ, CHK, CIG, CNI, CNQ, CNW, CNX, COP, CP, CREE, CSAL, CVE, CVX, DD, DDD, DNR, DO, ECA, EMR, ERIC, ETP, FCX, FLR, FLS, FTR, GMCR, GOL, GRMN, GRPN, GSK, HES, HTZ, INTC, IRM, JOY, KATE, KLAC, KORS, MJN, MSI, MT, MU, MUR, NBL, NOK, NOV, NSC, NUE, NWS, NWSA, OI, OII, OKE, PAA, PBI, PHG, POT, PX, QCOM, QEP, RDS.A, RDS.B, RIO, RXN, SAN, SE, SID, SLW, SNDK, STX, SU, SVU, SWN, SYY, TCK, TDC, TLN, TOT, TRN, TS, TTM, TYC, URI, VALE, VALE.P, VIAB, WDC, X, XOM, XRX, YELP, YNDX

ETFs that traded to 52 week highs: none

ETFs that traded to 52 week lows: AFK, AMJ, DBB, ECH, EGPT, ENZL, EPOL, EPP, EWA, EWC, EWM, EWP, EWY, FXA, HAO, IGE, IXC, IYE, JJC, JO, KOL, PALL, PFF, PPLT, REMX, SEA, SIVR, SLV, SLX, THD, URA, XME

Note: To reduce the list of stocks making 52 week highs/lows to a manageable size we have filtered out stocks below $2 bln in market cap and below 1 mln average volume. Without this filter 62 stocks made 52 week highs and 485 stocks made 52 week lows.