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Stock Futures Today
On Tuesday, the DJIA ticked up 113 points as M&A activity picked up again. Investors largely cast aside rate concerns as the Federal Open Market Committee kicked off its two-day meeting on monetary policy. Investors monitored the now-increasing likelihood of a Greek default on its debt to the International Monetary Fund.
Last night, the Golden State Warriors won their first NBA championship in 40 years, but yesterday investors were rooting for Microsoft Corp. (Nasdaq: MSFT). The tech giant offered the biggest boost to the S&P 500 and the Nasdaq on the day.
Top News in the Stock Market Today
- The Stock Market Today: Today, the Federal Open Market Committee (FOMC) finishes its two-day meeting on monetary policy. Investors will be anticipating a 2 p.m. statement by Federal Reserve Chairwoman Janet Yellen as the markets speculate on when the central bank plans to increase interest rates.
- Oil Outlook: Oil prices surged this morning on increasing demand metrics. WTI crude futures for July ticked up 1.6% this morning to hit $61.39 per barrel. Meanwhile, Brent oil added 1.9% to hit $64.91 per barrel.
- Earnings Reports: Companies reporting earnings this morning include Actuant Corp. (NYSE: ATU), FedEx Corp. (NYSE: FDX), Oracle Corp. (Nasdaq: ORCL), and Pier 1 Imports Inc. (NYSE: PIR).
Pre-Market Movers in the Stock Market Today: FDX, QIHU
- Pre-Market Movers No. 1, FDX: Shares of shipping giant FedEx Corp. (NYSE: FDX) will report fourth quarter earnings today. The shipping giant is one of the economy's most important bellwethers, as shipping and transportation is a broader indicator of economic activity.
- Pre-Market Movers No. 2, QIHU: Shares of antivirus software firm Qihoo 360 Technology (Nasdaq: QIHU) bounced more than 12% on news of Chinese investors have offering to purchase it for $77 per American depositary share. The tech firm said it will create a special team to consider the offer.
Stocks to Watch Today: PRGO, UNH, ADBE, AET, MYL, ABT
- Stocks to Watch No. 1, AET: Shares of Aetna Inc. (NYSE: AET) are in focus after rival UnitedHealth Group Inc. (NYSE: UNH) approached the insurance giant about a potential takeover offer. The deal is just another in a string of rumors and propositions in the healthcare industry as companies look to cut costs. Yesterday, shares of Cigna Inc. (NYSE: CI) surged nearly 20% intraday to a new all-time record on news that the company rejected a takeover bid from rival Anthem Inc. (NYSE: ANTM). Meanwhile, shares of Humana Inc. (NYSE: HUM) have fallen four consecutive trading sessions despite rumors that the company is on the block.
- Stocks to Watch No. 2, ADBE: Shares of Adobe Systems Inc. (Nasdaq: ADBE) fell more than 1.3% in post-market hours after the company beat first quarter earnings estimates. However, the software developer of Photoshop and Illustrator offered weaker forward guidance than Wall Street analysts had expected.
- Stocks to Watch No. 3, PRGO: Shares of Perrigo Co. plc (Nasdaq: PRGO) continue to climb on news that the firm rejected a $34 billion takeover bid from Mylan NV (NYSE: MYL). This deal offer might not go away, as Mylan is partially owned by healthcare giant Abbott Laboratories (NYSE: ABT).
Today's U.S. Economic Calendar (all times EST)
- MBA Mortgage Applications at 7 a.m.
- EIA Petroleum Status Report at 10:30 a.m.
- FOMC Meeting Announcement at 2 p.m.
- Fed Chair Press Conference at 2:30 p.m.
- FOMC Forecasts at 2:30 p.m.
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.