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Dow Jones today, June 12, 2014: The Dow Jones Industrial Average slipped more than 100 points on Wednesday after the World Bank slashed its global growth forecast from 3.2% to 2.8%. This morning, U.S. stock index futures are flat ahead of data on the labor market and retail sales.
Here are the biggest stories moving the Dow Jones today:
- What's Affecting Oil Prices: Crude oil prices saw strong upticks in both West Texas Intermediate (up 1.69%) and Brent Crude (up 2.07%) varieties this morning. The swing comes after an Al-Qaeda-linked militant group plundered Tikrit, Iraq, overtaking its second city this week, creating sharp supply concerns for the region. The news has placed U.S. diplomats on high alert in Baghdad and forced the Iraqi government to seek U.S. military assistance.
- Banks Behaving Badly: The U.S. investigation into BNP Paribas SA's (OTCMKTS ADR: BNPQY) possible violations of economic sanctions has placed increased pressure on the company's leaders to resign. This morning, the firm's chief operating officer (COO), Georges Chodron de Courcel, has asked to resign a few months ahead of his retirement date. The French government has criticized the U.S. Justice Department for seeking more resignations in addition to a $10 billion settlement of the case.
- Shaking up the Tweets: According to tech news site Re/code, Twitter Inc. (NYSE: TWTR) is considering a shake-up to its top management. The report specifically focuses on a shift in the duties of its COO Ali Rowghani. The report indicates that the company's weak growth and struggles after insider stock sales have prompted the firm to question if it even needs a COO.
- Today Is the Day: Online giant Amazon.com Inc. (Nasdaq: AMZN) will launch "Prime Music" today in the company's first foray into streaming music. The program will allow users to download and stream more than a million songs as part of their $99 Prime subscription package. Though the service isn't as robust as Pandora or Spotify, Amazon will allow users to listen to music without advertising or additional fees.
- Today's Economic Calendar: Today's schedule features Jobless Claims, the EIA Natural Gas Report, and the Fed Balance Sheet.
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.