Dow down 37 points and the s p nudging back up towards the flat line at 2066 and change and nasdaq in Percentage Points the big lieutenantser, down twothirds of a point. Seven of the sectors are low for the year including staples, i. T. , financial, industrials, utilities and energy rounding out the bottom of the pack. Both down more than 9 year to date. Oil getting hit hard again today before staging a bit of a comeback. There you see its got modest losses right now. West texas intermediate at 51. 97. Ice brent crude at 56. 43, down 11 cents or about a fifth of 1 . And then ty yield falling enough that were starting to hear about lower mortgage rates. The tenyear right now earning 2. 221 . Euro Group Leaders meantime emergeing from a crucial summit on greece about one hour ago. The result nothing, according to reuters. Another meeting set for tomorrow. The eurozone summit is under way now. Yields meantime skyrocketing on the greek twoyear bond at 49. 5 . The etf that tracks greece all the way through, the gre is down 3. 3 today and down 28 year to date. International correspondent Michelle Carusocabrera is live in athens and where do we go from here michelle . Reporter supposedly another meeting, but in greece i think things go downhill from here because they ses bratly need the banks to reopen. They desperately need bailout money, and they can only do that if they bring a solid proposal and were going to tell you some of the scathing International Response to them showing up in brussels today in a way that was described as emptyhanded. Listen to what the president of lithuania said. Always waiting for a greek proposal tomorrow. Must speak spanish in lithuania because he said minyana cant be always. And listen to this. Im disappointed there were no greek proposals on the table and i have a strong impression that there is one government or minister of finance that doesnt feel the urgency of the situation and thats the greek government. So do you think after this meeting grexit has actually moved closely . Grexit like i always said will be a decision taken by the greek government and now well see what comes out of the euro club thats about to start now. Reporter lack of urgency by the greeks is now starting to raise questions by people here about whether or not the intention of Prime Minister tsipras all along was actually to leave the euro. Thats how people are looking at this situation right now. Our colleagues at cnbc europe said down with the minister of economy and he didnt say no. He said our mandate is to stay within the euro. Well play a little bit more of that interview coming up in power lunch and what happens today does not mean the greek banks will open any time soon and for the record were 48 hours after the vote and the greek Prime Minister promised he would have a deal and there is no deal. Back to you guys. A lot of talk and no action. Thank you very much michelle. We will check back in with you very shortly. But a news alert in the bond market here in the United States right now. Rick santelli is back. Good to see you again ricky, down at the cme. Are we seeing any Strong Demand there for the auction . Very Strong Demand and whats kind of funny is were seeing yields move up. Watch 2. 24 on the 10s and 3 on the 30. Back to a threeyear note auction, just auctioned off 24 billion threeyear note and. 932 and bid was. 935 and offered at 93. Pricing good in that respect. Bid to cover was the only metric that was a little light, 3. 16 versus 3. 29 ten auction average. Lows bid to cover but they have been tight since august 2014. 47. 7 on indirect beats the auction average and 13. 9 on direct. So, mandy, the demand for this auction in the grade form is a bplus. 21 billion tens followed by 13 billion 30s, draft up 58 billion in supply. Back to you. Okay. Bplus for the three years. Lets take a look at the tenyear and already 30 years as well. Treasury getting a safe haven bid hereing yields down. Tenyear at 2. 221 and 30year bond earlier and right now sitting marginally above the low. Counterpunching like floyd and mayweather. Dow was down 217 points at its low today but looky there. Now just off 56. The s p 500 had fallen below its 200day moving average. Right now back above that. Almost at the flat line. Mary thompson joins us now with the store fret nyse. Mary . Reporter hey there, tyler. One reason weve seen a rebound in the markets. The rebound weve seen in oil prices, but theres more to it. Lets look at the intraday chart of the s p 500. The selling or the lows of the session happened right around 11 30, of course when the european markets close, and that suggests there was a lot of selling possibly by european investors, and at that point it started to abate and the markets started to rise so the s p, as tyler mentioned, had fallen below its 200day moving average. Its now above those levels. We said one of the reasons for this is the rebound we had seen in crude oil prices. Right now down about 61 or 62 cents. Brent has actually turned boss life briefly and its pulled back a little bit lower recently. Also take a look at where the Energy Sector s p Energy Sector, one of the leading decliners among the sectors earlier today but now to the plus side. One of those trading positive. Along with the defensive groups. Utilities, Consumer Staples which will benefit from these Lower Energy Prices were seeing as well as telecom moving to the upside, though tech continues under pressure in large part because we had a warning from amd, a small stock nevertheless and it rippled through the semiconductors which is the large sector of the tech sector most notably the nasdaq so semiconductors and i. T. Remain under pressure. Also want to note materials reflecting the concerns about china because you see weakness in things like copper and so that, too, is putting pressure on a number of the minors. Gold also pulling back today, down about 18 right now. The markets though dow well off its lows of the day, down 63 points. Back to you. Mary, thank you. Another wild session overnight in china. Shanghai index and the techheavy shenzhen dropping 2 and 5 respectively despite the chinese governments attempts to shore up those stock markets. The shenzhen down 36 in the past month. Shanghai down 25 . That hurts. Commodities Traders Keeping a close eye on copper and may be the best indicator of a slowdown in chinas economy. Prices taking a hit right now, and down 11 or about 9 or so over the past month as that graphic shows. Sitting now around sixmonth lows. Veteran china watcher steven roche on squawk box today speaking about a china bubble. The mark took off like a rocket ship and made up for lost ground in about nine months. It went up 150 over that period which is be a enormous speculative frenzy and now the bubble is bursting. Who knows where its going in terms of the downside and possibly catch a falling knife, but they have unleashed a lot of measures to shore up the downside. So what happens in china usually spills over to the rest of the usa. Which companies have the most exposure to that region . Take a look at the top four. Qualcomm gets 84 of its total sales from asia. Texas instruments about 60 of its sales in asia. Thats followed by 55 for intel and micron technology. And to dominic chu and market flash. Copper and steel stocks are being sent lower here in the United States, some of the worst performers in the s p index today. Names like freeportmcmoran and Steel Dynamics and southern copper all down by about 2 or more so the materials trade playing out on the heels of all the concern, tyler and mandy, out of china. Back over to you. Thank you. Take a look at energy one of the hardest hit sectors in the s p 500 for the year. For today not so much. Coming back a little bit. There you see it. Up about half a percent. Take a look though at the yeartodate chart. Energy down about 7 . 7. 5 since the beginning of the year. Still ahead. It is bar none the most loved stock on wall street. Hes a lover, not a fight. Dominic chu tells you which stocks and why analysts are so bullish on it. Ou qualify for a sittinghams card today i can offer you no interest for 24 months. Thanks to the tools and help at experian. Com, i know i have an 812 fico score, so i definitely qualify. So what else can you give me . Same day delivery. The ottoman . Thank you. Fico scores are used in 90 of credit decisions. So get your credit swagger on. Go to experian. Com become a member of experian credit tracker and take charge of your score. Welcome back to power lunch. In a relativelily down market so far Retail Stocks are standing out as a potential bright spot here. They have now moved into positive territory, the ticker srt is turning positive just in the last few moments being led higher by Kohls Department stores, target tjx. The s p briefly flicked positive now its basically flat. The emergency meeting of europeans leaders getting under way. The Prime Minister are meeting right now and our jeff cutmore is there live in brussels. Jeff . Reporter let me backfill for a moment. We had what was a relatively frustrating meeting of finance ministers earlier in the day here in brussels. They came out of that meeting saying there were no new greek proposals on the table. Mr. Hollande and Angela Merkel the german chancellor arriving for a premeeting with Prime MinisterAlexis Tsipras of greece. We understand now that they are in full session so we have a full meeting of these leaders of the eurosewn together and whats on the table here. The negotiations continue between creditors and debtors, but time is running out. Were know that greece has a huge payment to make to the ecb on 209th of july and with no proposals at this stage on how to move the negotiations forward, you can understand why markets are nervous. One thing the greeks may do is put forward a proposal tomorrow morning for access to the european stability mechanism. That would give them sufficient funds to make that payment, but it has to run through some of these eurozone member parents so that could take some time. So let me leave you with that. We have this meeting ongoing against what so far has been a relatively disappointing backdrop in terms of getting a new negotiated deal to save greece and the greek banks. Tyler, mandy, back to you. This is the thing, jeff. So much disappointment because theres so much talking and absolutely no progress happening. Any reason to believe even what the greeks are saying at this stage . Do you feel right now theres complete skepticism that anything concrete will actually happen this week . Well i dont think expectations could get any lower at this stage, and one things are that bad occasionally you do get a surprise and, mandy, i have to say the europeans over the years have been able to twist and turn and say what in effect as far as many are concerned is a project that shouldnt actually work economically. Youve got a central bank but no treasury and that has always been the difficulty with this single currency because its been difficult to restrain some of the members that tend to spend more generously. Well the rubber meets the road here. The greeks are running out of options. The banks are still closed. They have to get a negotiated agreement or grexit is a real possibility. Thank you very much jeff cutmore. Lets take a look at the markets in the u. S. As the dow and s p turned positively the dow very briefly and the s p holding in positive territory at 2068 and the dow only down 14 point, down by 200 points earlier on in the day and as weve been mentioning, its not just greece, its very important to note its also whats happening with the Energy Sector hear in the states thats hoping to pull our markets back up higher as were also seeing crude rebound somewhat as well. Wynn resorts, transocean and Chesapeake Energy leading the s p and p g and coke and pfizer are leading the dow. Keep an eye as the markets continue to recover. Austin texas the latest testing site for a selfdriving car. And advanced microdevices amd tanking 15 warning its Second Quarter revenue would be lower than expected on weak pc demands and Carnival Cruise lines planning to offer trips from miami to cuba starting next may, carnival saying it will become the very First AmericanCruise Company to visit cuba since the 1960s trade embargo. The euro under pressure hitting a fiveweek low and sara eisen covering it all from the nyse. Reporter a few things going on. Concerns about greece the future in the currency clearly front and center hitting the euro, but its more than just the euro. The dollar is up against pretty much every major currency today which tells you there is concern out there. People buy the dollar as a safe haven. Youve seen stocks selling off even though they are coming back a bit on worries about greece and china and youve got the commodity selloff. That pressures economies and currencies dependant on oil or metal like canada on australia. Add it all up, and the dollar rally could be painful for u. S. Companies. Look at todays trade data. Exports are slow in part because a stronger u. S. Dollar makes u. S. Goods less competitive. Definitely already having an impact. Stronger dollar. Sara thank you very much. Of course the same things that are pushing people into the dollar pushing people into the safety of u. S. Treasuries. Yields on the tenyear heading lower. They are now at 2. 222 down from above 2. 4 just a week or so ago. Tied closely that tenyear to mortgage rates, of course so does this mean lower rate mortgages are coming . Diana olick watches the numbers closely in washington. Di . Reporter well, ty in the short term the answer is yes but not as cheap as you might think. Take a look at exclusive access from mortgage news daily. The green means rates are coming down. Today were seeing from 4. 125 down to 4 . Will it break below 4 . Mat two graham says lenders are hesitant to pass along the rates when markets are as volatile as they have been. Its just too expensive for them. They also hesitate to lower rates too quickly because that muddies up loans that are already locked. Still, i know some of you are asking well should i refi . About 6 million of you could be eligible, even though rates are not the record lows that we saw a few years ago. About 550,000 u. S. Borrowers could save 500 bucks a more or more as todays rates and over 3 million of you could save over 1 hub a month. Add in more than half a million borrowers that could use the harp refi for underwater borrowers and new refis could bring a collective 1. 66 billion in savings per month. All of this is thanks to black knight financial services. If youre eligible though do it now. Just a half percentage rise in rates knocked 2. 5 million of you out of the running. Tyler . Thanks very much. Mandy . Are you looking for the bright spots, folks. This is wall streets most loved stock right now. We will tell you the name and why analysts are so bullish on it. As we head out lets get a check of the big dow movers. Currently down about 33 . Again, we were down by 200. P g up by over 1 leading the comeback there. Still do have quite a number of them sitting in the read red and well see if we can keep on recovering. Power lunch is back in two. Summer travel is about to get a lot more entertaining. Virgin america announcing a partnership with the inflight Internet Provider viasat to offer athome quality wifi while in the sky. Stay tuned. Cramer has the exclusive with the companys ceo tonight at 6 00. Mandy . I kind of like being unconnected in the skies. Very, very rare moment of peace. Okay. Lets take a look at whats happening in the markets. Greece, china, oil, all kinds of things moving in all Different Directions and sparking investor fears. Weve got the s p 500 which earlier broke below its 200day moving average and negative for the year. It did move into the positive territory just a moment ago but its now back in negative territory. Nonetheless, definitely recovering from the lows. Lets get to art cashin director of ubs financial services. All right. Weve been hearing that part of the recovery in the stock market is due to the recovery that weve seen in wti crude. So to what degree is the market actually moving on anything related to greece . Well actually its reverted now to internal ss. Whats happened is first we found out that the greeks showed up with an empty briefcase and that made stocks and other commodities week and then when the finance ministers meeting broke up they sounded very tolerant and very patient and stocks started a rally. They rolled over again when Angela Merkel came out and said that this is not an infinite time period but we want back and pretty much retest that had morning low so we had a kind of intraday double bottom. That has brought us back here. I think stocks are slightly ahead of themselves on the rebound. If you look at the dollar and you look at the yield on the tenyear, that flight to safety still out there so the market started out wore egabout greece and now its kind of worrying about its own internals . Just take a look at the sector themselves on the s p, art. How many have we got now. Seven out of ten of the major s p sectors negative for the year and several of them are at very crucial technical junctures as well. Its not what you want to see going into earnings season. You know it indicates that even though there havent been a lot of downgrades to earnings so far, that some of that the jury is still out, so well wait and see what happens. Well go into it tomorrow. Greece will still be the flavor of the day but well look to see what happens in the Chinese Markets overnight. That also is critical. Not only to stocks but to commodities also. See whether its a tasty or an untasty flavor when youre talking about flair of the day. Thanks very much art. Always good to get your thoughts. Tyler . Folks lets get a check on the bond market on the back of the threeyear auction at the top of the program. Rick santelli following it for us at the cme. Hi, rick. Hi tyler. Indeed, there was