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How Did the Stock Market Do Today?
S&P 500: 2,096.92; -5.52; -0.26%
Nasdaq: 5,059.35; -32.35; -0.64%
The Dow Jones Industrial Average today slipped 33 points after the Chinese stock market fell 6.2% and global retail giant Wal-Mart Stores Inc. (NYSE: WMT) reported disappointing quarterly results. Shares of Chinese e-commerce giant Alibaba Group Holding Ltd. (NYSE: BABA) slipped another 1.8% on the day.
New construction on U.S. housing rose at its strongest pace since October 2007, before the onset of the Great Recession. The U.S. Commerce Department announced housing starts increased by 0.2% last month. Shares of homebuilders and home improvement companies D.R. Horton Inc. (NYSE: DHI), KB Home (NYSE: KBH), Lennar Corp. (NYSE: LEN), PulteGroup Inc. (NYSE: PHM), and Toll Brothers Inc. (NYSE: TOL) all rose more than 1.4% on the day.
The S&P 500 Volatility Index (VIX), the market's fear gauge, gained more than 6.3% on the day.
Top Stock Market News Today
- Stock Market News: Chinese stocks slumped 6.2% today, sending fears across the global markets that Beijing's efforts to stabilize the economy may fuel additional currency devaluations. The news sent commodity prices plunging. Metals prices were on the slide today over broader geopolitical and economic concerns. Gold prices slid 0.1% to hit $1,116. Meanwhile, copper prices slipped to near six-year lows, down 1.6%, hitting $2.28, while silver prices slipped another 3.2%. Go here for a breakdown of why silver prices are down today.
- Oil Moves: Domestic oil prices gained today, rising from a six-and-a-half year low as housing data provided a boost to energy commodities. WTI crude futures for September gained 1.2% to hit $42.43 per barrel. Meanwhile, Brent oil prices dipped 0.3% to $48.59 per barrel. Shares of Chevron Corp. (NYSE: CVX) were up 0.2% on the day, while BP Plc. (NYSE ADR: BP) dipped 0.8%. Meanwhile, Exxon Mobil Corp. (NYSE: XOM) slipped another 1.1% on the day.
- On Tap Wednesday: Tomorrow, investors will focus the release of last month's minutes from the Fed Open Market Committee meeting. Companies reporting earnings on Wednesday include Lowe's Co. Inc. (NYSE: LOW), Target Corp. (NYSE: TGT), NetApp Inc. (Nasdaq: NTAP), L Brands Inc. (NYSE: LB), American Eagle Outfitters Inc. (NYSE: AEO), Staples Inc. (Nasdaq: SPLS), J.M. Smucker Co. (NYSE: SJM), and Hormel Foods Corp. (NYSE: HRL).
Stocks to Watch: NPBC, HD, OMER, CMCSA, WMT
- Stocks to Watch No. 1, NPBC: Shares of National Penn Bancshares Inc. (Nasdaq: NPBC) jumped more than 16.7% on news BB&T Corp. (NYSE: BBT) will purchase the bank in a cash-and-stock deal worth roughly $1.8 billion. The company continues to pursue an acquisition model in order to expand its operations. Just two weeks ago, BB&T closed its $2.5 billion deal for Susquehanna Bancshares Inc. (Nasdaq: SUSQ). The deal is aimed to help BB&T expand throughout the U.S. Mid-Atlantic region.
- Stocks to Watch No. 2, HD: Shares of Home Depot Inc. (NYSE: HD) gained 2.6% after reporting stronger than expected second-quarter earnings and news that the home retailing giant announced for the second time it has hiked its 2015 outlook. Home Depot announced a 4% increase in quarterly sales and a 15% boost in profits. The stock hit an all-time intraday high today.
- Stocks to Watch No. 3, OMER: Shares of Omeros Corp. (Nasdaq: OMER) surged more than 72% after the company reported positive data from its clinical trial for its blood clot treatment OMS721.
- Stocks to Watch No. 4, CMCSA: NBCUniversal, a division of Comcast Corp. (Nasdaq: CMCSA), announced plans to invest roughly $200 million in online publisher BuzzFeed. The investment will boost the company's online presence and aim to expand its younger audience through a number of "strategic partnerships" designed to attract millennials who are shifting away from traditional television.
- Stocks to Watch No. 5, WMT: Shares of Wal-Mart Stores Inc. (NYSE: WMT) slipped 3.4% after the company missed Q2 earnings estimates and weakened its forward guidance. The retail giant posted earnings per share (EPS) of $1.08, short of the $1.12 consensus forecast. Net income came in at $3.48 billion, down from $4.09 billion in the same quarter a year ago. For Q3, WMT is projecting EPS between $0.93 and $1.05. For a breakdown of Walmart stock earnings, go here now.
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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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.