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Dow Jones today, June 30, 2014: The Dow Jones Industrial Average was flat on Friday despite a rise in consumer sentiment. This week, look for a heavy slate of economic reports, including the June unemployment report, factory orders, and the ISM manufacturing composite index.
Here's the news moving the Dow Jones today:
- Judgment Day: The U.S. Supreme Court will hand down a vital decision on the Affordable Healthcare Act (a.k.a. Obamacare) this afternoon in a very closely watched case involving arts-and-crafts chain Hobby Lobby Stores Inc. and the so-called Conception Mandate. The company has sued the government, arguing that the law violates the company's religious freedoms by mandating its owners provide services that might contradict their religious beliefs. This is the second major case involving the law in recent years. The court will issue two decisions this afternoon before justices take off for summer vacation.
- Default Nation: The nation of Argentina has entered a state of technical default this morning after an $832 million bond payment was declared illegal last week. The battle continues between Argentina and a New York judge, who has ordered the nation to pay off other outstanding debts totaling $1.5 billion before it can address other payments. The nation has 30 days to pay other outstanding debts before it officially defaults on its obligations.
- Banks Behaving Badly: This afternoon, the U.S. Justice Department will announce the $9 billion settlement by French bank BNP Paribas SA (OTCMKTS ADR: BNPQY) over $30 billion in transactions that violated U.S. sanctions in Sudan and Iran. During a press conference later today, regulators plan to announce a deal that includes a guilty plea by the bank to a criminal charge in Manhattan Federal Court.
- Today's Economic Calendar: Today's schedule features the Dallas Fed Manufacturing Survey, Pending Home Sales, and a speech by John Williams, the current San Francisco Federal Reserve Bank President.
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.