The U.S. stock market is opening higher and could hit new record highs as the banks in Greece finally opened Monday. The Greek people will be limited to withdrawing 65 euros, or about $70, a day so that there isn’t a run on the banks. Higher taxes will also go into effect in order for the country to repay loans from the European Union.
Amazon is again trading much higher after two analyst upgrades. The stock is up 1.8 percent to $491 after a Cowen & Co. analyst said the e-tailer would become the largest apparel retailer, surpassing Macy’s by 2017. More and more consumers are buying clothes through Amazon with growth in the category increasing 36 percent year over year in the first half of 2015. That’s even higher than last year, when apparel purchases for the same period were up 28 percent. Prime subscribers had the fastest growth, with their apparel purchases up 57 percent. Amazon Fashion has over 40 million customers and is now stealing purchases from Wal-Mart and Target customers.
Under Armour is also opening higher, up almost 1 percent to trade at $88, as one of its star endorsers, Jordan Spieth, attempts to make golf history. If the 21-year-old golfer wins in Scotland today, he would be one of only a handful of players to ever win the Masters, U.S. Open and British Open in one year. Under Armour wouldn’t reveal how much they are paying the golfer, but similar endorsement deals for Tiger Woods and Rory McIlroy with other companies are at about $200 million. Under Armour reports its second quarter earnings on Thursday before the market opens, with analysts expecting earnings to fall 37.5 percent to five cents. That would be the second consecutive quarter of declining profits, but the stock is 47 percent higher for the past year.
Gold continues to lose its luster. The precious metal has fallen to a five-year low and looks to keep dropping. The only buyers of gold these days are the Chinese, who seemed to have been buying about 100 tons a year. Gold wasn’t the only metal being dumped. Silver, platinum and palladium have all sold off, with platinum revisiting 2009 lows.