Stock Market Today, Oct. 14, 2014:U.S. stock markets ended the day flat Tuesday after struggling to rebound, with yet another late sell-off hitting the markets in the final hour. The S&P 500 Index and Nasdaq managed to eke out modest gains, but the Dow Jones slipped another 5 points. The S&P 500 Volatility Index (VIX) dipped 4% on the day.
Oil prices didn't fare better. Brent crude, the global benchmark for oil, saw prices slide more than 4% to fall near $85 per barrel. This is the weakest price level for Brent since 2010. Meanwhile, West Texas Intermediate prices slid more than 4.4%, dipping below $82 per barrel. The downturn accelerated after the International Energy Agency projected weakening demand and higher supplies. Given OPEC's unwillingness to slash supplies, the Agency suggested that oil prices could fall even further.
Here's the scorecard from today's trading session:
Now, here's a breakdown of the other top stories from the stock market today:
Ebola Easing: Airline stocks soared this afternoon as concerns about an Ebola outbreak eased. Shares of Southwest Airlines Co. (NYSE: LUV) rose nearly 4%, Delta Air Lines Inc. (NYSE: DAL) jumped 6%, United Continental Holdings Inc. (NYSE: UAL) added nearly 6.5%, and American Airlines Group Inc. (Nasdaq: AAL) added more than 10%.
Black Friday Bad: The battle for Black Friday shoppers just got more ridiculous. This afternoon, retailer Macy's Inc. (NYSE: M) announced plans to open its stores at 6 p.m. on Thanksgiving. In an effort to beat its rivals like Wal-Mart Stores Inc. (NYSE: WMT), Macy's will open six hours before Black Friday even begins. This is part of a trend for Macy's, which opened its doors on Thanksgiving last year at 8 p.m. Shares of Macy's jumped nearly 3% on the day.
Welcome Back: A day after the company returned to U.S. markets, Chrysler Group announced plans to recall more than 184,000 vehicles over seatbelt and airbag problems. The recall plans comes one day after its parent company, Fiat Chrysler Automobiles NV (NYSE: FCAU), went public on the New York Stock Exchange. Shares of Fiat were up roughly 0.3% on the day.
Banks Report: Shares of Citigroup Inc. (NYSE: C) rose 3% on news that the firm beat third-quarter earnings estimates and saw its quarterly net income increase by 7% over the same period last year. The company also announced that it will no longer provide consumer banking services in 11 markets. Meanwhile, rival Wells Fargo & Co. (NYSE: WFC) earnings were in line with investor expectations, while JPMorgan Chase & Co. (NYSE: JPM) missed earnings estimates. Shares of Wells Fargo slumped more than 2.5% on the day. JPM shares were down marginally.
More Stimulus: In a conversation with Reuters, Federal Reserve Bank of San Francisco President John Williams predicted that more bond purchases from the U.S. Federal Reserve could be necessary if the economy begins to struggle. Williams said that the central bank should "seriously consider" additional asset purchases in the event that the economy experienced an extended deflationary cycle.
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 Profit Opportunity in Hong Kong's Unrest: Most investors haven't got a clue about what Hong Kong's riots represent, let alone the investment potential that's being unleashed there. As a result, they're going to miss out on some really terrific profit opportunities. But before we get to the best way to play this, understanding what's driving the unrest is key...
The European Crisis Is Going Global - and We're Along for the Ride: Recently one European leader offered a unique response for dealing with the financial crisis and debt bubble. On the surface, it appears a sound approach. But when you scratch beneath, it turns out just the opposite is true. Developed economies would do well to consider the true state of this country's example of a "model" recovery before an even more catastrophic future arrives, and erupts...
The Best Way to Profit from Crude Oil Prices Right Now: In today's environment, picking winning oil stocks is more about where a company drills, how it manages its assets and operations, and the broader flow of supply and demand. In this case, it's all about selecting the right target - companies that are built to weather the inevitable dips in the price of crude. And there are plenty of them out there...
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.