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How Did the Stock Market Do Today?
S&P 500: 2,084.09; -20.09; -0.95%
Nasdaq: 5,036.79; -65.01; -1.27%
The Dow Jones Industrial Average today plunged more than 212 points after China elected to devalue its yuan currency by 2%, the largest such decline in nearly 20 years. Companies with exposure to the world's second-largest country suffered most, including General Motors Co. (NYSE: GM), which declined more than 3%. The Nasdaq dropped nearly 1.3%, with tech giant Apple Inc. (Nasdaq: AAPL) cratering more than 5%.
Top Stock Market News Today
- Stock Market News: The Dow Jones plummeted 212 points after the Chinese central bank issued a "one-off depreciation" of its currency, driving down the yuan to its lowest levels against the dollar in three years. It was the market's worst one-day performance in roughly three weeks. The biggest drag on the Dow was Freeport-McMoRan Inc. (NYSE: FCX), which slipped more than 12% on falling commodity prices.
- Oil Moves: Oil prices cratered to a six-year low on Tuesday as concerns about China and a stronger U.S. dollar pushed commodity prices down. WTI crude futures for September slipped nearly 4% to hit $43.20 per barrel. Meanwhile, Brent oil prices fell 2.2% to $49.26 per barrel. The energy sector was today's worst performer, falling more than 1.5%. Multinational energy giant Exxon Mobil Corp. (NYSE: XOM) slipped nearly 0.7%.
- On Tap Wednesday: Tomorrow, investors will focus on a speech by New York Federal Reserve Bank President William Dudley and a critical oil inventory report from the U.S. Energy Information Administration (EIA). Companies reporting earnings include Cisco Systems Inc. (Nasdaq: CSCO), Alibaba Group Holding Ltd. (NYSE: BABA), Macy's Inc. (NYSE: M), NetEase Inc. (Nasdaq ADR: NTES), and News Corp. (Nasdaq: NWSA).
Stocks to Watch: GOOG, GOOGL, NBG, TEX, TWTR, BABA
- Stocks to Watch No. 1, GOOG: Shares of Google Inc. (Nasdaq: GOOG, GOOGL) were up more than 4% on news the tech titan will overhaul its company structure. Sergey Brin and Larry Page announced they will be creating a new company called Alphabet, of which Google will be a subsidiary. Page will be the CEO of Alphabet, while Brin will be the company's president. For a breakdown of the new company, visit here.
- Stocks to Watch No. 2, NBG: Shares of National Bank of Greece (NYSE ADR: NBG) gained more than 3.6% on news Greece has reached an agreement with its international creditors for an 85 billion euro ($93.72 billion) bailout.
- Stocks to Watch No. 3, TEX: Shares of Terex Corp. (NYSE: TEX) gained more than 22% after the crane and mining equipment manufacturer announced it will merger with Finnish competitor Konecranes Plc. (OTCMKTS: KNCRF). Shares of Konecranes were up more than 4.2%.
- Stocks to Watch No. 4, TWTR: Shares of Twitter Inc. (NYSE: TWTR) were up 0.4% after receiving an upgrade from investment firm Monness, Crespi, Hardt & Co. The company hit a one-year low on Friday but has received some positive momentum after announcing it forged a multiyear agreement with the National Football League.
- Stocks to Watch No. 5, BABA: Ahead of its earnings report on Wednesday, shares of Alibaba Group Holding Ltd. (NYSE: BABA) dipped more than 4.4% after the company announced it will spend $4.63 billion on the electronics chain Suning Commerce Group Inc. Alibaba officials said the $4.63 billion price tag will buy the company a 20% stake in Suning. In return, Suning will receive a 1.1% stake in Alibaba.
What Investors Must Know This Week
- Why We're Still Bullish on Apple Stock (Nasdaq: AAPL)
- The Best Way to Add Gold to Your Portfolio Today
- The 4 Real Reasons Oil Prices Are Slipping – and How to Profit
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