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Stock market news today, Feb. 27, 2014: The Dow Jones Industrial Average rose by a modest 0.12% on Wednesday, finishing at 16,198.41. The Nasdaq gained 0.10%, closing at 4,292.06, while the S&P 500 was flat, ending trading at 1,845.16.
Now here's the news moving markets today:
Biggest Stock Market News, Feb. 27, 2014
- Makeup Day on the Hill: This morning, Federal Reserve Chair Janet Yellen will testify before the Senate Banking Committee on the central bank's economic outlook and monetary policy. Today's appearance was originally scheduled for earlier this month, but a winter storm delayed the hearing. Yellen's testimony is unlikely to focus on the Fed's expected moves in the coming months or speculation about the March jobs report, arriving next Friday.
- Ukraine's Currency Tanks: With Ukraine gripped by political chaos, the situation continues to deteriorate. This morning, pro-Russian men armed with guns seized control of the nation's southern region along the Black Sea, known as Crimea. The region is home to a large strategic port used by the Russian military. Meanwhile, Ukraine's currency – the hryvnia – fell another 7.7% to 11 per U.S. dollar. The currency has cratered by nearly 20% since Monday, according to Bloomberg. The nation will likely require an international bailout of up to $35 billion.
- Deny, Deny, Deny: Google Inc. (Nasdaq: GOOG) denies that it ever made an offer to purchase mobile messaging service WhatsApp, despite multiple reports that its leaders offered $10 billion for the company. Just last week, Facebook purchased WhatsApp for a whopping $19 billion, cornering the market on applications with the most time spent each day by mobile users. At the time, the deal was seen as a shrewd purchase by Facebook to outmaneuver its online rival.
- Cuts to Offshore Development: Yesterday, Exxon Mobil Corp. (NYSE: XOM) announced it will be reducing its development of new wells, offshore platforms, and fuel plants by 13% following a strong increase in global reserves last year. The company will cut capex spending to about $37 billion this year, a decrease of about $5.5 billion from 2013. The company is expected to allocate that money to programs and projects focused on reducing carbon emissions.
- Banks Behaving Badly (AGAIN!): Shares of Credit Suisse Group AG (NYSE ADR: CS) slid 2.37% on Wednesday, after the U.S. Senate accused the company of helping thousands of rich Americans hide billions in assets from the Internal Revenue Service. The company is being investigated for a number of transgressions that occurred in 2008. Senate investigators even noted that the bank created its own airport branch so that rich clients could fly into the nation, meet with their bankers, and quickly take a skiing trip.
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U.S. Economic Calendar, Feb. 27, 2014
- Durable Goods Orders at 8:30 a.m.
- Jobless Claims at 8:30 a.m.
- Bloomberg Consumer Comfort Index at 9:45 a.m.
- Federal Reserve Chair Janet Yellen Speaks at 10 a.m.
- EIA Natural Gas Report at 10:30 a.m.
- Dallas Federal Reserve Bank President Richard Fisher Speaks at 10:30 a.m.
- Kansas City Fed Manufacturing Index at 11:00 a.m.
- 3-Month Bill Announcement at 11:00 a.m.
- 6-Month Bill Announcement at 11:00 a.m.
- 52-Week Bill Announcement at 11:00 a.m.
- 7-Yr Note Auction at 1:00 p.m.
- Atlanta Fed President Dennis Lockhart Speaks at 3:15 p.m.
- Fed Balance Sheet at 4:30 p.m.
- Money Supply at 4:30 p.m.
Key Companies Reporting Earnings, Feb. 27, 2014
- Consensus earnings per share for Sempra Energy (NYSE: SRE) is $0.98.
- Consensus earnings per share for Kohl's Corp. (NYSE: KSS) is $1.54.
- Consensus earnings per share for Best Buy Co. Inc. (NYSE: BBY) is $1.01.
- Consensus earnings per share for Toronto Dominion Bank (NYSE: TD) is $0.95.
- Consensus earnings per share for Valeant Pharmaceuticals International Inc. (NYSE: VRX) is $2.06.
- Consensus earnings per share for The Gap Inc. (NYSE: GPS) is $0.66.
- Consensus earnings per share for Canadian Imperial Bank of Commerce (NYSE: CM) is $1.93.
Others Reporting Earnings
- Hilton Worldwide Holdings Inc. (HLT), American Realty Capital Properties, Inc. (ARCP), Mylan Inc. (NYSE: MYL), Catamaran Corporation (CTRX), Kodiak Oil & Gas Corp. (KOG), Sears Holdings Corp. (SHLD), Western Refining Inc. (WNR)
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.