Markets are Down While Apple and Tech Stocks Fight the Trend

After five consecutive weeks of losses the market is down again this morning. The Dow has fallen nearly 39 points, while the Nasdaq and S&P 500 have fallen 11 and 7 points respectively. As the market struggles to gain ground a multitude of factors are keeping it down this morning while a few news makers fight to help the market rebound.

State and local governments are looking at record layoffs starting on July 1. This sector of the job market is expected to shed an additional 110,000 jobs and appears that teachers and school staff will see the majority of these layoffs. Local governments have finally begun feeling the crunch of the mortgage meltdown as the main source for their income, property taxes, is steadily dwindling down.

The Greek debt crisis has been the subject of many articles over the past few weeks and will continue to be a factor driving the movement of the U.S. market as well. On Monday Greek Prime Minister George Papandreou started a campaign to gain acceptance of and secure a new international bailout plan agreement between Greece and the European union and IMF. Under the successive deals with the European Union and IMF, Greece must impose several years of austerity with waves of budget cuts. Nearly 80,000 Greek citizens gathered in Athens Monday to protest the country’s dire state.

Tech stocks are among the few areas in the market that has the potential to see some growth as today begins the ever popular Electronic Entertainment Expo (E3). The E3 Conference is where tech companies reveal their latest gadgets and software that will set the tech world on fire. Video game developers lead the way for some of the positive influences in the Market today. Activision Blizzard, Inc (Nasdaq:ATVI), Majesco Entertainment (Nasdaq:COOL), and Electronic Arts, Inc (Nasdaq:ERTS) are among those set top reveal new software at the E3 conference.

While the E3 conference is ongoing in Los Angeles another technology juggernaut is expected to take the stage in San Francisco. Apple Inc.(Nasdaq:APPL) CEO Steve Jobs is expected to take the stage on Monday to announce iCloud, Apple’s foray into web-based cloud computing. Apple’s iCloud will allow its users to stream previously purchased content through iTunes to any Apple device. The announcement is also expected to help sales of Apple’s hardware.

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About Danny Fisher

Danny is the old hat at Active Investor. One of the been around the block a few times traders, his main focus is on overall market conditions. Be it some new merger talk or Washington being Washington, you can expect Danny will be on top of it.

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