Stock Market Today: Gas Prices Hit Six-Year High and GPRO Stock Dips

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Stock market today, July 2, 2014: The Dow Jones Industrial Average flirted within two points of 17,000 on Tuesday, as transportation, technology, and small-cap stocks surged. The Dow and the S&P 500 both hit record highs again.

Investors will be paying attention to Federal Reserve Chairwoman Janet Yellen's lecture today at the International Monetary Fund's headquarters. After her talk, she will join IMF Managing Director Christine Lagarde in a sit-down interview.

Here's the rest of the news that will be moving the stock market today:

  • stock market todayPain at the Pump: Anyone getting ready to hit the road for the Fourth of the July holiday is going to experience sticker shock when they fill up the tank. Gas prices have hit a six-year high. According to a report by AAA, American drivers are facing the highest prices since 2008, with the average gallon of unleaded gasoline striking $3.68.
  • Get Well: Chief executive officer of JPMorgan Chase & Co. (NYSE: JPM) Jamie Dimon announced in a memo to shareholders and employees that he has been diagnosed with throat cancer. Dimon said that the disease is treatable and that he will remain at the helm, making leadership decisions for the banking institution while he undergoes treatment.
  • Today's Economic Calendar: Today's schedule includes a speech by Federal Reserve Chairwoman Janet Yellen, the Challenger Job-Cut Report, the ADP Employment Report, and the EIA Petroleum Status Report.
  • Merger Mania: Reuters reports that Roche Holding AG will purchase Seragon Pharmaceuticals for up to $1.725 billion. Seragon is a privately held cancer treatment biotech firm that spun off from Aragon Pharmaceuticals in 2013, after its parent company was purchased by Johnson & Johnson (NYSE JNJ). The deal bolsters Roche's strong position as the world's largest manufacturer of cancer drugs.
  • Slow Down: Shares of GoPro Inc. (Nasdaq: GPRO) slid by 4.28% in pre-market hours. This signals the first possible setback for the stock today, after it gained nearly 103% in its first four days of public trading since its IPO last week. This morning, CBOE Holdings Inc. (Nasdaq: CBOE) announced plans to list options on GoPro stock for trading for the first time on Monday, July 7, 2014. Following GPRO's wild first-week success, here's how Money Morning's Defense and Tech Specialist Michael A. Robinson would play the stock...
  • Everyone into the Pool: Internet giant Google Inc. (Nasdaq: GOOG, GOOGL) announced it has purchased Songza, an online music site that competes with Pandora Media Inc. (NYSE: P) and Spotify. The deal is Google's latest attempt to shift into the growing online music streaming business and comes just a month after tech giant Apple Inc. (Nasdaq: AAPL) purchased Beats for $3 billion.
  • Earnings Reports: Stay tuned for earnings reports from Constellation Brands Inc. (NYSE: STZ), Greenbrier Company Inc. (NYSE: GBX), SYNNEX Corp. (NYSE: SNX), UniFirst Corp. (NYSE: UNF).

Full U.S. Economic Calendar July 2, 2014

  • MBA Purchase Applications at 7 a.m.
  • Challenger Job-Cut Report at 7:30 a.m.
  • ADP Employment Report at 8:15 a.m.
  • Gallup U.S. Job Creation Index at 8:30 a.m.
  • Gallup US Payroll to Population at 8:30 a.m.
  • Factory Orders at 10 a.m.
  • EIA Petroleum Status Report at 10:30 a.m.
  • Federal Reserve Chair Janet Yellen speaks at 11 a.m.

The bioscience market has been tremendously profitable for some of the world's biggest drug companies this year, and there are going to be some great profits for retail investors there too. Here's the complete bioscience profit outlook for the rest of 2014...