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How Did the Stock Market Do Today?
S&P 500: 2,108.63; +0.06; +0.00%
Nasdaq: 5,128.79; +17.05; +0.33%
Down 5 points, the DJIA today had its flattest session in roughly two weeks as investors were mixed over the U.S. Commerce Department's announcement that the economy grew at a modest 2.3% in the second quarter of 2015. Investors also appear underwhelmed by June-ending earnings reports. Notable decliners today included Procter & Gamble Co. (NYSE: PG), down nearly 4%, Facebook Inc. (Nasdaq: FB), which slipped more than 1.5%, and Whole Foods Market Inc. (Nasdaq: WFM), which fell more than 11.8% to a 52-week low. But today's biggest decliner was oil company LINN Energy LLC (Nasdaq: LINE), which fell more than 26% after the firm announced plans to suspend its quarterly dividends in order to conserve money during a sharp downturn in oil prices.
Top Stock Market News Today
- Stock Market News: The U.S. markets were flat after the Commerce Department reported a weaker than expected first reading of Q2 GDP at 2.3%, as consensus expectations called for 2.6% growth. The U.S. government also revised its report on first-quarter GDP, saying the economy retracted by 0.9%. Economists also downwardly revised GDP readings from 2012 to 2014, saying growth averaged 2.1%, compared to its previous average estimate of 2.4%.
- Oil Prices: Domestic oil prices reversed course after two days of positive gains. WTI crude futures for September slipped 0.7% to hit $48.48 per barrel. Meanwhile, Brent oil prices were down marginally to hit $53.33 per barrel. The news comes as several multinational companies are in the process of reporting earnings. Shares of Royal Dutch Shell Plc. (NYSE ADR: RDS.A) were up 3.6% this morning after the company announced weak quarterly earnings, but said it plans to lay off 6,500 employees and slash company costs in an effort to reduce liabilities. Shares of Exxon Mobil Corp. (NYSE: XOM) were down nearly 0.2%, and Chevron Corp. (NYSE: CVX) stock was down 0.2% ahead of tomorrow's earnings reports.
- On Tap Tomorrow: On Friday, traders will continue to digest the second-quarter GDP report, while exploring monthly consumer sentiment and the Chicago PMI. Companies reporting earnings include Arbor Realty Trust Inc. (NYSE: ABR), Chevron Corp. (NYSE: CVX), Exxon Mobil Corp. (NYSE: XOM), IMS Health Holdings Inc. (NYSE: IMS), ITT Corp. (NYSE: ITT), Legg Mason Inc. (NYSE: LM), and Phillips 66 (NYSE: PSX).
Stocks to Watch: TMUS, WYNN, FB, WWE, TSLA
- Stocks to Watch No. 1, TMUS: Shares of T-Mobile US Inc. (NYSE: TMUS) rose 4.9% after the company reported a boost in subscriber growth and stronger than expected quarterly earnings. The company said it added more than 2.1 million users in the previous quarter and hiked its 2015 outlook for new subscribers.
- Stocks to Watch No. 2, WYNN: Shares of Wynn Resorts Ltd. (Nasdaq: WYNN) gained 8.5% after the casino operator reported weak earnings but still beat Wall Street expectations. The company said that its revenue slipped by 26% after a difficult period for the international gaming industry. The company said it remains positive about its operations in Macau, China.
- Stocks to Watch No. 3, FB: Shares of Facebook Inc. (Nasdaq: FB) slumped more than 1.8% despite reporting that it beat Wall Street quarterly expectations after the bell yesterday. The stock slipped after the company reported a sharp increase in expenses. The firm reported a 9% decline in quarterly profits and said it boosted spending on mobile infrastructure and the development of WhatsApp, Instagram, and virtual reality headset manufacturer Oculus Rift, all recent company acquisitions. Still, it was an impressive quarter. Here's why…
- Stocks to Watch No. 4, WWE: Shares of World Wrestling Entertainment Inc. (NYSE: WWE) surged 17.5% after the firm reported stronger than expected earnings and subscription growth. The firm reported per-share earnings of $0.07, besting Wall Street expectations for a net loss of $0.02. The company also announced that subscribers to its WWE Network channel jumped more than 31% in the last quarter and more than 75% year over year.
- Stocks to Watch No. 5, TSLA: Shares of electric car and battery manufacturer Tesla Motors Inc. (Nasdaq: TSLA) were up 1.1% on news that the company will begin a sales referral program. Tesla, which has no advertising budget or traditional auto show rooms, will allow vehicle owners to earn $1,000 for every person who uses an online referral link to purchase a vehicle. The program will also allow those prospective buyers to save $1,000. The first person to refer 10 buyers in various global sales regions will also earn a free SUV Model X.
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
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