Good morning! Stock market futures for Friday, Jan. 16, forecasted an 86-point decline from yesterday's close.
The Dow Jones Industrial Average (DJIA) and the S&P 500 both declined for the fifth consecutive trading session Thursday, while one of the most shocking currency decisions in recent history hammered global equity markets: the Swiss National Bank abandoned its current economic policy that prevents the euro/Swiss franc exchange rate from falling below 1.20.
Today, fallout continues as news of the Swiss currency policy reversal reverberates across the markets. The Swiss franc surged as much as 39% against the euro and U.S. dollar on Thursday, and pushed gold prices to a four-month high. The decision could have a profound impact on investment banks and hedge funds that held puts on the nation's currency.
Additionally Friday, investors will be keeping a very close eye on fourth-quarter earnings reports from Goldman Sachs Group Inc. (NYSE: GS), Charles Schwab Corp. (Nasdaq: SCHW), PNC Financial Services Group Inc. (NYSE: PNC), Comerica Inc. (NYSE: CMA) and SunTrust Banks Inc. (NYSE: STI).
Here's what else you should know about the stock market today - including your "Money Morning Tip of the Day" - to make it a profitable Friday:
Oil Prices Today: This morning, February 2015 futures for U.S. crude, priced at the NYMEX in New York City, increased by nearly 1.4% to hit $46.92 per barrel. Meanwhile, Brent crude, priced in London, jumped about 2.3% to hit $49.40 per barrel.
Full U.S. Economic Calendar January 16, 2015 (NYSE: all times EST)