Stock market today, June 27, 2014: The Dow Jones Industrial Average today (Friday) will open following a dip across U.S. markets in the last trading session on news of weaker consumer spending and bad inflation data.
Here are today's top stock market stories you should know:
- Rate Hike on Tap: St. Louis Fed President James Bullard told FOX Business on Thursday that the Federal Reserve could hike interest rates as soon as the first quarter of 2015. Despite the Q1 2014 contraction in GDP of 2.9%, Bullard said the country will grow by 3% for the rest of the year and that the news was an "aberration."
- The New Bubble: The Obama administration announced plans to use money from the U.S. Treasury Federal Financing Bank (FFB) to extend a program to help Americans avert foreclosures. The administration is also planning to aid construction in new affordable rental housing programs across the nation. The administration argues that the financial crisis created a strong boost in rental demand, which in turn led to acceleration in rental prices. Due to the financial collapse, many previous homeowners are still discouraged from purchasing new houses.
- Today's Economic Calendar: Today's quiet schedule features farm prices from the USDA's Economic Research Service and Consumer Sentiment.
- Room to Run: On Thursday, Nike Inc. (NYSE: NKE) announced earnings growth of 5.4% in its fiscal fourth quarter. Shares rose 3.2% in post-market hours on news that the company saw strong growth in U.S. and international markets. Nike reported Q4 earnings of $0.78 per share, surpassing last year's earnings levels of $0.76 per share. Despite the positive report, some analysts are concerned that Nike's massive marketing campaign to out-do Adidas during the World Cup could damper earnings this quarter.
- Profits Don't Grow: Shares of DuPont Co. (NYSE: DD) slipped 2% in after-hours trading yesterday after the chemical company slashed its financial outlook for 2014. Citing reduced expectations for its agricultural business this quarter, DD cut its 2014 outlook from $4.20 to $4.45 per share down to $4 to $4.10 per share.
Keep reading to get today's IPO news, earnings reports, the latest big bank trying to swindle your money, and the full U.S. economic calendar…