Stock market today, October 3, 2014: U.S. stock market futures were up this morning (Friday), after U.S. crude oil prices fell to the lowest price in nearly 18 months on Thursday, and the S&P 500 Volatility Index (VIX) - which gauges fear in the market - dropped by 3%.
Here are the top stories affecting the stock market today:
The Daily Deal: On Thursday, JPMorgan Chase & Co. (NYSE: JPM) denied that the bank was hit with its second cybersecurity breach in three months. However, JPM's tune changed this morning after new details began emerging that the data breach earlier this summer affected 76 million people. The company said that no financial information or passwords were compromised in the breach.
- Bill Gross Fallout: Reuters reports that investment giant Charles Schwab Corp. (NYSE: SCHW) announced plans to drop the Pimco Total Return Fund from its list of 10 target-date funds. The announcement is the latest blow to the investment company in the wake of the departure of its founder Bill Gross, known as the "Bond King." In September, the company saw $23.5 billion leave its Total Return Fund, with the bulk coming on the day that Gross departed.
- Another Day, Another Recall: Shares of General Motors Co. (NYSE: GM) were up in pre-market hours despite the company's announcement of yet another recall on tap. The auto manufacturer said it is recalling more than 117,000 vehicles to resolve a faulty chassis-control system that could lead to a crash, according to Automotive News. GM is still in the process of resolving a massive settlement over the deaths of 23 victims of vehicle problems tied to faulty ignition switches.
- Merger Mania: According to numerous reports, the European Union has formally approved Facebook Inc.'s (Nasdaq: FB) $19 billion acquisition of messaging service WhatsApp, despite previous concerns about antitrust violations. The antitrust division of the world's largest trading bloc ultimately decided there is plenty of competition in communication applications.
- Merger Meltdown: Another inversion deal has come apart at the seams. This morning, the Wall Street Journal reports that Salix Pharmaceuticals Ltd. (Nasdaq: SLXP) and Italian pharmaceutical company Cosmo Pharmaceuticals have terminated their merger agreement due to changes in the "political environment." The companies' merger was originally slated for July. It would have allowed Salix to relocate its operations to Ireland in an effort to reduce its tax burden.
- Today's Economic Calendar: Today's schedule features the September unemployment report, the PMI services index, and an update on international trade.
- Earnings Reports: Stay tuned for earnings reports from Constellation Brands Inc. (NYSE: STZ), and International Speedway Corporation (Nasdaq: ISCA).
Full U.S. Economic Calendar October 3, 2014 (NYSE: all times EDT)
- Employment Situation at 8:30 a.m.
- International Trade at 8:30 a.m.
- PMI Services Index at 9:45 a.m.
- ISM Non-Manufacturing Index at 10 a.m.
- Global Composite PMI at 11 a.m.
- Global Services PMI at 11 a.m.
We've already banked gains of 700% on this stock, and this recent media blunder will add to our profits...
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.