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DJIA Today, Sept. 8, 2014: The Dow Jones Industrial Average dipped Monday afternoon thanks to a slide in energy prices, and U.S. stocks were mixed overall. Global growth concerns weighed heavily on crude oil prices, with Brent crude prices slipping below $100 per barrel in London for the first time in more than a year. This dragged down prices of global producers and oilfield service providers such as BP Plc. (NYSE ADR: BP), which was down more than 1.3%, and Schlumberger Ltd. (NYSE: SLB), which slipped by more than 2% on the day.
Here's the scorecard from today's trading session:
Dow: 17,111.42, -25.94 (-0.15%)
Nasdaq: 4,592.29, +9.39 (0.20%)
S&P 500: 2,001.54, -6.17 (-0.31%)
Now, here are the top stories from the stock market today:
- All Eyes on Tomorrow: Shares of Apple Inc. (Nasdaq: AAPL) were off roughly 0.7% this afternoon ahead of tomorrow's important company meeting where the tech giant is expected to unveil several new gadgets and services. Analysts expect further updates on the release and marketing of the iPhone 6, the iWatch, and possibly new information on digital pay services. Apple was hit with a series of overinflated "threats" last week, but here's why AAPL stock is headed higher in spite of the noise…
- The IPO of the Year: E-commerce giant Alibaba Group Holding Ltd. (NYSE: BABA) kicked off its two-week roadshow this afternoon, attracting the hunger of many different institutional audiences. The company plans to go public on Sept. 18 and aims to raise up to $21 billion, which would make it the largest IPO in market history. A regulatory filing over the weekend stated the company is looking to price American Depository Shares between $60 and $66. Shares of Yahoo! Inc. (Nasdaq: YHOO), which owns a 22.4% stake in the company, were up more than 5.5% as the roadshow kicked off.
- Out the Door: Activist investor Carl Icahn strikes again, as the billionaire has gotten yet another wish. This afternoon, Hertz Global Holdings Inc. (NYSE: HTZ) announced that its chairman and chief executive officer, Mark Frissora, has resigned from the company. The board has named Brian MacDonald as interim its CEO. For months, Icahn, who owns an 8.5% stake in the company, has pressured the Hertz board to remove certain management, arguing the firm is underperforming against its rivals. According to the official statement, Frissora stepped down for personal reasons.
- Debt Nation: The U.S. Federal Reserve announced that Americans increased their household debts by a record monthly level in July of 2014. According to a report on consumer credit, American households increased their debts by a seasonally adjusted $26.0 billion for the month. The debt levels were heavily boosted by new student loans, which increased by $20.6 billion for the month.
- Unilateral Action: The Obama administration announced that it is looking for ways in the "very near future" to reduce the incentives for U.S. companies to engage in tax inversions, a strategy by which a company relocates its headquarters to a foreign country in order to reduce its tax burden. Treasury Secretary Jacob Lew said that Congress must pass a new law that would make it more difficult for companies to engage in this endeavor. According to reports, New York Senator Charles Schumer has drafted a bill that would eliminate deductions that companies could take should they depart the United States. According to DealLogic, 13 inversion deals worth $178 billion have transpired since the beginning of 2013.
Now our experts share some of the most important investment moves to make based on today's market trading – for Money Morning Members only:
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.