Seemingly more stable usa. But on greece markets now well off their lows. Mary thompson what are people saying down there . While we are off the lows as you pointed out, dont get too excited and think that were past the worst of it we are not. The dow was down 166 points at the worse www. Point. Right now were down about 30. Vix which popped up 10 at the open is now only fractionally higher after pulling back. This that is a fear index we watch here at the new york stock exchange. The story remains the same. We are seeing a bid in gold a bid in the dollar and were seeing a bid in bonds today. Again, the concerns about greece continue to be at the forefront of traders minds but again they are waiting to see what happens tomorrow and throughout the rest of the week. China is also a concern and weighing on the markets. You can see that reflected in some of the weakness we are seeing in the Energy Sector down on concerns about a couple of things. Of course we had a higher rig count here in the u. S. But also concerns about Global Demand. The banks are in focus as well. In large part because what happens in greece and china may cause Federal Reserve to hold off from raising Interest Rates and a lot of bankers were hoping for higher Interest Rates as we head into 2016. It looks like they might this may not happen until 2016. Again, depending on what the developments are in greece as well as any kind of positive response to all the stimulus thats happening in china. Again, the dow is off just about 36 points. Tyler, back to you. Nasdaq on the way to a sixth drop in eight sessions. Morgan brennan has been following the big movers. Hey, tyler. Right now were down about 14 almost 15 points for the nasdaq composite. However, thats certainly better. Repairing losses versus the 1 drop coming out of the gate this morning for the nasdaq. In terms of whats moving. We have a bright spot. Kraft heinz company. The newly emerged food giant up 2. 5 since its debut this morning. Seeing a bounce in biotech. Those names started lower today but theyve since turned positive. The nasdaq, biotech, etf, ibb is up. 5 . Thats led by a small cap called versartis. That stock is soaring. Big cap biotechs all contributing the most in terms of positive points to the nasdaq 100 today. On the flip side were seeing a lot of weakness in chinese adrs. Chinese Online Search giant baidu is one of the big losers. Thats on concerns about slowing growth in china and moves by the government there to basically stabilize or at least yeah i guess stabilize the mainland stock market there. Thats pushing down j. D. Com as well. Weibo is lower. Netease, a social media etf, and thats pushing shares of that fund down 3 as well. Bright spot kraft heinz. Also biotech from the flip side. Social media stocks seeing real weakness. Well get more on china in a second. Meantime, a bit more detail on whats happening with oil prices which are plunging by 6 on the back greeces no vote and also emergency measures in china to prevent a fullblown stock market crash all adding concerns at a time of global uncertainty. The Euro Currency taking a bit of a hit after greece said no yesterday to more austerity. Banks still closed over there. Greeces Prime Minister set to attend a major summit tomorrow with the eurozone to unveil new proposals. Michelle carusocabrera is live in athens with the latest. Hi michelle. Reporter weve learned in the last couple of hours who the new treasury secretary or equivalent of the finance minister will be here in greece. Euclid tsakalotos is his name. Hes an oxford educated economist. Fairly well respected among the ed educated elite here. There is just no way though tells ever as as colorful as the former fm who resigned very publicly via his block today. It is hard to overstate the rocks star sta tis varoufakis had here in greece. Any time he would arrive at the finance ministry or leave, hes be surrounded in this constant journalist scrum. Just today we are on the balcony and we hear this melee on the square. We look. What is it . It is Yanis Varoufakis leaving on his motorcycle. Hes got his wife on the back and there are journalists running into the street almost getting hit by cars in attempts to ask him questions and shoot photos of him as well. Thats a constant situation or was around Yanis Varoufakis. Weve heard from the Greek Banking Association today that the banks are going to be closed for two more days. Thats despite what Yanis Varoufakis had promised the greek people that in fact the banks were going to open some time very soon. Including the Prime Minister. He also made that promise. The stock market is going to be closed for another two days as well. And we are waiting for two things today. We are waiting to see what Angela Merkel says after her meeting with francois hollande. The more important individual is Angela Merkel because germany is where all the money is. Thats who would foot the bill on a new Bailout Program for greece which is what they are asking for. Her tonality will say a lot about how things will progress over the next couple of days. The ecb began a phone call we understand about an hour ago about what they were going to do in terms of extending more or keeping liquidity levels to the greek banks at the same level, what would they do. Thats another way to say, would they send more cash . So that way the atms might actually function for a few more days . We havent gotten in he clarity on what was discussed or if theyve even finished at this point. But those are the two things we are waiting to hear. Guys back to you. Let me run through whats been happening in china overnight. First of all, we saw certainly the shenzhen down more than 2. 5 . The shanghai up almost 2. 5 . But thats well off the initial huge gains early on in the session. To give you a little perspective here, the stock markets there still up big for the year but they have given back 25 to 30 over the past one month. Chinese government now taking a series of unprecedented steps to prevent a fullblown stock market crash. Reporter of a weeks long stock Market Correction the government authorities here came in guns bladesing with heavy ammunition to try to shore up investor confidence. Over the weekend, leaders, including the chinese premier himself, met and presided over meetings which resulted in dramatic moves. The brokerages here were mobilized to invest in a Stabilization Fund ipos were suspended and the chindz senese central bank wag called in to provide liquidity assistance to a bank who gets money to investors so they can buy more stocks. Speculation has been that the leadership has been very concerned about the potential social fallout because a lot of the investors are new, inexperienced and have borrowed money on margin. The stock market saw massive gyrations. The shanghai market was up by 8 at the open before falling back and then closing higher by about 2 . And investors now have been talking about how they are very skeptical about the longterm impacts of a lot of these measures. Many of them said that the government is going to have to do more to rebill confidence. Eunice yoon cnbc beijing. What many consider a make or break week for the chinese market. What happens next . Well check into greek etfs . Why greek . Why not . Lets bring in cnbc contributor ron insana right now. Youve been saying for quite some time forget greece. It is important but not as important as what is happening in china. Just to put this in perspective, the market cap losses in china are ten times the size of greeces gdp. So and ten times the size of the outstanding greek debt. Not that that would be very easy for europe to write off or absorb. Greece is clearly a problem but china having fallen now 30 , what worries me more is the lack of response last night to what as eunice yoon described, bring region out guns blazing to support the market then not having it work. If they. Havent run out of bullets, but the bullets arent working. They may have run out of the most important bullets they would have had. Infrastructure spending. They spent 6 trillion inn in the past several years on uneconomic projects. What can you do to stim lapt the economy economy i think the markets are reacting more to china than greece. How much of the market value lost in china is anything that we would describe as real . Because china was up what . Tripledigits over the past year. Theyre giving back speculative gain. Lets remember 1987. The dow went up 1,000 points effectively almost doubling from 1987, falling 30 in the space of two months. That hurt. We went down 50 in 2008. That hurt. Chinese value of stock losses in china is about a quarter of their gdp. You dont want to get too much beyond that because it has a Chilling Effect on what consumers do what investors do and you know there is a circular relationship. You have been say inging all this together means potentially the fed will have to push any rate hikes here to next year. Thats probably why the u. S. Market is holding up. Last night on the special we talked about the fact that the one beauty about the United States right now, its not europe its not china, its not japan, its not brazil. It is remarkably resilient, it is much more stable we are growing. The fed could put off that rate hike until 2016 if these situations continue to spiral out of control. So we have a back stop in place and both politically and economically were far more stable than any of these other parts of the world. Do you think the fed then their hand is staked . I changed my mind on that. We started to see labor markets tick up. We saw Inflation Expectations move higher. But now oil prices are coming back down copper is coming back down and the Global Economy looks slower all of a sudden in rather rapid fashion. If china were to crash or no resolution to the greek situation, the fed would have sufficient reason no matter whats happening here to home to hold off. Because a rate hike will also hurt emerging markets at a time when they certainly couldnt afford it. Thank you. Crucial week for lockheed and its super expensive f35 fighter jet. That is next. Greece and china, big uncertainties for investors right now. Now add in earnings season. It is just around the corner. What can investors expect this time . Dominic chu has some clues. So tyler, the big bess drivegest drive on earnings this time around will be the same as last time around. It has to do with oil prices. More after the break so keep it right here on power lunch. But i keep it growing by making every dollar count. Thats why i have the spark cash card from capital one. I earn unlimited 2 cash back on everything i buy for my studio. And that unlimited 2 cash back from spark means thousands of dollars each year going back into my business. Thats huge for my bottom line. Whats in your wallet . It took Serena Williams years to master the two handed backhand. But only one shot to master the chase mobile app. Technology designed for you. So you can easily master the way you bank. Welcome back to power lunch. Weight Watchers International rally today. Potential losses for the struggling Company Coming in. Currently up by 17 . Google class a taek onking on uber. Launching a service in israel where commuters pay drivers a small fee for rides to and from work. Luxury car and aircraft manufacturers rolls royce citing the oil prices. Shares down by a whopping 8. 3 . Get ready for another big earnings season. Expectations are not so high this time around. Dominic chu with a look at what investors need to know. Earnings season kicks off this time around. We are expecting maybe not so much in terms of Profit Growth. If you take a look at the expectation among wall street analysts right now were only looking for about 3 earnings decline. So again, earnings declines for s p 500 companies. That according to preearnings season estimates out of thompson reuters. If youre looking for weakness and strengths, the biggest drags and biggest boosts are these. These are the sectors to focus on. No price, energy has been a drag on earnings for a while. The Energy Sector in the s p is expected roo it noight now before earnings season to post a 66 drop year over year. Consumer staples down about 3 . These are two of the biggest drags on earnings. Where can you expect to see possibly the greatest Profit Growth . It is going to be the banks again. Financials posting possibly a 15 gain if analysts are correct with their estimates. Retail side with Consumer Discretionary stocks. That sector expected to post a 7 gain in earnings year over year. Again, were expecting an earnings decline, although modest. And these sectors are the ones that could lead the way higher and lower, be the biggest drags and boost to whats happening overall. It is the most expensive Fighter Jet Program in u. S. Military history. Yes, were talking about lockheeds f35. Jane wells is live in los angeles with more. Reporter were counting down the final weeks before the Lockheed Martin f35 joint Strike Fighter finally becomes operational and a version going to the marines will be first. You are looking at images we just got over the weekend of the jet finishing an important test late last month. Successfully dropping real bombs on targets in the california desert. The marines say 14 pilots used six f35bs to drop 30 live bombs and the training was hugely successful. This is one of the last tests to be completed before the marines make the jets operational. The air force is going through testing of its version, including live fire tests. Those f35as wont be combat ready until next year. Then the navy is after that. It has been 19 years since the pentagon has been looking for a new jet. 14 years since lockheed finally got the contract. Nine years since the f35 took its first flight. And maybe this month, at last there will be no more testing, at least for the marine corps version. It will be operational assuming there are no lastminute problems. Mandy, it will be a huge milestone for Lockheed Martin. I certainly hope there are no lastminute problems. Shares of lockheed sitting flat. A major shift is happening in housing. And it may be the new normal. But as we head out, take a look at how the major Home Builders are trading. Most of them to the downside. Home depot, kb home, all in the red. I take prilosec otc each morning for my frequent heartburn. Because it gives me. Zero heartburn prilosec otc. The number 1 doctorrecommended frequent heartburn medicine for 9 straight years. One pill each morning. 24 hours. Zero heartburn. Kate they should have sent you to paris for this. I agree. Uber is suspending its lowest cost service in france. This after weeks of violent antiuber protests brought traffic to a halt in paris and two top uber executives were arrested for violating french law. In a relouis uber said the shutdown was a direct results of the violence directed at its drivers and customers. Company continued to say, we understand that new technology is disruptive not just for established companies but for the people who work in them and their families. This is especially true and a time of high unemployment but we believe that there is a way forward that provides new opportunities for all drivers, including taxi drivers, as well as passengers who love the convenience of Services Like uber. Uber pop is different from ubers more common ride hailing service. Pop drivers are not required to undergo any formal training nor have taxi licenses. Ubers other service, uber x, that requires drivers to have licenses will continue to operate. French taxi drivers need to have training and licensing. Shutting down services is a departure from the norm with uber which is no stranger to butting heads with state and local governments. It is odd to see them opt out of operations before they are required to by authorities. But few of the worldwide protests have been as violent at in france. Kate thank you very much. Lets look at whats happening with gold prices. Which are getting ready to close. Currently up by 9 hitting 1,172. If you wonder why gold hasnt gotten more of a lift from all the problems going on in greece over there it is largely a political and economic crisis not so much a currency crisis. Gold really needs a currency crisis to give it a lift. Platinum copper and palladium, more economically sensitive metals are moving to the downside. Copper down nearly 4 . In the bond markets, safe haven flows pushed yields lower this morning. The 10year benchmark yield we hit 2. 27 earlier on in the trading day. Right now were at 2. 307. As for the 30year long bonds currently yielding 3. 101 . I think earlier we got down to 3. 08 which was its lowest in about one week. That is your bond report today. By the way, little bit of trivia. Do you know what the 2year greek yield is yielding . 42 . 49 . Oil taking a big hit. Greece and china, thats a twomonth chart. Greece and china sparking fears about Global Demand. Prices have tanked more than 10 over the past 60 days. What are the big investors saying about where oil goes from here . Well cover that for you. Plus this could be the new normal in housing. A major shift happening right now. How it could affect homeowners like you. Well be right back. When i started at the shelter, i noticed benny right away. I just had to adopt him. Hes older so he needs my help all day. When my back pain flared up we both felt it i took tylenol at first but i had to take 6 pills to get through the day. Then my friend said try aleve. Just two pills, all day. And now, im back for my best bud aleve. All day strong and try aleve pm now with an easy open cap. Hello. I am here to offer sophisticated investing strategies. My technology can help you choose the right portfolio.