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Dow Futures Today
On Monday, the DJIA surged 217 points as Greece reached a tentative bailout agreement with its international creditors. The Greek debt talks extended into the eleventh hour over the weekend, but the nation was able to obtain roughly $95 billion over the next three years. For a breakdown of what happens to Greece now, read our insight right here.
Top News in the Stock Market Today
- Stock Market Today: This morning, investors will monitor the June monthly retail sales report and will weigh in on a speech from Kansas City Federal Reserve Bank President Esther George on monetary policy. But the big news centers on Iran's nuclear deal and its continued downward pressure on global oil prices. The news will likely be a boon to refinery stocks and airline stocks, while oil producers and midstream supply chain firms will suffer from the downturn in prices.
- Oil Outlook: Oil prices declined on news that Iran and six Western nations have reached a tentative deal that would lift economic sanctions on the oil-producing nation in exchange for concessions in its nuclear program. The deal will allow Iran's crude production to go back onto the international market. WTI crude futures for August dipped 0.1% to hit $52.15 per barrel. Meanwhile, Brent oil prices fell 0.3% to hit $57.64 per barrel.
- Earnings Reports: Companies reporting earnings on Monday include AAR Corp. (NYSE: AIR), CSX Corp. (NYSE: CSX), Fastenal Co. (Nasdaq: FAST), Johnson & Johnson (NYSE: JNJ), JPMorgan Chase & Co. (NYSE: JPM), Las Vegas Sands Corp. (NYSE: LVS), Wells Fargo & Co. (NYSE: WFC), and Yum! Brands Inc. (NYSE: YUM).
Pre-Market Movers in the Stock Market Today: NAVI, VLO, AAPL, JPM
- Pre-Market Movers No. 1, NAVI: Shares of Navient Corp. (Nasdaq: NAVI) cratered more than 13% in pre-market hours after a temporary halt to trading. The student loan management and servicing company announced a downward revision to its 2015 earnings outlook and offered weak guidance for the second quarter. The company projects earnings of $0.40 per share, well below Wall Street expectations of $0.55 per share.
- Pre-Market Movers No. 2, VLO: Refining giant Valero Energy Corp. (NYSE: VLO) announced plans to buy back an additional $2.5 billion in shares, raising its current program to $2.9 billion. Valero also declared a $0.40 dividend. The stock was up more than 2.6% in pre-market hours. Yesterday's trading session was very positive for refineries. Rivals Phillips 66 (NYSE: PSX) and HollyFrontier Corp. (NYSE: HFC) gained on falling oil prices, while Marathon Petroleum Corp. (NYSE: MPC) added more than 7.8% on deal news.
- Pre-Market Movers No. 3, AAPL: Shares of Apple Inc. (Nasdaq: AAPL) continued to rise in pre-market hours after yesterday's positive performance. On Monday, Apple stock added nearly 2% on news that Canaccord Genuity Group Inc. (OTC: CCORF) issued a research report indicating the tech giant is dominating the global smartphone industry. According to Canaccord's research, Apple earned 92% of all profits generated by the smartphone sector's top eight manufacturers. Meanwhile, the company received an upgrade from "Hold" to "Buy" by investment firm Societe Generale SA (OTC ADR: SCGLY). The stock also received a secondary boost after a Cantor Fitzgerald analyst reaffirmed his "Buy" rating for Apple stock and dismissed concerns about the impact of China's recent stock slump on the global tech giant.
- Pre-Market Movers No. 4, JPM: Shares of JPMorgan Chase & Co. (NYSE: JPM) beat Wall Street consensus earnings estimates in the second quarter by $0.10 per share. The company reported per-share earnings of $1.54 and said its revenue outpaced analyst expectations on stronger than expected growth in its mortgage business and a decline in legal costs.
Stocks to Watch Today: MU, NFLX, JBLU
- Stocks to Watch No. 1, MU: Shares of Micron Technology Inc. (Nasdaq: MU) were up more than 12% on news that China's Tsinghua Unigroup Ltd. has submitted a $23 billion bid for the company. Tsinghua is China's largest state-owned semiconductor company. Its $21 per-share bid represents a 19.3% premium over Micron's closing price yesterday.
- Stocks to Watch No. 2, NFLX: Shares of Netflix Inc. (Nasdaq: NFLX) jumped nearly 4% yesterday to reach a new 52-week and an intraday high. Today, the entertainment-streaming giant will enact the Netflix stock split that will offer seven shares for every one share of common stock in the form of a dividend. NFLX stock was up marginally in pre-market hours. Here's the best way to play Netflix after the stock split…
- Stocks to Watch No. 3, JBLU: Declining fuel prices were a boon on Monday for airline stocks. But after the bell, JetBlue Airways Corp. (Nasdaq: JBLU) announced its June "passenger revenue per available seat" – a critical measure of profitability for the industry – had fallen by roughly 1% compared to the same month in 2014. JBLU stock was up marginally in pre-market hours, but the upward tick is a likely reaction to news of the Iranian deal and falling oil prices.
Today's U.S. Economic Calendar (all times EDT)
- NFIB Small Business Optimism Index at 6 a.m.
- Retail Sales at 8:30 a.m.
- Import and Export Prices at 8:30 a.m.
- Redbook at 8:55 a.m.
- Business Inventories at 10 a.m.
- 4-Week Bill Auction at 11:30 a.m.
- Kansas City Federal Reserve Bank President Esther George speaks at 8:15 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.