For Nov. 9, 2015, here's the top stock market news and stocks to watch based on today's market moves...
How Did the Stock Market Do Today?
Dow Jones: 17,730.48; -179.85; -1.00%
S&P 500: 2,078.58; -20.62; -0.98%
Nasdaq: 5,095.30; -51.82; -1.01%
The Dow Jones Industrial Average today (Monday) fell 179 points, while the Nasdaq and S&P 500 were both off roughly 1% as well. The Dow officially ticked back down into negative territory for the year as new fears about an economic slowdown in China hit investors at the onset of the holiday shopping season. This morning, China reported a record surplus for trade and said both imports and exports were on the decline. Finally, traders weighed the news the Organization for Economic Co-Operation and Development (OCED) had again slashed its expected global growth forecast in 2015.
Tomorrow, Chicago Federal Reserve Bank President Charles Evans speaks on a panel to discuss government debt. Meanwhile, check for monthly updates to the NFIB Small Business Optimism Index, import and export prices, and wholesale trade. Companies reporting quarterly earnings on Tuesday will include Amdocs Ltd. (Nasdaq: DOX), D.R. Horton Inc. (NYSE: DHI), Rockwell Automation (NYSE: ROK), 51job Inc. (Nasdaq ADR: JOBS), Markit Ltd. (Nasdaq: MRKT), Wayfair Inc. (NYSE: W), and Arena Pharmaceuticals Inc. (Nasdaq: ARNA).
Top Stock Market News Today
Stock Market News: All 10 S&P sectors were in the red during Monday's trading session, with cyclical good stocks and energy both falling more than 1.3%. Shares of Netflix Inc. (Nasdaq: NFLX) fell more than 3.6% on heavy volumes, while Tesla Motors Inc. (Nasdaq: TSLA) dipped 3%. In the telecom sector, the three largest weights on the day were AT&T Inc. (NYSE: T), Comcast Corp. (Nasdaq: CMCSA), and Verizon Communications Inc. (NYSE: VZ), all of which dipped more than 0.4%.
Oil in Focus: Oil prices slumped again Monday as concerns about demand in China weighed down expectations for a rally and raised mentions of oversupply on the market. Traders are placing bets the U.S. Federal Reserve is poised to raise interest rates during the next FOMC meeting. December WTI prices fell nearly 0.9% to hit $43.90, while Brent oil crude - priced in London - fell 0.5% to hit $47.18. The decline in oil prices led to a 1.7% decline in energy stocks. Shares of Exxon Mobil Corp. (NYSE: XOM) and Chevron Corp. (NYSE: CVX) fell roughly 2% on the day.
Square Set: The Square IPO price range is $11 to $13 a share. The company has also announced it will list on the New York Stock Exchange with the ticker "SQ." So, should you buy the Square IPO?
Big Deal: Lockheed Martin stock received a $262.8 million contract with the U.S. Air Force. It's the first major deal announced at the biennial Dubai Airshow, which runs until Thursday.
Stocks to Watch: PCLN, WYNN, APA, GS, PCL, WY, TGT
Stocks to Watch No. 1, PCLN: Shares of Priceline Group Inc. (Nasdaq: PCLN) cratered more than 9.5% despite news the company beat top and bottom line quarter revenue estimates. The company reported per-share earnings of $25.35, besting Wall Street expectations of $24.34. In addition, it reported revenue of $3.10 billion, beating consensus calls for $3.07 billion. The stock declined after Priceline issued weaker fourth-quarter profit guidance and said it likely won't meet Wall Street estimates. On the positive side, the company reported it had surpassed its 1 billion guest milestone during the quarter.
Stocks to Watch No. 2, WYNN: Shares of Wynn Resorts Ltd. (Nasdaq: WYNN) fell more than 7.2% and dragged down the S&P 500 on the day. The company reported weaker than expected quarterly earnings and an 80% decline this year in profits compared to the same period in 2014. The company has suffered one blow after the next as its profit center in Macau continues to experience a crackdown on gambling from the Chinese government.
Stocks to Watch No. 3, APA: Shares of Apache Corp. (NYSE: APA) gained more than 13% after rumors of a possible takeover hit Wall Street. Speculation emerged early that the oil and gas company had rejected an unsolicited takeover bid. Bloomberg reports the company is working with Goldman Sachs Group Inc. (NYSE: GS) to determine its strategic options.
Stocks to Watch No. 4, PCL: Shares of Plum Creek Timber Co. Inc. (NYSE: PCL) jumped more than 17.3% on news the timber and forestry company will be purchased by rival Weyerhaeuser Co. (NYSE: WY) to create a $23 billion timber magnate. Shares of Weyerhaeuser lost nearly 3% on the day.
Stocks to Watch No. 5, TGT: In a sign of either corporate insanity or expectations for a hyper-competitive holiday retail season (or both), Target Corp. (NYSE: TGT) announced plans to launch its Black Friday promotions five days before the actual Black Friday. The company said it will offer 10 days of deals on apparel, toys, electronics, and more, beginning online on Nov. 22. Next year, don't be surprised if they begin playing Christmas Carols the week before Halloween.
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.