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Stock Futures Today
Yesterday, the Dow Jones Industrial Average fell 10 points after a weak private employment report dampened expectations for a September rate hike, and shares of Walt Disney Co. (NYSE: DIS) plunged 9.3% after the company received a series of downgrades in the wake of its quarterly earnings report. The company cited slowing growth to its park attendance and concerns about its media division.
The ADP employment report stated that job growth in the private sector slowed down in July, with private employers hiring just 185,000 employees last month. That was off from economist expectations of 215,000. However, the services industry indicated a near-decade high in industry activity thanks to strong economic growth.
Top News in the Stock Market Today
- The Stock Market Today: Today, investors will focus on the weekly jobless claims report and prepare for Friday's July unemployment numbers, which could be the major catalyst for the Fed to make a decision in September on how it will handle monetary policy.
- Oil Outlook: Oil prices slipped again today to multi-month lows as traders raised concerns about oversupply and high inventory levels. WTI crude futures for September slipped 1.2% to hit $44.62 per barrel. Meanwhile, Brent oil prices dipped 0.7% to $49.24 per barrel.
- Earnings Reports: Companies reporting earnings today include 3D Systems Corp. (NYSE: DDD), Duke Energy Corp. (NYSE: DUK), EOG Resources Inc. (Nasdaq: EOG), Michael Kors Holdings Ltd. (NYSE: KORS), Monster Beverage Corp. (Nasdaq: MNST), Mylan NV (Nasdaq: MYL), New York Times Co. (NYSE: NYT), Orbitz Worldwide Inc. (NYSE: OWW), SeaWorld Entertainment Inc. (NYSE: SEAS), Teekay Corp. (NYSE:TK), Viacom Inc. (Nasdaq: VIAB), and Zynga Inc. (Nasdaq: ZNGA).
Pre-Market Movers in the Stock Market Today: TWX, CMCSA, DIS, TSLA, FIT
- Pre-Market Movers No. 1, TWX: Shares of Time Warner Inc. (NYSE: TWX) slumped 9% after Walt Disney Co. (NYSE: DIS) issued a pessimistic outlook for its cable business. Disney's statements indicate that more people are switching from paid television to video streaming than analysts had expected. Shares of Comcast Corp. (Nasdaq: CMCSA) slipped 4.7% on the day. Time Warner also said it will maintain its 2015 earnings outlook.
- Pre-Market Movers No. 2, TSLA: Shares of Tesla Motors Inc. (Nasdaq: TSLA) slumped more than 7% yesterday afternoon after the electric-car manufacturer announced it will likely sell fewer cars than analysts previously expected. The company slashed its 2015 guidance to between 50,000 and 55,000 automobiles, a downturn from its May prediction of 55,000 Model S and Model X vehicles combined. The company also reported second-quarter earnings and a loss of $184.3 million, or $1.45 a share, on revenue of $1.2 billion. After TSLA earnings, should you buy Tesla stock?
- Pre-Market Movers No. 3, FIT: Shares of Fitbit Inc. (NYSE: FIT) slumped more than 9.5% in pre-market trading even though the fitness-tracking technology firm beat Wall Street expectations. Fitbit posted earnings of $0.21 per share in the second quarter, smashing the Thomson Reuters estimate of $0.08 per share. So, should you invest in Fitbit stock after FIT earnings? Find out, right here.
Stocks to Watch Today: MDLZ, GMCR, JPM
- Stocks to Watch No. 1, MDLZ: Shares of Mondelez International Inc. (Nasdaq: MDLZ) were up more than 5.8% on news that activist investor Bill Ackman and his firm Pershing Square Holdings Ltd. has disclosed a 7.5% stake in the company. The $5.5 billion stake is a likely bet that the snack-food manufacturer could be an acquisition target as the sector continues to consolidate.
- Stocks to Watch No. 2, GMCR: Shares of Keurig Green Mountain Inc. (Nasdaq: GMCR) slipped more than 30% in pre-market trading after the company reported a massive decline in earnings and falling income. The firm said that sales of coffee pods and at-home brewing machines slipped year over year. The firm reported earnings of $0.73 per share, down from $0.94 per share during the same quarter last year.
- Stocks to Watch No. 3: JPM: Global investment bank JPMorgan Chase & Co. (NYSE: JPM) is in focus this morning after the company announced plans to move more than 2,100 employees from its Manhattan office to New Jersey as the firm takes advantage of a $19 million subsidy program. The company plans to boost its operations and technology capacity by moving out of New York City.
Today's U.S. Economic Calendar (all times EDT)
- Challenger Job-Cut Report at 7:30 a.m.
- Jobless Claims at 8:30 a.m.
- Gallup US Payroll to Population at 8:30 a.m.
- Bloomberg Consumer Comfort Index at 9:45 a.m.
- EIA Natural Gas Report at 10:30 a.m.
- 3-Month Bill Announcement at 11 a.m.
- 6-Month Bill Announcement at 11 a.m.
- Treasury STRIPS at 3 p.m.
- Fed Balance Sheet at 4:30 p.m.
- Money Supply at 4:30 p.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.