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Stock Futures Today
U.S. stock futures for Tuesday, June 9, forecasted a 19-point decline from yesterday's close. The decline sent the DJIA into the red for the year, prompting new concerns about economic growth and company performance across the nation.
On Monday, the Dow Jones Industrial Average fell nearly 82 points as investors raised concerns over a possible interest-rate hike as soon as September and worries over Greece's debt problems cast a wide shadow over the European Union. Meanwhile, the U.S. dollar slid after reports indicated that U.S. President Barack Obama suggested a stronger dollar was bad for global growth. The White House denied the account, but the damage was largely done before clarification.
Top News in the Stock Market Today
- The Stock Market Today: A busy day of market data includes a report by the U.S. Commerce Department on April wholesale inventories, which economists expect to have increased by 0.2%. The U.S. Labor Department will also announce release the job openings and labor turnover (JOLTS) report this morning.
- Oil Outlook: Oil prices were on the rise this morning as driving season has spiked domestic demand and investors anticipate yet another rate cut in China. WTI crude futures for July ticked up 1.8% this morning to hit $59.18 per barrel. Meanwhile, Brent oil was up 2.1% to hit $64.05 per barrel.
- Earnings Reports: Companies reporting earnings this morning include Burlington Stores Inc. (NYSE: BURL), Ferrellgas Partners LP (NYSE: FGP), Lululemon Athletica Inc. (Nasdaq: LULU), and Organovo Holdings Inc. (NYSE: ONVO).
Pre-Market Movers in the Stock Market Today: LULU, FDX, UPS, FCAU, GM
- Pre-Market Movers No. 1, LULU: Shares of Canadian yogawear retailer Lululemon Athletica Inc. (Nasdaq: LULU) will generate the most earnings noise today. The company reported better-than-expected first quarter revenues, with a surprise 10% gain despite weakened report due to West Coast port delays, poor winter weather and a stronger U.S. dollar. The stock was up 3.2% this morning, erasing yesterday's gains.
- Pre-Market Movers No. 2, FDX: Shares of FedEx Corp. (NYSE: FDX) are down more than 1.2% on news the global shipping company has hiked its quarterly dividend by 25% as part of a strategy to increase shareholder value while it is in the middle of an acquisition. In April, the company purchased TNT Express NV – ADR (OTC: TNTEY) for $4.8 billion in a deal that will make it the world's third-largest express delivery company behind DHL and United Parcel Service Inc. (NYSE: UPS).
- Pre-Market Movers No. 3, FCAU: Shares of Fiat Chrysler Automobiles NV (NYSE: FCAU) were up marginally in premarket hours after the Wall Street Journal reported company CEO Sergio Marchionne has been contacting activist hedge funds to push rival General Motors Co. (NYSE: GM) to engage in a merger between the two companies.
Stocks to Watch Today: AAPL, MON, TSLA, SYT, AMZN
- Stocks to Watch No. 1, AAPL: Tech giant Apple Inc. (Nasdaq: AAPL) kicked off its annual Worldwide Developers Conference (WWDC) in San Francisco. The firm announced the release of an online streaming music service to compete with rivals like Pandora Inc. (Nasdaq: P) and Spotify. Shares of Pandora cratered more than 3.5% on Monday. In a crowded industry, one dominated by giants with advanced technology in-roads, smaller competitors like Spotify face an up-hill climb. That begs the question: Is Spotify's IPO over before it even started?
- Stocks to Watch No. 2, MON: Seed and chemical giant Monsanto Co. (NYSE: MON) has no intentions of going away after its second bid for Swiss agricultural giant Syngenta AG (ADR) (NYSE: SYT) – one valued up to $45 billion – was rejected by the company's board of directors. Monsanto will host meetings across Europe this morning in an attempt to win over SYT shareholders and keep a remarkable wave of merger and acquisition activity running in the markets. Although shareholders might accept a sweetened offer for a hostile takeover, Monsanto could face pushback from farmers, who regularly raise concerns about the firm's practices.
- Stocks to Watch No. 3, TSLA: Emerging auto giant Tesla Motor Co. (Nasdaq: TSLA) will host its annual shareholder meeting today. Investors aren't sure what will be on the company's full agenda, but speculation is rampant. CEO Elon Musk could offer details on orders for the Tesla Energy stationary-battery unit, it could provide updates on May sales for its Model S units, or it may announce when its X crossover SUV will be available. Today, General Motors Co. will also host its shareholder meeting.
Today's U.S. Economic Calendar (all times EST)
- Redbook at 8:55 a.m.
- NFIB Small Business Optimism Index at 9 a.m.
- JOLTS at 10 a.m.
- Wholesale Trade at 10 a.m.
- 4-Week Bill Auction at 11:30 a.m.
- 3-Year Note Auction at 1 p.m.
What Investors Must Know This Week
- Your Guide to the Upcoming Snapchat IPO
- How to Profit from the Coming Energy Debt Bubble
- Invest Like Warren Buffett? Don't Try This at Home
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.