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Stock market today, September 24, 2014: Stock market futures are up this morning about 0.2% for the major indexes, a day after the S&P 500 fell for a third session in a row and the Dow Jones Industrial Average plunged 116 points. This all happened as U.S. airstrikes on Syria and continuing economic problems in the European Union and China rattled global markets. President Barack Obama said that the U.S. military will continue its airstrikes against ISIS fighters, raising new concerns in the international community.
Yesterday's downturn in U.S. markets followed a slide in European markets, which struggled on news of weakening business activity in France and decline in German manufacturing activity this month. This morning, the Dow Jones announced that German business confidence continues to erode as well. In September, the nation's Ifo business climate index slipped to 104.7, falling short of forecasts for a 105.8 level. The European Central Bank may need to hike its stimulus efforts to stave off recession in the continent's largest economy. Italy is already in a recession.
Here's what else you should know to make your Wednesday profitable:
A Post Alibaba IPO World: Listed on the New York Stock Exchange as (NYSE: CFG), Citizens Financial Group Inc. will begin trading today after its initial public offering. The U.S. subsidiary of Royal Bank of Scotland Group Plc. (NYSE: RBS) raised $3 billion during its IPO. However, shares sold below their initial expected range. The company sold 140 million shares at $21.50 each, but it had originally priced these shares at $23 to $25 each.
- Bad Breach: The massive data breach at The Home Depot Inc. (NYSE: HD), which affected 56 million credit and debit cards, has taken a bad turn. According to reports, customers are now reporting a number of fraudulent charges, while others have seen their bank accounts drained. The cyber thieves have used the cards to purchase prepaid credit cards, fuel up their cars, and fill other purchases. The home retailer had hoped to keep the breach contained. Shares of HD were down marginally in pre-market hours.
- Upgraded: Shares of Rio Tinto Plc. (NYSE ADR: RIO) were up more than 1% in pre-market hours on news that the company received an upgrade from JPMorgan Chase & Co. (NYSE: JPM). The positive news comes at a time that many mining stocks, particularly those in Europe, have been slumping due to concerns about economic growth in China.