Stock market news, June 26, 2014: The Dow Jones Industrial Average and other U.S. markets dipped Thursday on news of weaker consumer spending. Additionally contributing was a rise in a critical inflation gauge in the domestic economy.
Here's the scorecard from today's trading session:
DOW: 16,846.13 (-0.13%)
S&P 500: 1,957.22 (-0.12%)
NASDAQ: 4,379.05 (-0.02%)
And here is the top stock market news from today:
- Cancel that Appointment: In a surprise unanimous decision, the U.S. Supreme Court dealt a blow to executive power by limiting the president's ability to issue recess appointments while the Senate is on break. Specifically, the High Court said that U.S. President Barack Obama lacked the authority to make recess appointments to the National Labor Relations Board in 2012. According to the court's ruling, Congress was not officially in recess at the time; it was on break, making the appointments invalid. The ruling negates more than 100 decisions that have been issued by the NLRB board, including a labor dispute involving a PepsiCo Inc. (NYSE: PEP) distributor and a pending decision on a case filed by a Machinists Union against The Boeing Co. (NYSE: BA).
- Take a Picture: Shares of GoPro Inc. (Nasdaq: GPRO) soared more than 31% after its market debut today. GPRO opened trading on the high side of its IPO range at $24 per share after it sold 17.8 million shares and raised $427 million. But can this rise continue? Read up on GPRO stock here...
- Spicy Performance: Despite boosting profits by 7.5% in the second quarter, shares of spice manufacturer McCormick & Co. Inc. (NYSE: MKC) slipped more than 1.5% on news that it missed Wall Street revenue estimates. The company noted that it experienced 76% growth in its Asia-Pacific business, but saw consumer sales drop 5% in the United States.
- The IPO of the Year: Although the company's initial public offering price range likely won't be decided until August, Chinese Internet giant Alibaba Group has chosen to list its shares on the New York Stock Exchange (NYSE). The company stated in an SEC filing that it will trade under the ticker BABA. The company unveiled plans to go public in the United States in March 2014.
- Underperformance: Shares of Bed Bath & Beyond Inc. (Nasdaq: BBBY) slumped more than 9% on news that it failed to meet first-quarter earnings expectations. The specialty retail company was down on increased marginal pressures.
- Up in Smoke: Shares of Philip Morris International Inc. (NYSE: PM) dipped nearly 3% today on news that the company slashed its annual outlook following the shutdown of its Dutch and Australian operations. The cigarette manufacturer expects earnings of $4.87 to $4.97, down from previous forecasts of $5.09 to $5.19 a share.
Now our experts share some of the most important investment moves to make based on today's market trading - for Money Morning Members only...
- The Wild Card in the Ongoing Global Energy Crisis: The conflict in Iraq is escalating beyond all hope of control - and it's impacting a huge number of investments worldwide. So we reached out to Dr. Kent Moors, one of very few people who've advised both the Kurdish regional and Iraqi federal governments. What he told us was incredible and potentially profitable...
- The Oil "Crisis Spike" Is Just Getting Started: First there was Ukraine. Now, Iraq is in flames. Oil prices are now likely headed higher. In this case, supply and demand only works in the textbooks. These days, geopolitical events can quickly outdistance the "market-only" factors. Here's what you need to know if you're looking to invest in energy this summer...
- Let's Double Our Money... with a Little Help from the Greatest Analyst Who Never Lived: Here's a great new way to make money. Bill Patalon is a big Sherlock Holmes fan. That doesn't surprise us at all; Patalon's a keen analyst himself, and his own sleuthing has led us to some spectacular profits. Take, for example, these plays in the software industry poised to soar...
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.