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Good morning! For June 4, 2015, here is your top stock market news, including stocks to watch, pre-market movers, earnings reports, today's economic calendar, and more…
Stock Futures Today
Stock futures today forecasted an 83-point decrease from yesterday's close. Early selling dropped bonds around the world to their lowest level in eight months.
Yesterday the DJIA rose 67 points after investors cheered domestic economic data and the Federal Reserve affirmed the U.S. economy was growing at a "modest to moderate pace" in the second quarter. The Fed said that the economy expanded between April and May in the Beige Book, which surveys respondents on overall economic activity.
Top News in the Stock Market Today
- The Stock Market Today: Investors will weigh in on weekly jobless claims, a speech from Federal Reserve Gov. Daniel Tarullo, and continue to speculate on the Bank of England's plans to remain in the European Union…
- Looking Abroad: The Bank of England has been under close scrutiny since it accidentally revealed "Project Bookend" — a contingency plan should the central bank need to exit the European Union. This morning, the bank announced its monthly interest rate statement. Its governor Mark Carney and his central bank committee have been struggling to handle a weak job market and low inflation, while its real estate market is surging.
- Earnings Reports: Companies reporting earnings this morning include J M Smucker Co. (NYSE: SJM), Joy Global Inc. (NYSE: JOY), Lands End Inc. (NYSE: LE), Michaels Companies Inc. (NYSE: MIK), Navistar International Corp. (NYSE: NAV), VeriFone Systems Inc. (NYSE: PAY), and Zoe's Kitchen Inc. (NYSE: ZOES).
- Oil Prices Today: Oil prices were on the rise this morning even though the markets expect OPEC will maintain current production levels. WTI crude futures for July ticked up 0.2% this morning to $59.77 per barrel. Meanwhile, Brent oil was up 0.2% to hit $63.92 per barrel.
Pre-Market Movers in the Stock Market Today:
- Pre-Market Movers No. 1, JWN: Shares of Nordstrom Inc. (NYSE: JWN) were down more than 1% this morning on news that Credit Suisse Group AG (NYSE ADR: CS) has downgraded the retailer's stock from "outperform" to "neutral." The investment bank said the company's strong sales in footwear, accessories, and beauty products are on the verge of leveling off and that they could be heading for a reversal.
- Pre-Market Movers No. 2, BABA: Shares of Alibaba Group Holding Ltd. (NYSE: BABA) are retreating on news the Chinese e-commerce giant plans to invest roughly $200 million in Chinese Business News, a financial TV and newspaper giant. This would comprise roughly a 30% stake, and would give BABA one of the strongest footholds into investment media.
- Pre-Market Movers No. 3, FIVE: Shares of Five Below Inc. (Nasdaq: FIVE) surged more than 7% this morning on news the company reported stronger-than-expected earnings. The firm said sales rose 22% during the first quarter. It raised second quarter outlook.
Stocks to Watch Today:
- Stocks to Watch No. 1, SNCR: Shares of Synchronoss Technologies Inc. (Nasdaq: SNCR) were down almost 1% this morning after a more than 15% gain yesterday. The company's shares surged on news the software maker is exploring a possible sale. The tech firm is working with investment bank Qatalyst Partners on a deal that could be worth up to $2 billion. A number of private-equity firms have expressed interest.
- Stocks to Watch No. 2, LULU: Shares of Canadian athletic apparel company Lululemon Athletica (Nasdaq: LULU) are moving after Oppenheimer research analysts reaffirmed LULU's "outperform" rating. The stock currently has an upside price target of $70.00, which is a nice premium over Wednesday's closing price of $61.20. The company is holding its annual general meeting in Vancouver, and its CEO is likely to face questions from outspoken investors who are demanding reform to its board of directors and changes in corporate governance.
- Stocks to Watch No. 3, AAPL: Shares of Apple Inc. (Nasdaq: AAPL) were down more than 0.5% on news the tech giant will not be presenting its new Apple TV service during the Worldwide Developer Conference next week. The stock had been rising on speculation that the firm would unveil a new technology during its annual event.
Today's U.S. Economic Calendar (all times EST)
- Challenger Job-Cut Report at 7:30 a.m.
- Jobless Claims at 8:30 a.m.
- Productivity and Costs at 8:30 a.m.
- Gallup US Payroll to Population at 8:30 a.m.
- Bloomberg Consumer Comfort Index at 9:45 a.m.
- EIA Natural Gas Report at 10:30 a.m.
- 3-Month Bill Announcement at 11 a.m.
- 6-Month Bill Announcement at 11 a.m.
- 3-Year Note Announcement at 11 a.m.
- 10-Year Note Announcement at 11 a.m.
- 30-Year Bond Announcement at 11 a.m.
- Federal Reserve Gov. Daniel Tarullo speaks at 12 p.m.
- Treasury STRIPS at 3 p.m.
- Fed Balance Sheet at 4:30 p.m.
- Money Supply at 4:30 p.m.
What Investors Must Know This Week
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.