For May 26, 2015, here are the top earnings reports, the top stock market news, and stocks to watch today based on today's market moves...
Stock Futures Today
U.S. stock futures forecast a 20-point dip from Friday's close. The U.S. markets were closed on Monday in observance of Memorial Day.
On Friday, the DJIA Index was flat as investors reacted negatively after Federal Reserve Chair Janet Yellen suggested the central bank is on pace to raise interest rates in 2015 and that the process was expected to be gradual. The markets have already priced in a September rate increase.
Top News in the Stock Market Today
- The Stock Market Today: Today, investors will keep their focus on the March S&P/Case-Shiller Home Price Index. Economists anticipate a growth rate of 4.2% year-over-year.
- Monday Recap: On Monday, Federal Reserve Vice Chair Stanley Fischer and Cleveland Federal Reserve Bank President Loretta Mester gave speeches on the U.S. economy and monetary policy. Fischer said that it was "misleading" to place so much emphasis on the central bank's pending interest rate hike. Fischer said that even though the markets have priced in a September rate hike, the central bank will act based on data and not a specific date. Fischer said he expects the central bank to raise interest rates to at least 3.25% by 2017-2018.
- Greek Tragedy: Nikos Voutsis, a Greek financial minister, said his country will be unable to finance its €1.6 billion debt payment to the International Monetary Fund (IMF) in June. Aside from concerns about Greece, global investors will turn their attentions to South Africa, which will reports its first-quarter GDP figure. After decades of being Africa's leading economy, the nation recently found itself in second place after Nigeria, the continent's largest oil exporter, changed the way it calculates its GDP figure. South Africa continues to pile on public debt, but it has shown lackluster growth in recent years.
- Earnings Reports: Companies reporting earnings today include Autozone Inc. (NYSE: AZO), Bank of Montreal (NYSE: BMO), Safe Bulkers Inc. (NYSE: SB), StealthGas Inc. (Nasdaq: GASS), TiVo Inc. (Nadsaq: TIVO), Box Ships Inc. (NYSE: TEU), and Walter Energy Inc. (NYSE: WLT).
- Oil Prices Today: Oil prices were sliding on a stronger U.S. dollar and news that domestic shale producers are planning to hike drilling activity in the coming weeks. WTI crude futures for July fell 1.2% this morning to hit $59.03 per barrel. Meanwhile, Brent oil was down more than 1% to hit $64.84 per barrel.
Pre-Market Movers in the Stock Market Today: TWC, CHTR, BBRY
- Pre-Market Movers 1, TWC: Shares of Time Warner Cable Inc. (NYSE: TWC) were up 7.4% this morning on news that Charter Communications Inc. (Nasdaq: CHTR) is nearing a deal to purchase the cable company for roughly $56 billion. CHTR shares were up 4% on news of a deal that would combine the second and third-largest cable operators in the U.S. and would create a major competitor to Comcast Corp. (Nasdaq: CMCSA), the nation's biggest operator. The deal values Time Warner shares at $195 each, but it will be paid through a combination of Charter stock and cash. In April, Comcast was set to acquire Time Warner Cable, but the companies abandoned the deal over antitrust concerns.
- Pre-Market Movers 2, BBRY: Shares of BlackBerry Ltd. (Nasdaq: BBRY) were flat this morning after the company announced on Friday afternoon that it plans to lay off a number of employees in its device business. The company said the layoffs would include employees engaged in smartphone software and application development.
- Pre-Market Movers 3, CTRP: Shares of Ctrip.com International Ltd. (Nasdaq: CTRP) jumped more than 5.5% this morning on news that global travel giant Priceline Group Inc. (Nasdaq: PCLN) plans to invest another $250 million in the Chinese online travel company.
Stocks to Watch Today: AAP, ABX, TSLA, JPM
- Stocks to Watch No. 1, AAPL: According to a report by Apple Insider, the tech giant hasn't been able to fulfill inventory demand for its Apple Watch, and the product is still only available at select company stores. Apple stock is currently trading near an all-time high. In other news, JP Morgan & Co. Inc. (NYSE: JPM) released a report on Monday that said Apple Inc. (Nasdaq: AAPL) will launch its new AppleTV ahead of the company's Worldwide Developers Conference (WWDC) scheduled for June.
- Stocks to Watch No. 2, TSLA: A new report by Lux Research suggests that electric vehicles are closer to reaching price parity with their gas-burning cousins. The research firm says that advanced battery manufacturers like Tesla Motors Co. (Nasdaq: TSLA) and LG Chem Ltd. (OTC: LGCLF) will likely be able to drive down their prices by up to 35% by 2025.
- Stocks to Watch No. 3, ABX: Shares of Barrick Gold Corp. (NYSE: ABX) are in focus today after the mining giant said it plans to sell its Australian Cowal gold mine to Evolution Mining Ltd. (OTC: CAHPF) for $550 million.
Today's U.S. Economic Calendar (all times EST)
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- Durable Goods Orders at 8:30 a.m.
- FHFA House Price Index at 9 a.m.
- S&P Case-Shiller HPI at 9 a.m.
- PMI Services Flash at 9:45 a.m.
- New Home Sales at 10 a.m.
- Consumer Confidence at 10 a.m.
- Richmond Fed Manufacturing Index at 10 a.m.
- State Street Investor Confidence Index at 10 a.m.
- Dallas Fed Manufacturing Survey at 10:30 a.m.
- 4-Week Bill Announcement at 11 a.m.
- 3-Month Bill Auction at 11:30 a.m.
- 6-Month Bill Auction at 11:30 a.m.
- Federal Reserve Vice Chair Stanley Fischer speaks at 12:30 p.m.
- 2-Year Note Auction at 1 p.m.
- Richmond Federal Reserve Bank President Jeffrey Lacker speaks at 7:10 p.m.