The Dow Jones Industrial Average today (Tuesday) added 13 points as shares of DuPont Co. (NYSE: DD) led the gains. Shares of DuPont surged more than 7.6% on news the company's chairwoman and CEO Ella Kullman will retire in October. The announcement comes after a long battle against activist investor Nelson Peltz and his hedge fund Trian Fund Management LP.
Meanwhile, investors added more caution today after the International Monetary Fund slashed its 2015 growth forecast to 3.1% on concerns related to falling oil prices and China's slowing economy. The Nasdaq slipped a little less than 1% on the day.
The S&P 500 Volatility Index (VIX), the market's fear gauge, dipped 1.1% on the day.
Top Stock Market News Today
Stock Market News: Seven of 10 S&P sectors were in the red this afternoon, with healthcare stocks taking the hardest hit. UnitedHealth Group Inc. (NYSE: UNH) was the biggest drag on the S&P 500 today, falling more than 3%. Shares of Illumina Inc. (Nasdaq: ILMN) fell more than 10% after the company released weaker than expected earnings and slashed its outlook. The genetic sequencing firm said sales remain weak in both Japan and Europe, raising concerns about its near-term performance. Biotech companies remain in focus as political candidates take aim at their price increases over the last few years. In fact, we explain biotech companies have hiked drug prices by 76% in a special report, right here.
Oil Prices Rise: Oil prices were pushing higher on news that Russia plans to speak with OPEC members about the impact of oversupply on the global oil markets. Money Morning Global Energy Strategist Kent Moors explains why Russia flinched and what it means for investors, specifically the likelihood of greater price stabilization in the future. WTI oil prices gained 5.1% to hit $46.65 per barrel, while Brent crude prices added nearly 5.5% on the day. Today's biggest volume traders: Exxon Mobil Corp. (NYSE: XOM) gained 1.4%, while Chevron Corp. (NYSE: CVX) added 3.6%.
On Tap Tomorrow: On Wednesday, traders will be keeping an eye on Europe, where the United Kingdom provides a critical manufacturing production report and the Bank of England announces its interest rate policy in the wake of the U.S. Federal Reserve's recent decision to not tighten monetary policy. Meanwhile, the U.S. Energy Information Administration will report on weekly oil inventories in the wake of falling domestic production. Companies reporting earnings tomorrow include Monsanto Co. (NYSE: MON), Constellation Brands Inc. (NYSE: STZ), Global Payments Inc. (NYSE: GPN), and Acuity Brands Inc. (NYSE: AYI).
Stocks to Watch No. 1, PEP: Shares of PepsiCo Inc. (NYSE: PEP) gained 1.3 % after the company said it beat consensus earnings and revenue forecasts. The company announced an earnings per share (EPS) of $1.35, ahead of Wall Street expectations by $0.09. The company also raised its full-year forecast and is back in range of its 52-week high.
Stocks to Watch No. 2, YUM: Shares of Yum! Brands Inc. (NYSE: YUM) were up 0.49% on the day. The global restaurant company will report quarterly earnings after the bell.
Stocks to Watch No. 3, SAB: Shares of beer brewing giant SABMiller Plc. (LON: SAB) slipped nearly 4% on news the company turned down a $250 billion takeover bid from rival Anheuser-Busch Inbev SA (NYSE ADR: BUD). Bloomberg first reported SAB turned down the offer due to price and not concerns about regulatory scrutiny. Both companies would have faced significant scrutiny from regulators over the size of the deal and concerns about global competition following a merger of the world's two largest brewers.
Stocks to Watch No. 4, FIT: Shares of Fitbit Inc. (NYSE: FIT) cratered 4.5% today on news tech rival Microsoft Corp. (Nasdaq: MSFT) had released the second generation of its wearable technology device. The company unveiled Microsoft Band 2, which includes a calorie counter, a heart rate monitor, and GPS technology. MSFT stock gained on news of its pending release.
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.
