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Dow Futures Today
On Thursday, the DJIA gained 180 points and the Nasdaq hit a 15-year high as traders showed some optimism over Greece and cheered news that the U.S. Federal Reserve will wait until later this year to raise interest rates.
All 30 Dow Jones components rose Thursday as investors were optimistic on news the Federal Reserve will delay raising rates until later this year. News of potential economic reform in Greece also added a boost to confidence. Greek Finance Minister Yanis Varoufakis pitched a handful of new reform proposals to creditors this afternoon in a meeting in Luxembourg.
Top News in the Stock Market Today
- Stock Market Today: This morning, investors will weigh the comments of two Federal Reserve members. San Francisco Fed president John Williams and Cleveland Fed president Loretta Mester are scheduled to give speeches on monetary policy later today.
- Greek Tragedy: There appears to be no positive ending for Greece and its ongoing saga with European creditors. This nation owes roughly €1.5 billion ($1.68 billion) to the International Monetary Fund by the end of the month, but yesterday's meeting in Luxembourg produced no positive outcomes. European ministers announced that they will host an emergency summit on Monday. (Profit Opportunity: Read here for the tactics you'll need to profit from the Greek debt crisis)
- Oil Outlook: Oil prices fell on increased global supply and general worries about Greece's impact on the European economy. WTI crude futures for July ticked down 0.7% this morning to $59.71 per barrel. Meanwhile, Brent oil fell 1.4% to $63.33 per barrel.
- Earnings Reports: Companies reporting earnings this morning include Carmax Inc. (NYSE: KMX) and KB Home (NYSE: KBH).
Pre-Market Movers in the Stock Market Today: DRI, CAG
- Pre-Market Movers No. 1, DRI: Shares of Darden Restaurants Inc. (NYSE: DRI) are flat this morning ahead of its fourth-quarter earnings. The owner of Olive Garden will offer some insight into whether or not it will be able to generate revenue from its real estate holdings as its foot traffic declines.
- Pre-Market Movers No. 2, CAG: Shares of ConAgra Inc. (NYSE: CAG) were up more than 6% this morning after activist hedge fund Jana Partners disclosed a 7.2% stake in the food manufacturer. The fund said CAG shares are undervalued and announced intentions to nominate three directors to the ConAgra board.
Stocks to Watch Today: FIT, FOGO, MCD
- Stocks to Watch No. 1, FIT: Shares of Fitbit Inc. (NYSE: FIT) surged more than 50% yesterday during FIT's debut on the New York Stock Exchange. The company's IPO price was $20, above its expected $17 to $19 range. The company's valuation topped $4.1 billion. Now the key question for investors: Is Fitbit stock a buy? Find out here.
- Stocks to Watch No. 2, FOGO: The fourth restaurant group will go public today when Brazilian steakhouse operator Fogo de Chao Inc. (Nasdaq: FOGO) hits the market for the first time today. The company has priced its initial public offering at $20 per share, well above the previous forecast of $16 to $18. The $20 per share level would offer the company an implied value of $545 million.
- Stocks to Watch No. 3, MCD: Fast-food giant McDonald's Corp. (NYSE: MCD) announced yesterday the company will close more stores than it will open for the first time in more than 40 years. The company continues to struggle in a turnaround including menu changes and an operational overhaul. With Americans changing their diet habits, weakness plaguing Europe, and a meat scandal damaging its reputation in Asia, the company is facing a steep uphill battle against newer, fast-dining competitors.
Today's U.S. Economic Calendar (all times EST)
- Atlanta Fed Business Inflation Expectations at 10 a.m.
- San Francisco Federal Reserve Bank President John Williams speaks at 11:40 a.m.
- Cleveland Federal Reserve Bank President Loretta Mester speaks at 12:15 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.