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Here's what the stock market did today, May 28, 2015:
Dow: 18,126.12, -36.87, -0.20%
S&P 500: 2,120.79, -2.69, -0.13%
Nasdaq: 5,097.98, -8.62, -0.17%
Concerns about Greece's June debt payment again rattled the DJIA Index, sending the Dow down 36 points on Thursday. Shares of Caterpillar Inc. (NYSE: CAT) slipped 2.2%, representing the heaviest drag on the Dow Jones today.
Oil, Fed in Stock Market News Today; GDP on Tap
- Market Recap: S. crude oil inventory levels fell for the fourth consecutive week, according to a report from the Energy Information Administration (EIA). Meanwhile, weekly jobless claims continue to hover near a 15-year low, but last week's figure rose much higher than expected. The number of Americans filing new claims for jobless benefits hit 282,000 last week.
- Fed Chatter: San Francisco Federal Reserve President John Williams said that the central bank will likely increase interest rates at some point in 2015. The statement reiterated the views of Fed Chair Janet Yellen, who spoke last Friday. But don't get caught up on this Fed interest rate talk – the real Fed story is what it has done to the stock market – go here to continue reading…
- GDP Tomorrow: On Friday, investors will be eyeing the first revision of the first-quarter U.S. GDP rate. Last month, the Commerce Department said that the nation's economy grew at a paltry 0.2% rate during the first three months of 2015, but a steep revision is expected that will push the quarter into negative territory.
- Earnings Reports: Companies reporting earnings tomorrow include Ship Finance International Ltd. (NYSE: SFL), Big Lots Inc. (NYSE: BIG), Genesco Inc. (NYSE: GCO), and Graham Corp. (NYSE: GHM).
Stocks to Watch: ANF, RIG, GPRO, BRCM, JNJ, RAD
- Stocks to Watch No. 1, ANF: Shares of Abercrombie & Fitch Co. (NYSE: ANF) jumped more than 12% after the company reported that same-store sales fell less than Wall Street anticipated. The company still reported a larger than expected loss in the quarter. The company was optimistic about its prospects in the second half of the year. The firm, which relies on overseas business for 35% of its revenues, said it expects sales to improve despite a strong dollar.
- Stocks to Watch No. 2, RIG: Shares of Transocean Ltd. (NYSE: RIG) slipped 1.55% today after the company announced its CFO Esa Ikaheimonen will resign immediately. The company announced that Mark Mey will assume the role on Thursday. Shares of RIG are down more than 55% over the last year as the oilfield services company continues to struggle in the face of falling oil prices. While Transocean struggles, you can profit – go here for two of the best oil stocks to buy today.
- Stocks to Watch No. 3, GPRO: Shares of GoPro Inc. (Nasdaq: GPRO) jumped more than 6.5% after founder and CEO Nick Woodman said during a ReCode conference that the camera manufacturer plans to launch a new virtual reality accessory for its Hero4 camera mount and a flying drone. Here's why we're hesitant on GPRO stock.
- Stocks to Watch No. 4, BRCM: Shares of Broadcom Corp. (Nasdaq: BRCM) dipped 1.6%, one day after shares surged more than 21% yesterday on news that Avago Technologies (Nasdaq: AVGO) will purchase the chipmaker. The $37 billion deal is the latest in a rapidly consolidating semiconductor sector that provides parts to power smartphones, tablets, and other tech gadgets. Broadcom was among our Apple supplier stocks to buy in 2015. BRCM stock is up 22.4% since we recommended it. Go here for the other four Apple supplier stocks we like now…
- Stocks to Watch No. 5, JNJ: Consolidation in the healthcare markets continues to swell. This morning, Johnson & Johnson (NYSE: JNJ) announced it has accepted a $1.94 billion cash offer from Cardinal Health Inc. (NYSE: CAH) for its heart-product business. Shares of JNJ were flat on the day, while CAH shares fell 0.65%. Get your single best profit play on health M&A here.
- Stocks to Watch No. 6, RAD: Shares of Rite Aid Corp. (NYSE: RAD) slipped 0.46% today despite rumors that the company could be purchased by Express Scripts Holding Company (Nasdaq: ESRX) in the near future. The company received a "Buy" rating today from Mizuho Securities, which initiated coverage on the pharmacy retailer. The investment firm also said that it expects strong growth in the near future. The health sector has been one of the busiest for M&A in 2015.
What Investors Must Know This Week
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.