For May 11, 2015, here's how the stock market did today, earnings reports, the top stock market news, and stocks to watch based on today's market moves...
How Did the Stock Market Do Today?
Dow: 18,105.17, -85.94, -0.47%
S&P 500: 2,105.33, -10.77, -0.51%
Nasdaq: 4,993.57, -9.98, -0.20%
The Dow Jones Industrial Average today slipped 85 points on renewed concerns over Greece's debt problems and a downturn in the Chinese economy. In addition, falling oil prices weighed down the energy sector this afternoon.
The S&P 500 Volatility Index (VIX), the market's fear gauge, jumped nearly 6% on the day.
Top Stock Market News Today
Greek Tragedy: New concerns about Greece's unsustainable debts are rattling investor confidence that a new deal can be struck between European financial ministers and its anti-austerity leaders. A default, and Greece's exit from the European Union, seem inevitable. Here's a breakdown of why this $360 billion problem affects us all.
China in Focus: The Asian markets were up on the day, but not for a positive reason. This morning, Chinese officials announced they have again slashed interest rates in an effort to stave off a slowdown in the world's largest-growing economy. This is the third rate cut in six months, and it raises new doubts about the country's ability to reverse course through continued loosening of monetary policy.
Energy Slump: Oil prices fell this afternoon on concerns over the Chinese economy. WTI crude, priced in New York City, slipped 0.2% to hit $59.25 per barrel. Brent oil, priced in London, slipped 0.7% this morning to hit $64.91 per barrel. Shares of Exxon Mobil Corp. (NYSE: XOM) fell 2.48%, Chevron Corp. (NYSE: CVX) shed 1.19%, and ConocoPhillips (NYSE: COP) slipped 2.81% today.
On Tap Tuesday: Tomorrow investors will focus on a speech by San Francisco Federal Reserve Bank President John Williams, who might offer some insight on when the Central Bank will increase interest rates.
Stocks to Watch: AAPL, ZU, RDS-A, ETSY
Stocks to Watch No. 1, AAPL: Shares of Apple Inc. (Nasdaq: AAPL) were the biggest weight pulling down the Nasdaq and S&P 500 this afternoon. Apple stock fell on news that smartphone shipments in China fell for the first time in six years, according to a report by market research firm IDC.
Stocks to Watch No. 2, ZU: Shares of Zulily Inc. (Nasdaq: ZU) jumped more than 5% on news that Alibaba Group Holding Ltd. (NYSE: BABA) has purchased a 9.3% stake in the online retailer.
Stocks to Watch No. 3, RDS-A: Shares of Royal Dutch Shell Plc. (NYSE ADR: A) avoided today's energy sell-off on news that the U.S. government has formally approved the company's plans to begin offshore drilling in Alaska this summer. The U.S. Department of the Interior's announcement surprised many investors. This was expected to be a drawn-out battle over Royal Dutch Shell's plans to drill for oil and natural gas in the frigid coastal waters.[epom key="ddec3ef33420ef7c9964a4695c349764" redirect="" sourceid="" imported="false"]
Stocks to Watch No. 4, ETSY: Shares of Etsy (Nasdaq: ETSY) cratered more than 8% on news that the company was downgraded by Wedbush Securities from "neutral" to "underperform." The stock has now fallen more than 40% since its post-IPO surge. With a number of IPOs on the calendar, it's important to consider which companies are worth buying and which will be IPO busts. Here's a breakdown of IPOs on tap this week.
Stocks to Watch No. 5, VGGL: Shares of online marketing and entertainment firm Viggle Inc. (Nasdaq: VGGL) surged 58% after the company shattered Wall Street earnings estimates. The firm said its quarterly revenue jumped 52%.
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.
