(Reuters/China Stringer Network) A rescue worker tries to remove a trapped car from a flooded river in Chongqing Municipality.
Here is what you need to know.
Greece voted for the bailout. Greece's parliament approved the bailout presented by its creditors with 229 of a possible 300 members voting in favor of the package. The debt-ridden government must now implement a series of reforms and target specific budget surpluses in order to unlock funding. So far, the European Central Bank has opted to keep Emergency Liquidity Assistance funding for Greek banks unchanged. Greece's 2-year yield is up 63 basis points at 26.86%.
Germany thinks Greece should leave the euro. Germany's finance minister, Wolfgang Schaeuble, suggested debt relief was not possible for a country inside the euro, and that perhaps Greece would be better off temporarily leaving the single currency. The euro is down 0.5% at 1.0890 and at a one-month low.
Puerto Rico missed a debt payment. Puerto Rico's Public Finance Corporation, a financing unit of the government, failed to make a $93.7 million debt payment. The bonds, which are backed by legislative promise cash will be appropriated by the government to make the payment, are considered more risky than general obligation bonds, according to the New York Times. Puerto Rico has more than $400 million in payments coming due by the end of September.
Intel beat on the top and bottom lines. The chipmaker earned $0.55 per share, topping the $0.50 that analysts were expecting. Revenue slumped 4.6% to $13.2 billion, which was better than the $13.04 billion that was anticipated. A bright spot in the report was the Data Center Group, which saw revenue climb 10% versus last year to $3.9 billion. The stock was up as much as 8% in the extended session.
Netflix earnings beat. The streaming video service announced earnings of $0.06 per share, topping the $0.04 that Wall Street was expecting. Revenue surged 22.8% to $1.64 billion, which was right in-line with estimates. According to the release, Netflix added 3.3 million subscribers to bring the total number of subscribers up to 65.55 million. The stock was up as much as 11% in after hours trade.
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Banks continue to report. Goldman Sachs is set to release its quarterly results are 7:30 a.m. ET. Wall Street is looking for adjusted earnings of $3.96 per share on revenue of $8.78 billion. Also, Citigroup's earnings are scheduled for 8 a.m. ET. The Wall Street consensus is for adjusted earnings of $1.34 per share on revenue of $19.17 billion.