Swiss stocks have been hammered since the Swiss National Bank (SNB) tossed its three-year-old price cap of 1.20 Swiss francs per euro. But these numbers show that other markets aren’t doing so badly.
Stock Market Today
A surprise Swiss Bank policy change shocked the stock market today (Friday)...
On Thursday, the Swiss Central Bank ended a three-year old policy that prevented the Swiss franc from appreciating too much against the euro.
The move sent the Swiss franc soaring 30% against the euro within minutes.
It also caught financial firms unprepared...
You see, the franc is one of the world's most-traded currencies. While holders of Swiss francs realized gains, financial institutions with large holdings of euros or dollars against the franc were routed - especially smaller firms that cannot bear big losses.
And Swiss exporters saw their goods become 30% more expensive to European buyers in a matter of minutes.
These charts show the Swiss Bank policy's devastating affect on small firms, big banks, and major Swiss exporters like The Swatch Group SA (VTX: UHR), Holcim Ltd. (VTX: HOLN), and Nestle SA (VTX: NESN)...
The Dow Jones and the S&P 500 both reversed course after five consecutive losing sessions. The Dow added 190 points as optimism on rising consumer confidence offset worries about the meltdown happening in the Forex markets over Switzerland's surprise currency announcement yesterday.
The VIX, the market's fear gauge, slipped 6.4% on the day.
Good morning! Stock market futures for Friday, Jan. 16, forecasted an 86-point decline from yesterday's close.
The Dow Jones Industrial Average (DJIA) and the S&P 500 both declined for the fifth consecutive trading session Thursday, while one of the most shocking currency decisions in recent history hammered global equity markets: the Swiss National Bank abandoned its current economic policy that prevents the euro/Swiss franc exchange rate from falling below 1.20.
Today, fallout continues as news of the Swiss currency policy reversal reverberates across the markets. The Swiss franc surged as much as 39% against the euro and U.S. dollar on Thursday, and pushed gold prices to a four-month high. The decision could have a profound impact on investment banks and hedge funds that held puts on the nation's currency.
The DJIA and the S&P 500 both declined for the fifth consecutive trading session Thursday, while one of the most shocking currency decisions in recent history hammered global equity markets.
The Swiss National Bank abandoned its current economic policy that prevents the euro/Swiss franc exchange rate from falling below 1.20. The Swiss franc surged as much as 39% against the euro and U.S. dollar on the day.
Good morning! The stock market today (Thursday, Jan. 15) is headlined by RadioShack (NYSE: RSH). RSH stock fell 30% premarket.
Today, investors will react to a slew of earnings reports from three large financial institutions and Nasdaq component Intel Corp. (Nasdaq: INTC). On the data side, jobless claims will remain in focus, in addition to an important update to the Philadelphia Fed Survey. Consensus estimates call for 295,000 new jobless claims for the week ending January 10.
The Dow Jones and the S&P 500 both declined for the fourth-consecutive trading session. The Dow plunged 186 points as retail sales hit an 11-month low and oil prices swung significantly.
The markets are still reacting to yesterday's announcement by the World Bank that it slashed its global growth outlook to 3% for 2015, down from the 3.4% forecast in the fall.
Stock market futures today (Wednesday) are showing a slight decline in the Dow Jones this morning. This following yesterday's rollercoaster ride where the Dow ultimately fell 27 points.
Oil continues to fall as we move deeper into earnings season. Today, we'll see earnings from the big banks Wells Fargo and JPMorgan.
The Dow Jones today rallied nearly 300 points in early trading hours before reversing and finishing down 27 points. The downturn was fueled by Brent crude prices falling another 1% on the day. Crude oil prices are down nearly 15% over the last two weeks.
The CBOE Volatility Index (VIX), the market's fear gauge, was up 4.9% on the day.
Good morning! Stock market futures for Tuesday, Jan. 13, forecasted a 74-point gain over yesterday's close. In the last session, the Dow Jones plunged 96 points after crude oil prices crashed more than 4%.
Today, investors will react to the kickoff of earnings season. Watch for reports from KB Home (NYSE: KBH), Kinder Morgan Inc. (NYSE: KMI), and CSX Corp. (NYSE: CSX).
Healthcare deals dominated the top financial news headlines Monday.
Healthcare was the most targeted sector in deal making last year. It reached its highest annual volume on record as early as Dec. 1 with $437.1 billion in deals.
And 2015 has started with a flurry of activity. Indeed, three of the four healthcare deals announced Monday were for $1 billion or more.
The Dow Jones today plunged 96 points after crude oil prices crashed more than 4% this afternoon. With Saudi Arabia unwilling to cut production, oversupply concerns continue to cripple the price of oil.
The CBOE Volatility Index (VIX), the market's fear gauge, was up more than 11% on the day.
Dow Jones futures today (Monday) forecasted a 48-point gain over Friday's close. The Dow closed Friday down more than 100 points after December's jobs report revealed a drop in wages, oil prices slumped, and concerns about terrorism in France raised geopolitical concerns across the continent.
The fourth-quarter earnings season officially kicks off today as aluminum giant Alcoa Inc. (NYSE: AA) announces results today.
France's 9-11 should remind investors that the world sits atop a precarious geopolitical perch. Madmen with guns have the ability to wreak enormous damage on the fabric of society, which in turn places the stability of markets at risk.
Last week's tragic events in Paris are likely to impose significantly greater security costs on Western societies while leading them to question the open borders that feed immigration and trade, two keys to the future economic growth that will be necessary to dig out of the deepening debt hole they have dug themselves.
Stock market today, Friday, Jan. 9: Good morning! Stock market futures Friday morning forecast a 31-point gain from yesterday's close. On Thursday, the Dow Jones rallied 323 points on expectations that the European Central Bank will take more aggressive action to stave off deflation and debt crisis, coupled with swirling optimism for the U.S. economy.
Today will center on jobs, jobs, and more jobs. This morning, the December jobs report indicated that the U.S. economy added 252,000 jobs last month, surpassing consensus expectations of 240,000. As a result, the U.S. unemployment rate slipped to 5.6%.
While that may fuel a short-term surge in the markets, investors remain cautious about the Federal Reserve's desire to raise interest rates this year. In a speech yesterday, Minneapolis Fed President Narayana Kocherlakota said that the central bank should not increase rates in 2015; however, he is not a voting member of the FOMC this year. That sentiment was followed by voting-member Charles Evans. The Chicago Fed President told a CNBC audience this morning that the U.S. job markets have shown strong growth. But, he said, he'd like the central bank to wait until 2016 to raise interest rates.