this is "nightly business report" with tyler mathisen an. >> in to the unknown. the european central bank tightens the screws on the gr. one day after the greeks voted no to th. emergency measures. not just in greece but in china, as well where the government of the world's second largest economy, is taking dramatic steps to stabilize its stock market. slip and slide. what caused the sharp tumble in oil prices today. an? all that and more tonight on "nightly busines report" for . good evening, everyone and welcome. th for joining us. and rising. and the pressur on a greek banking system alre greek banks will stay shut for

another two days at least, to avoid the european central bank told greece it will not provide more emergency funding, but instead will keep it at current levels. and today, it also became more difficult for the banks to tap loan money they need because the ecb effectively made their collater worth less. all this a day after greeks voted no in overwhelming fashion in yesterd in it they had to decide whether to accept or not accept those difficult reforms in exchange for a new round of michelle caruso-cabrera is in athens with more on what the outcome means for greece's . >> reporte celebrations late into the night in athens after greeks learned no had won by a 61% voting no to a bailout program. on

>> i think every one of us was afraid. but we said no. >> i'm happy. but i don't know what is co >> reporte the result puts greece farther along the path for leaving the euro. just a few weeks ago, most wall stre firms and rating agencies put the chance of greece leaving the euro at below 50%. today, as a result of the referendum m announced they now think that is the most likely outcome. the greek prime minister alexis tsipras still insists a no vote does not mean that greece is leaving t euro. only that it gives him a stronger posit to get a deal that is easier on the greek people when he returns to brussels tomorro for an emerge summit of european leaders. up to tsipras to make the first move showing up with a proposal that german leader angela mer. and that's key, since every previous greece proposal has been rejected as not in a surprise move the

flamboyant finance minister yanis varoufakis who is besieged by journalists wherever he goes announced his resignation via blog post. his good friend told us varoufak resigned because so many of the other european e ministers don't like him. i think the major reason was to help facilitate the rapid conclusi of the deal with the creditors over the next couple of days. it was clear that he personally was a bit of an obstacle to that. that had been expressed by the europeans, and so he felt alix us tsipras felt that it would be better if he stepped avoss. >> in his blog post varoufakis said quote, i wear the creditor's loathing with pride. even without varoufa ta the deal is going to be hard to get as positio have only hardened and perhaps even grown farther apart after the referendum.r "nightly business report" michelle an emergency negotiations between greece a its creditor also start up again tomorrow when eurozone finance ministers

this is their first official gathering since that referendum and wide gaps still separ jeff cutmore has more. >> reporter: the message is both private and public in brussels at the moment that the greeks will have to arrive with significt reforms if they want to make progress in new rounds of negotiations. i think it's worth pointing out e voices that has not been heard so loudly in the drama around the referend is that of the creditors themselves. and as a result of both unilater exposure and exposure through the euro system countries like germany are on the hook for almost $100 billion. d as you go down the list france i and all me euro

system will have some exposure of sorts. and they'll be keen to get some of that money back or at least see a program that leads to reforms that would suggest that there is a viable way for greece to pay its debts in th this is jeff cutmore for "nightly b u.s. stocks ended the day lower in a volatile session on concerns about greece recovering from sharp losses earlier in the day. china, the world's second biggest economy, didn't help matters, either. more on that one in a moment. by the close the dow industrial they were down 46 points to finish at 17,683. it had been that index, off as much as 166 points. nasdaq down 17, s&p 500 lost china's shanghai composite remained volatile today. even after beijing took dramatic steps over the weekend to pp

it has been in a downward cycle ov since hitting its high on june 12th the shanghai index has lost more than we have moe measures and why investors across the globe are closely watching what' happening in the >> reporte aft a weeks-long stock mark correct the gove authorities here came in begins blazing with heavy ammuniti to try to shore up investor confidence. over the weekend, the leaders, including the chinese premier himself, met and presided over meetings which resulted in dramatic moves. brokerages wer mobilized to invest in a stabilization f ipos were suspended. and the chinese central bank was called on to provide liquidity assistance to a government backed margin finance company that puts money in the hands of investor so they can buy more stock. the speculation has been that the leadership here is very

concerne about the potential social fal are new, inexperien and are borrowing on margin. the stock market in shanghai saw massive gyrations. it was up by 8% at the open fell back and then closed the day higher by about 2%. investors have been saying that they'r skeptical about the long-term impact of these measures and many of them believe that the government may have lost control of the market and is going to have to come in with even further measure. for "nightly business >> repor " eunice yun in beijing. chinese stocks fell today despite the measures weibo fell 15%, and j.a. solar, and j.d.com were off as much as 8%. and copper often seen as a barome what's happening in china was also sharply lower today. >> we'll see the weakness in china was one of the reasons behind oil's big tumble today.

west texas crude off nearly 8% its second biggest drop of the year so far. but that wasn't the only reason for the dramatic fall. and traders say this may be just the beginning of an even sharper drop. jackie dea >> reporte fireworks today. in the oil pits. intense selling pressure coming into play as the market digested the meaning of the greek situation bearish for oil because it's likely to boost the dollar. since crude is priced in dollars it makes it more expensive for traders using other currencies. but also greece making traders question eurozone econom adding to worries, china. perhaps overshadowed at the moment by greece. but slowing demand out of the world's largest energy consumer mean time here in the u.s. the peak of the summer driving season is passed. gasoline demand >> right now i think that it is having an impact on global demand. bu i think it's going to be short-term. i think what's happened in greece and the worries that it's going to spill over into other

countries, it's going to be short-live i don't think we're going to go down much more. >> on the supply side no signs of productio slowdowns abroad or here at home. nuclear ta focus. secretary john kerry saying that genuine progress has been made. but is it enough to foster a deal that could flood the marke >> we are heading down and i think we're going to see a low of $48. after that i don't think we're going to see much lower. unfortunaty i think we're going to start to see higher price against. >> some firms on wall street ned the bearish stance going against the grain and predicting a big drop in oil prices for the second half of the year. at the momen it appears that this could be just the beginning. r "nightly business report" i'm jackie deangelis. >> so how will the issues in china and greece impact the u.s. financial markets? david kelly going to tell us. he is the chief global strategi at jpmorgan funds. he's here to put it all in context for us. good to see you david, as always. glad to be here. >> let's start, first of all, with china. you know we did see the markets

roiled a little bit in the early morning by greece. but there are others on the street who t stock market is underestim >> well i don't think the chinese economy is slowing down that quickly. i mean i don't believe the gdp numbers. i think it's always been growing. bu other indicators from china aren't too bad. i think there's a special problem in the shanghai stock ma which has gone up hugely over the last few months. and is very volatile. and what i think we're seeing here is the chinese government just they love stability. and i think the chinese governme has decided that they cannot put up with this much volatili in the chinese stock market. so they're not quite that committe they want to interfere. they didn't come in with a lot of money here. this program from the brokers in china is not huge relative to the size of the overall shanghai stock market. and i think that's why it didn't have more of an effect. but overall we're seeing u.s./china onc again trying to control things. ultimately they have a long history of action cheating that

so i don't think the chinese economy is that weak and i do think they'll be able to bring some stability to the chinese stock market. it is a false naturing litmus test of how the chinese would interpret the equity markets. in the u.s. if your money goes down you're stuck over there. they want to jump in and save it. let's switch pivot if we might to greece. what do you think the likeliest outcome is there? and what are the stakes for the eurozone for the global economy, and maybe most importantl >> well you know greece is as thick as it's ever been but you know sometimes after a virus after awhile you're no longer contagious i think greece is no longer contagious. euro ended up against the u.s. dollar. i think what's going to happen here is i think the european central bank can't move forward and they can't move back. they don't want to lend greek banks more money. but they can't get their money back so the greek banks say they don't have it. they're holding this level of support for the greek banks. the problem is greek depositors pull money out as the greek

their banks are just going to get weaker and weaker and . every day that they sort of effectivy tighten the screws on greece more i think that's one part of it. the other part of it is european leaders outside of greece do not want to do a deal with greece so it makes greece look like the winner here. so i think it's a very rough situation for greece. i think that we will go on for, you know days weeks, months with things getting pretty and eventually i think the hope by the european government is there will be some either change of government in greece to a governme they want to work with or greece just unilateral decides that they can't take the euro anymore, tries to launch the drachma and washes its hands of europe. but either way it's going to turn out very badly for the greek people. but the key is we do not see a particular contagion either in terms of politics or finances or economics. yo know it's not where we were a few years ago. but right now greece could sink without taking europe with us. >> what about the u.s.?

does our economy certainly looks resilient. didn't see all that much impact from greece today. so what's your perspective on our econr ? >> well i think our economy is actually bouncing back very strongly. looks like gdp was negative in the first quarter. it could be between 3% and 4% in the second quarter. i think the earnings season is starving this week. it gets into really full swing next week. and i think the -- i think people will you know they'll check to see did this greek explosion cauti a real problem. t once it didn't then i think people will get back on to looking at u.s. earnings u.s. economy. i think that's probably pretty positive for u.s. equity. >> david, thanks. good to see you again. david kelly with jpmorgan funds. guys? >> and still ahead, are you one of the millions of who could still benef? even as in

growth in the service sector in the u.s. quickened in june. the institutes for supply management says its index edged higher last month to 56. a reading that indicates that firms are, in fact expanding. it also signals steady improvemen in the biggest part of the economy, thanks to a pickup in business activity and an incre earnings season is almost here again. and many consi it to be the ne alcoa unofficially kicks off the second quart but, similar to last quarter, this one is not expected to dominic chu has more. >> reporte it's time to kick

off earnings season yet again. and what happens over the next few weeks will really set the tone for stocks in the second the first thing investors should know is that expectations fo according to data analysts are looking for pro declines of 3% for s but, just because the expectatio is for a decline doesn't mean it necessarily . >> first quarter earnings de and we think second quarter earnings are going to surprise to the upside too. this is backed up by better econ than i think most people expected. and u.s. fundamentals continue we think, to pace the rest of the world. so we think earnings are actually going to be in pretty good condition. >> there are a couple of key sectors to keep an eye on. energy stocks are expected to be the biggest drag on profit prices remain a focus. as for the biggest gain in profits, it's the financial sector. bank stocks will be key. >> there are other pockets of

the market that frankly arg pretty well. so we happen to think that financials industrials, technology are areas that it should produce some pretty good numbers. certainly compared to very difficult comparisons to the energy space. >>f course that's the rosier outlook. the bearish case is still looking at a stock market that hasn't seen a significant pullback in years and that's amidst the backdrop of bigger picture risk from all over the worl some see u.s. stocks as a safe ever bet on a relative basis to many other markets globally. i think the volatility around world is going to continue and what i think investors have to rely on and really ap and consistency of u.s. earnings growth and i think we'll ultimately garner even more assets in terms of investment dollars back to the u.s. second ha. >> reporte the corporate profit growth picture could go a long way to showing whether the u.s. stock rally has legs or is .

for "nbc nightly ne humana cut its earnings outlook for the full year and issued downbeat guidance for the current quarter. the warning comes just days after humana said it was being acquired by aetna. hope they told aetna. two insurers are combining in a $37 . that makes for the largest-ever combinatio industry. an interview today both ceos explained why they think the merger will work. >> i think at the end of the day, where strategy really works in this industry is at the local market level. and i think where health care is headed to a retail market it's all about the consumer. improving access improving affordabil and improving choice. >> it really was, i think, a complementy acquisition for aetna. and really that's what brought it together is how do we transform >> shares of aetna fell 6% today, humana up a fraction. there's increased speculation that other major insurers will

merge, as well in trading today, cigna and anthem fell a fraction while united healthcare rose slightly. and there are reports that the rate that you pay for health insurance c "the new y says insurance companies around the country are looking for rate increases of between 20% to 40% or insurance companies say those who enrolled under the affordab care act were sicker than expected and that rising rates will help them to meet costs. according to the report federal officials want to see those rate hikes requests rolled back. well gopro shrinks the action camera and that is where we begin tonight's market focus. the company unveiling its new hero 4 session model which is the size of an ice cube. it goes on sale july 12th and will cost more than an ice cube $400. >>gopro's ceo explains what's special about this new device. >> it's the smallest camera we've ever made. it's half the size of our other cameras. 40% lighter.

and yet it packs our emmy award winning image quality into what we think is one of the most conv. >> shares fell 1.5% to 50.94. shares of weigh watchers bulked up today on reports of a possible takeover. according to "the new york p at least one unnamed suitor is interest in buying the company. the stock up 8% to $4.42. heritage growth property is making its trading debut. this is a real estate inv trust crea the retailer sears. the spinoff will receive an estimate $1.6 million from its rights offering and will use those proceeds to buy more property and l shares rose 3% to 37.10. advanced microdevices lowered its second quarter revenue guidance. chipmaker citing weak pc demand. shares tumbled after the close, down as much as 13% during the regular session the stock was off 2% to $2.47.

black friday might have some competitio amazon is launching its own version of the shopping holiday on july 15th, the day before the online retailer turns 20 years old. will host a bigtime sale for prime members called prime-day. shares fell a fraction to $436 mortgage interest rates have been seeing pretty steady gains for the past few months. even shrugging off a lot of instability in greece and other overseas markets. applicatio to refinance loans have been falling as those rates rise but a new report says there's still a lot who could benefit from what are still historical l int rates. our diana olick has a >> reporte your house could cost you less money per month. that is if you still have a . charts like this though can give borrowers the wrong idea when it comes to refina. yes, the average rate on the popular 30-year fixed mor.

rates are now at the highest le as a result applications to refinance are down from a year ago. but there are still plenty of borrowers who c how many? about 6.1 million, to be exact, according to black night financial services. th 1.6 million more than a year ago, due to higher home prices and an additional 450,000 could also qualify for the government's so-called harp program that helps underwater borrowers refinance. how much can these folks save? about half a million borrowers could save as much as $500 a month or more and 3 million could save as one warning, though if you think yoli just a half percentage point increase in interest rates could push more than 2 million of yo it's hard to say how fast inte rates will rise but it's an easy bet they're not

comi for "nightly busine i'm diana coming up why small business half a world away from greece are feeling the sque. here's what to watch tomorrow. internatio trade data are out. a read on economic trends here and abroad. the jolts report from the labor department lov that one, on the number of job openings last month. and, finally a look at the state of americans' finances with consumer credi numbers. that's whatu

it is the end of an era. the roar of the futures pits in chicago an frenzied buying and selling in the pits once helped set the price on cattle and corn and and after a nearly 170-year run, the cme group is closing the books and will complete a total migratio for some american business owners the greek debt cr small businesses that rely on importing and exporting goods into and out of greece are starting to feel the impact of that country' banking issues. and the no vote this weekend is adding to their anxiety. >> reporte the greek crisis may be unfolding halfwa but, for some small american businesses the impact is bein cosmos has run his store, titan foods in queens for 31

years. th sto is a landmark in the neighborho but hasn't received a shipment in two weeks. >> this has been lost between the creditors -- cash basis so that affects our regular supply of goods h and if we don't did we're not going to be resupplied within a certain time then will be here -- resupply. >> repor titan has about 3500 products on his store shelves olive oil with enough supply to last between six to eight weeks from the more than 400 distributors in greece. sunday's referendum results paint an uncertain future for the store. >> i just hope that a miracle will happen a deal will come. >> reporte nick is hoping for the same thing. the owner of this sponge company in deer park new york, both imports and exp he also sells to retailers in the u.s. including whole.

he is currently sitting on about $15,000 worth of sponge exports. but his associate can't take delivery of them due to the co. >> he is about to pay, and also not sure he's going to have enoue percentage of v.a.t. taxes he would need to pay in order to . and other customs expenses that he has. >> reporte now the business owner is focusing on greece's july 20th payment to the ecb. hoping things will stabilize by that point. if not, he's worried not only for his business but for the . >> i don't think i want to think about it it's going to be too catastro for this business for our associates in greece for our family some of my family is still there. >> reporte for and finally tonight, warren but just donated nearly $3 billio. the billionaire gifted about 20

million class "b" berkshire e foundation donation is divided between the bill and melinda gates, susan thompson buffett sherwood howard g. buffett and novo foundation all part of mr. buffett's annual pledge to give away stocks which he has been doing since 2006. >> good for him. >> very good causes. >> yes. >> that does it for "nightly bu for tonight. i'm sue herera. thanks for joining us. >> and i'm tyler mathisen. thanks for me as well. evening, everybody. we'll see you r

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