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U.S. Stock Futures Today
U.S. stock futures for the Dow Jones Industrial Average today were mixed. Dow futures forecast a slight 9-point drop from yesterday's Dow close, while the Nasdaq continued to rise after hitting a record on Thursday. The markets are keeping an eye on Germany, where the nation's officials are voting on whether the country should accept Greece's bailout and debt concessions as the European Union takes steps to prevent a "Grexit."
On Thursday, the Dow Jones rose 70 points after companies reported strong earnings and concerns about Greece abated due to the country's parliament voting in favor of austerity measures to receive bailout money. Greece officials announced that the nation's banks will reopen on Monday and that it is looking for ways to allow citizens to bunch 60-euro withdrawals over the next few days.
Top News in the Stock Market Today
- The Stock Market Today: This morning, a round of critical economic data will complement a number of key earnings reports in the technology and manufacturing sectors. Investors will be looking for momentum in the housing markets as construction starts are reported this morning. Consumer price sentiment and the CPI data report round out a busy day for the markets.
- Oil Outlook: Oil prices were on track for their third-consecutive week of price declines as traders react to the nuclear deal between Iran and the West and the U.S. Federal Reserve looks prepared to increase interest rates later this year. WTI crude futures for August were down 0.6% today at $50.61 per barrel. Meanwhile, Brent oil prices were down 0.5% to hit $56.66 per barrel.
- Earnings Reports: Companies reporting earnings today include General Electric Co. (NYSE: GE), Honeywell International Inc. (NYSE: HON), Kansas City Southern (NYSE: KSU), Knoll Inc. (NYSE: KNL), SunTrust Banks Inc. (NYSE: STI), Synchrony Financial (NYSE: SYF), and WW Grainger Inc. (NYSE: GWW).
Pre-Market Movers in the Stock Market Today: GOOG, GOOGL, GE, HTZ
- Pre-Market Movers No. 1, GOOGL: Shares of Google Inc. (Nasdaq: GOOG, GOOGL) were up more than 13% in pre-market trading after the company reported adjusted earnings of $6.99 per share, beating Wall Street expectations of $6.70. The company said that earnings jumped to $3.9 billion, or $6.51 a share. That's a significant rise from $3.4 billion, or $4.96 a share, during the same period last year.
- Pre-Market Movers No. 2, GE: Today's biggest name to report earnings will be DJIA component General Electric Co. (NYSE: GE), which makes its first major report after a series of deals to unload its financial businesses. The company didn't disappoint investors, reporting that its industrial profits jumped 5%, while it raised its 2015 financial outlook for its industrial manufacturing businesses. The firm said that its manufacturing unit saw an 11% jump in profits, despite worries about a strong dollar and costs associated with merger and acquisition activity. Shares were up 1.3% in pre-market trading.
- Pre-Market Movers No. 3, HTZ: Shares of Hertz Global Holdings Inc. (NYSE: HTZ) surged more than 17.4% this morning after the car-rental company announced a restructuring plan that will include a program to slash internal costs by $300 million this year. The firm also announced plans to repurchase at least $1 billion in company shares to generate shareholder value.
Stocks to Watch Today: AMZN, GRPN
- Stocks to Watch No. 1, AMZN: E-commerce giant Amazon.com Inc. (Nasdaq: AMZN) announced that its "Prime Day" event to celebrate its 20th anniversary was a financial success. The company said it would continue the promotion in 2016, despite some customer complaints about the scarcity of deals or products they wanted to purchase. The company said its sales figures shattered Black Friday sales and increased the sales of its $99 Prime delivery service. Amazon shares were up 0.7% this morning.
- Stocks to Watch No. 2, GRPN: Shares of Groupon Inc. (Nasdaq: GRPN) were up 3.4% on news that the company has acquired on-demand food ordering firm OrderUp. The deal provides Groupon with a significant boost in its presence in the $70 billion food ordering and delivery sector. Terms of the deal were not disclosed, but the acquisition is another positive step for Groupon as it continues to transition away from daily deals in order to create an "e-commerce marketplace."
Today's U.S. Economic Calendar (all times EDT)
- Consumer Price Index at 8:30 a.m.
- Housing Starts at 8:30 a.m.
- Consumer Sentiment at 10 a.m.
What Investors Must Know This Week
- The Top Three High-Return Investments to Buy Today
- Is Netflix Stock a Buy After Stock Split and Earnings Beat?
- The Real Impact of the Iran Nuclear Deal on U.S. Oil Prices
Stay informed on what's going on in the markets by following us on Twitter @moneymorning.
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.