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Stock market news today, May 29, 2014: Dow Jones futures pointed to a 0.07% gain ahead of open today (Thursday). This morning, the U.S. federal government announced that first quarter gross domestic product (GDP) slipped by 1% – much more than the 0.4% expected contraction.
Here's what will affect Dow Jones futures today, and other top market news:
- Today's Economic Calendar: A busy calendar today features speeches by the Presidents of the Cleveland and Kansas City Federal Reserve Banks, updated GDP figures in the morning, and jobless claims.
- The Beat Goes On: On Tuesday, Apple Inc. (Nasdaq: AAPL) announced that it closed a deal to purchase Beats Electronics for $3 billion. It is the largest deal in Apple's history, and provides it an inside track into the ever-growing streaming music industry. Beats executives Jimmy Iovine and Dr. Dre will join Apple. Go here for a full breakdown of the Apple-Beats deal…
- Shaky Retail: This morning, warehouse retailer CostcoWholesale Corp. (Nasdaq: COST) announced the company's third-quarter profits fell two cents short of expectations. Behind the miss was higher than expected merchandise costs and expenses.
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- Oil Slides on Inventory News: West Texas Intermediate (WTI) prices slid by more than 1% yesterday ahead of today's inventory report. Domestic prices also pulled down Brent Crude prices, which have been buoyed by geopolitical tensions in Ukraine and Libya. Analysts expect that crude oil stocks are on the rise…
- Testimony Troubles: Reuters reports that engineer Ray DeGiorgio appeared distraught during his testimony before Congress on the failed ignition switch problems General Motors Company (NYSE: GE) has faced. DeGiorgio said that CEO Mary Barra was unaware of technical problems within in the firm before she stepped into her position earlier this year.
- Bitcoin Bonanza: Television satellite provider DISH Network Corp. (Nasdaq: DISH) announced plans to accept bitcoin as a form of payment from customers this year. The company selected Coinbase as its bitcoin payment processor. The decision allows customers to pay with bitcoins online.
- Big and Bold: The Institute for Health Metrics and Evaluation at the University of Washington announced yesterday that more than one-third of the global population is overweight. The institute's analysis indicates that obesity rates have surged over the last three decades. The story is part of a rising trend of childhood obesity that is hitting all nations today.
- Earnings Reports: Stay tuned for earnings reports from Abercrombie & Fitch Co. (NYSE: ANF), Costco Wholesale Corp. (Nasdaq: COST), Lions Gate Entertainment Corp. (NYSE: LGF), Tech Data Corp. (Nasdaq: TECD), GUESS? Inc. (NYSE: GES), and OmniVision Technologies Inc. (Nasdaq: OVTI).
Full U.S. Economic Calendar May 29, 2014 (NYSE: all times EDT)
- GDP at 8:30 a.m.
- Jobless Claims at 8:30 a.m.
- Outgoing Cleveland Federal Reserve Bank President Sandra Pianalto and incoming Cleveland Federal Reserve Bank President Loretta Mester headline a conference at 8:30 a.m.
- Corporate Profits at 8:30 a.m.
- Pending Home Sales Index at 10 a.m.
- EIA Natural Gas Report at 10:30 a.m.
- EIA Petroleum Status Report at 11 a.m.
- 3-Month Bill Announcement at 11 a.m.
- 6-Month Bill Announcement at 11 a.m.
- 7-Yr Note Auction at 1 p.m.
- Fed Balance Sheet at 4:30 p.m.
- Money Supply at 4:30 p.m.
- Kansas City Federal Reserve Bank President Esther George speaks at 9:30 p.m.
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