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%.
The S&P 500 Volatility Index (VIX), the market's fear gauge, surged more than 12% on the day.
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%.[epom key="ddec3ef33420ef7c9964a4695c349764" redirect="" sourceid="" imported="false"]
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.
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.
