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Futures for the Dow Jones Industrial Average today (Thursday, Sept. 10) forecast a 50-point retreat a day after a decline in commodity prices and shares of Apple Inc. (Nasdaq: AAPL) dragged down U.S. markets.
In a conversation with CNBC this morning, hedge fund manager David Tepper said the ongoing drawdown of foreign reserves is fueling market turbulence right now. This morning, Money Morning Capital Wave Strategist Shah Gilani warns that China – which just announced a record outflow of foreign reserves last month – could batter U.S. stocks again. Here's what you can do about it right now.
Yesterday, the Dow Jones fell more than 239 points as oil prices plunged and a late sell-off reversed gains made in early hours of the trading session. Investors remain in a period of volatility as they try to make sense of monetary policy in China, the United States, and Europe.
The downturn followed a rally in global markets, where the Nikkei had its best single day in nearly seven years, rising more than 7.7%. Yesterday, Japanese Prime Minister Abe Shinzo promised to slash the nation's corporate income tax – which is the highest rate of any developed country – by at least 3.3% over the next year.
Top News in the Stock Market Today
- The Stock Market Today: Investors will keep an eye on weekly jobless claims, an update on import and export prices. Forex markets will react to news that members of the Bank of England voted 8-1 to keep interest rates at historic lows of 0.5%.
- Oil Outlook: Oil prices were up this morning as traders continue to weigh domestic data. This afternoon, the U.S. Energy Information Administration will report domestic crude stocks, as concerns about oversupply were waning ahead of the data. This morning, WTI prices added 0.2% to reach $44.26. Meanwhile, Brent oil prices were up marginally to hit $47.61 per barrel.
- Earnings Reports: Companies reporting quarterly earnings reports include Lululemon Athletica Inc. (Nasdaq: LULU), Finisar Corp. (NYSE: FNSR), and Restoration Hardware Holdings Inc. (NYSE: RH).