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For Feb. 10, 2016, here's the top stock market news and stocks to watch based on today's market moves…
How Did the Stock Market Do Today?
S&P 500: 1,851.86; -0.35; -0.02%
Nasdaq: 4,283.59; +14.83; +0.35%
The Dow Jones Industrial Average today (Wednesday) fell 99 points as markets reacted to U.S. Federal Reserve Chairwoman Janet Yellen's testimony before Congress on the health of the U.S. economy. Shares of Tesla Motors Inc. (Nasdaq: TSLA), Twitter Inc. (NYSE: TWTR), and Whole Foods Market Inc. (Nasdaq: WFM) are in focus as the three firms report earnings after the bell.
The CBOE Volatility Index (VIX) – Wall Street's fear gauge – slipped 0.75%.
On the economic front, Fed Chairwoman Janet Yellen questioned the legality of negative interest rates during her testimony before the House of Representatives. Yellen said struggles in the financial sector and the ongoing contraction of the Chinese economy were threats to the U.S. economy; however, she also added the central bank is very unlikely to cut interest rates again in the near future.
Top Stock Market News Today
- Stock Market Today: Four of the 10 major S&P sectors were in positive territory as traders weighed Yellen's testimony. Healthcare stocks offered the strongest boost to the Dow Jones, while telecom stocks were the largest drag. Shares of Pfizer Inc. (NYSE: PFE) were up 1.4% on heavy volumes, while Johnson & Johnson (NYSE: JNJ) was off 0.3%. Shares of Comcast Corp. (Nasdaq: CMCSA) slipped more than 4.1% as concerns about cord-cutting continue to weigh on the cable industry.
- Oil Prices: Crude oil prices hit a three-week low as macroeconomic concerns continue to weigh on commodity prices. WTI crude oil – priced in New York – slipped 1.8% to hit $27.45 per barrel. Meanwhile, Brent crude – priced in London – gained 1.7% to hit $30.84 per barrel. Shares of Exxon Mobil Corp. (NYSE: XOM) dipped 0.9%, while shares of Chevron Corp. (NYSE: CVX) added 0.1%. Shares of NGL Energy Partners LP (NYSE: NGL) slipped 17.8% as MLPs continue to face pressures from falling crude prices.
- On Tap Tomorrow: On Thursday, Fed Chairwoman Janet Yellen will begin the second day of her congressional testimony as she appears before the Senate Banking Committee. Traders will keep an eye on weekly jobless claims, the EIA natural gas report, and the Fed Balance Sheet. Companies set to report quarterly earnings include Groupon Inc. (Nasdaq: GRPN), Pandora Media Inc. (NYSE: P), TripAdvisor Inc. (Nasdaq: TRIP), Wynn Resorts Ltd. (Nasdaq: WYNN), Activision Blizzard Inc. (Nasdaq: ATVI), PepsiCo Inc. (NYSE: PEP), CBS Corp. (NYSE: CBS), and Monster Worldwide Inc. (NYSE: MWW).
Stocks to Watch: CNX, DIS, NFLX
- Stocks to Watch No. 1, CNX: Shares of CONSOL Energy Inc. (NYSE: CNX) fell despite news the Supreme Court has blocked President Obama's efforts to reduce carbon emissions from power plants. In a surprise 5-4 vote, the court has stalled the Environmental Protection Agency's Clean Power Plan.
- Stocks to Watch 2, DIS: Shares of Walt Disney Co. (NYSE: DIS) were off 3.8% after the company announced declining profits and subscribers at its ESPN sports network. The Disney stock price is now at its lowest level since October 2014. Not even its strong box-office profits from the recent "Star Wars" film was able to boost the company's stock.
- Stocks to Watch No. 3, NFLX: Shares of Netflix Inc. (Nasdaq: NFLX) were up on news the company is expanding its original content to focus on several foreign markets. A report by Ampere Analysis states the streaming giant is planning to spend roughly 25% of its original content budget on titles produced in nations like France, Italy, Spain, and the UK.
What Investors Must Know This Week
- The $600 Million Signal That Oil Prices Are About to Rise
- How to Prepare for a Global Recession in 2016
- This Easy Investing Strategy Can Lead to 2,426% Profits
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.