For Oct. 9, 2015, here is your stock market news and stocks to watch based on today's market moves...
How Did the Stock Market Do Today?
Dow Jones:17,084.49; +33.74;+0.20%
S&P 500: 2,014.89; +1.46;+0.07%
Nasdaq:4,830.47; +19.68;+0.41%
The Dow Jones Industrial Average today (Friday) added 33 points as airline stocks pushed the markets higher, along with the broader industrial sector. Shares of American AirlinesGroup Inc. (Nasdaq: AAL) were up more than 6%, while United ContinentalHoldings Inc. (NYSE: UAL) added 6.2%.
The S&P 500 had its best week in 2015 after markets rallied in the wake of the U.S. Federal Reserve's decision to maintain low interest rates. Minutes from the September FOMC meeting, released on Thursday, indicated an even more dovish stance by the central bank than many economists had anticipated. The bank remains highly concerned low export figures and a strong U.S. dollar could be a recipe for weak inflation levels.
Despite the markets' expectations no hike will come in 2015, New York Fed President William Dudley told CNBC the door remains open for a rate hike later this month. However, he said the same thing in the weeks leading up to last month's decision by the central bank.
The S&P 500 Volatility Index (VIX), the market's fear gauge, dipped 1.6% on the day.
Top Stock Market News Today
Stock Market News: Six of 10 S&P sectors were in the green today with tech and materials stocks leading the charge. The energy sector was today's biggest drag on the market with the likelihood of a rate hike fading even further. The SPNY was down roughly 0.8%. Shares of Goldman Sachs Group Inc. (NYSE: GS) and Bank of America Corp. (NYSE: BAC) both slipped roughly 1% on the day.
Oil Prices Mixed: Oil prices finished up on the week by 8% as U.S. production levels continue to decline. WTI prices finished up 0.22% to hit $49.54 per barrel, while Brent crude prices slipped about 1.1% on the day. A barrel of Brent in London hit $52.49 today. This afternoon, the weekly rig count released by Baker Hughes Inc. (NYSE: BHI) indicated producers cut nine net rigs last week from U.S. oilfields. According to the company, there are now 605 rigs in operation, down from 1,609 rigs during the same time last year. Shares of Exxon Mobil Corp. (NYSE: XOM) and Chevron Corp. (NYSE: CVX) both declined and were two of the day's largest drags on the Dow Jones.
On Tap Next Week: On Monday, U.S. markets will be closed for the Columbus Day holiday. Three members of the Federal Reserve will be giving speeches on monetary policy and the U.S. economy. Companies reporting earnings reports include Advanced Drainage Systems Inc. (NYSE: WMS), Consumer Portfolio Services Inc. (Nasdaq: CPSS), KMG Chemicals Inc. (NYSE: KMG), Stanley Furniture Co. (Nasdaq: STLY), and Synergetics USA Inc. (Nasdaq: SURG).
Stocks to WatchNo. 1, MS: Shares of Morgan Stanley (NYSE: MS) slipped on news it received a downgrade from rival Goldman Sachs Group Inc. (NYSE: GS). Shares of MS slipped more than 0.8%.
Stocks to Watch No. 2, GPS: Shares of Gap Inc. (NYSE: GPS) slipped more than 5.2% after the company reported weaker than expected same-store sales in September. The retailer was today's largest decliner on the S&P 500.
Stocks to Watch No. 3, AA: Shares of aluminum giant Alcoa Inc. (NYSE: AA) fell another 7% after a broad sell-off followed its earnings report after the bell on Thursday. The company reported earnings per share of $0.14 on revenue of $5.67 billion. That's short of Wall Street expectations of $0.16 per share on top of $5.725 billion in quarterly revenue.
Stocks to Watch No. 4, TSLA: Shares of electric vehicle manufacturer Tesla Motors Inc. (Nasdaq: TSLA) slumped more than 2.6% after receiving a downgrade from investment firm Barclays Plc. (NYSE ADR: BCS).
Stocks to Watch No.5, ETSY: Shares of Etsy Inc. (Nasdaq: ETSY) rebounded slightly, adding 2.1% after Thursday's dismal decline. The stock was down after Amazon.com Inc. (Nasdaq: AMZN) announced plans to launch its own marketplace dedicated to homemade goods. The service, called Amazon Homemade, could offer craft-makers a broader market to sell products and help court some users who are frustrated with Etsy's recent plans to sell manufactured products. Products will also be available through Amazon Prime, providing a strategic logistical advantage over the smaller competitor.
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.