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How Did the Stock Market Do Today?
S&P 500: 1,953.03; -8.02; -0.41%
Nasdaq: 4,805.76; -16.58; -0.34%
The Dow Jones Industrial Average today (Monday) slipped roughly 62 points as traders anticipate that the U.S. Federal Reserve will not raise interest rates during this week's FOMC meeting. Here's a breakdown of what to expect from the central bank's two-day assembly on Wednesday and Thursday (Sept. 16-17).
Also, be sure to watch Money Morning Chief Investment Strategist Keith Fitz-Gerald, a 33-year global market expert, predict what will happen – and why he's so fed up with Federal Reserve policy.
The S&P 500 Volatility Index (VIX), the market's fear gauge, gained 5.4% on the day.
Top Stock Market News Today
- Stock Market News: The Dow Jones slipped another 62 points on Monday, with all ten S&P 500 sectors in the red. Energy stocks were in the red, fueled by falling energy prices and concerns over the Chinese economy. Shares of Exxon Mobil Corp. (NYSE: XOM) and Schlumberger Ltd. (NYSE: SLB) both slipped more than 0.3% on the day.
- Oil Prices Slip: Energy commodity prices remain under pressure following last week's news that Goldman Sachs Group Inc. (NYSE: GS) cut its price outlook. In addition, OPEC slashed its production forecast for non-member nations, a sign that falling prices are undercutting shale producers. Today, WTI prices dipped 1.1% to reach $44.11. Meanwhile, Brent oil prices slid more than 3.3% to hit $46.54 per barrel. The downturn in oil prices is creating a remarkable buying opportunity in the energy sector for savvy investors, particularly in multinational energy companies with a massive global presence. Here's Keith Fitz-Gerald's outline of one stock that you must own with oil prices this low.
- On Tap Tuesday: Tomorrow, investors will await an update on monetary policy from the Bank of Japan, manufacturing data in Germany and the broader Eurozone, and domestic reports on retail sales and U.S. industrial production. United Natural Foods Inc. (Nasdaq: UNFI) is the only company reporting earnings.
Stocks to Watch: AAPL, MHR, DB, NOK, ALU, SHAK
- Stocks to Watch No. 1, AAPL: Shares of Apple Inc. (Nasdaq: AAPL) gained roughly 1% on news pre-order sales of the company's new iPhones were on pace to break last year's first-weekend record. Though Apple does not disclose its sales figures, Apple analysts anticipate the firm sold roughly 4.5 million units over the first 24 hours. That would be a sharp increase from the 4 million it sold in 2014 after the firm experienced a number of regulatory and supply chain delays.
- Stocks to Watch No. 2, MHR: Shares of Magnum Hunter Resources Corp. (NYSE: MHR) were among the worst performers in the energy sector. This morning, Deutsche Bank AG (NYSE ADR: DB) reissued a "Hold" rating on the energy producer's stock. The company has experienced a number of downgrades as broader concerns about debt in the energy sector and falling oil prices weigh down the sector.
- Stocks to Watch No. 3, DB: Shares of Deutsche Bank AG were down 0.3% on news the company will slash approximately 1% of its global workforce, or nearly 23,000 jobs. According to Reuters, the firm will engage in a series of layoffs and will spin off its PostBank division.
- Stocks to Watch No. 4, NOK: Shares of Nokia Corp. (NYSE ADR: NOK) gained more than 1.6% on news the Committee on Foreign Investment in the United States will allow the mobile producer to purchase rival Alcatel Lucent SA (NYSE ADR: ALU). The $17.68 billion deal was approved in Europe in July. Alcatel shares were up more than 1.7% today.
- Stocks to Watch No. 5, SHAK: Shares of Shake Shack Inc. (NYSE: SHAK) slipped 5.5% today with trading of the casual-dining chain being exceptionally volatile over the last week. The stock's decline today came after Cowen Group Inc. (Nasdaq: COWN) initiated coverage of the stock on Friday. The investment firm set a rating of "market perform" and a price target of $42 per share. Here's a breakdown of why you should avoid Shake Shack and insight from our Chief Investment Strategist on why this stock "isn't the investment millions of people think it is."
What Investors Must Know This Week
- $200 Trillion Debt Bubble to Spark Massive Sell-Off
- Cash In on a Strong Dollar and Weak Stocks
- How to Double Your Money: A Step-by-Step Guide
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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.