Dow futures forecast a 99-point decline despite news that Asian markets continued to rebound this morning. China's benchmark Shanghai Composite gained 4.8% today, 2.9% of which occurred in the final hour of trading. S&P 500 futures were down -12.50 points, and Nasdaq futures were also in the red at -25.50 points.
On Thursday, the Dow Jones surged in the final 30 minutes of trading to finish up more than 369 points. Markets moved higher as a revision of second-quarter GDP showed the economy may be much stronger than previously reported and concerns over the Chinese stock market faded. The U.S. Commerce Department reported that between April and June, GDP grew at 3.7%, much higher than the 2.3% it had reported last month.
Many investors are now asking, "Is this stock market correction over?" You can watch Money Morning Capital Wave Strategist Shah Gilani's prediction on FOX Business' "Varney & Co." here...
Top News in the Stock Market Today
The Stock Market Today: Investors will keep an eye on any developments from the Fed's Jackson Hole meeting, an update on consumer sentiment, and a weekly oil rig count from energy giant Baker Hughes Inc. (NYSE: BHI).
Oil Outlook:Oil prices surged yesterday on news that Venezuela, which is heavily reliant on oil sales in order to finance its government, is seeking a meeting of OPEC members to discuss production levels and declining prices. Domestic oil prices surged more than 10% yesterday. This morning, WTI crude oil prices gained nearly 1% to $42.95 a barrel. Meanwhile, Brent oil prices gained more than 0.5% to $47.82 per barrel. For more on yesterday's surge in oil prices, go here.
Earnings Reports: Companies reporting earnings include Big Lots Inc. (NYSE: BIG) and Regis Corp. (NYSE: RGS).
Pre-Market Movers in the Stock Market Today: AAPL, FCX, MU
Pre-Market Movers No. 1, AAPL: Shares of Apple Inc. (Nasdaq: AAPL) continued their positive momentum in pre-market hours after adding another 2.9% on Thursday. The stock is up on news the tech giant has scheduled a product event on Sept. 9. Apple is expected to unveil its iPhone 6S during the event, which will be held in San Francisco. Meanwhile, tech industry watchdog IDC said in a research report today that sales of the Apple Watch might be better than previously expected.
Pre-Market Movers No. 2, FCX: Shares of Freeport-McMoRan Inc. (NYSE: FCX) surged more than 17% in pre-market hours, a day after surging 28% in Thursday's trading session. Shares are soaring after hedge fund manager Carl Icahn announced he has taken a stake in the mining giant. Icahn said that he will speak with the company's board of directors about capital expenditures and executive salaries. FCX had just announced plans to slash its mining budget by 25% in 2016 and cut 10% of its mining employees due to falling commodity prices.
Pre-Market Movers No. 3, MU: Shares of Micron Technology Inc. (Nasdaq: MU) are in focus on news that the chairman of China's Tsinghua Unigroup is visiting the United States to discuss with the semiconductor giant's board the prospect of a takeover bid. The conversation would revive a politically charged concern for investors. Recently, Micron turned down a $23 billion offer from the Chinese government-backed investment giant after its board members assumed U.S. regulators would reject the deal over the sensitivity of data sharing and national security concerns.
Stocks to Watch Today: ATVI, UAL, TSLA
Stocks to Watch No. 1, ATVI, UAL: Shares of Activision Blizzard Inc. (Nasdaq: ATVI) and United Continental Holdings Inc. (NYSE: UAL) were both up near 6% pre-market after the companies were added to the S&P 500 Index. The two firms replaced Pall Corp. (NYSE: PLL) and Hospira Inc. (NYSE: HSP), which are both being acquired by rival firms.
Stocks to Watch No. 2: TSLA: Shares of Tesla Motors Inc. (Nasdaq: TSLA) jumped 8.1% on Thursday after Consumer Reports praised the firm's Model S P85D and gave it the highest possible score in automobile testing.
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.
