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Dow Jones Industrial Average News, 4/5/2016: Today (Tuesday) the U.S. dollar slumped against the Japanese yen to a 17-month low.
Thanks a lot Janet Yellen!
The U.S. Federal Reserve's dovish policy continues to hit the greenback as gold prices had their best quarter in decades.
Here's today's top stock market news, stocks to watch, ways to profit and economic calendar for April 5, 2016.
What's Moving the Dow Jones Industrial Average Today: Global Sell-Off
Dow Jones futures today projected a 110-point decline as a global sell-off hit Asian and European markets. Concerns about interest rates and sliding oil prices pushed investor expectations into negative territory.
Here's a breakdown of why the Dow is slipping this morning.
- First up, shares of Walt Disney Co. (NYSE: DIS) were off nearly 2% after the firm announced that its COO Thomas Staggs will be resigning. The news throws the firm's succession plans into disarray.
- At a German university this morning, International Monetary Fund (IMF) Managing Director Christine Lagarde said that global economies need to do more to boost economic growth. Lagarde warned about risks to the global economy.
- WTI crude oil prices were slumping on news that the U.S. Energy Information Administration stated gasoline demand slipped 0.6% in January. In January, domestic oil demand slipped 1% year over year. WTI crude and Brent crude were both off roughly 0.1% this morning.
- On the economic front, inflation is in focus. The Fed's unwillingness to raise rates has fueled a decline in the dollar in 2016. Keep an eye on the international trade report for February. The weaker dollar is expected to be a boon for our international exports and will provide insight into U.S. GDP ahead of the real report.
Now here's your list of top stocks to watch in today's market, plus today's economic calendar:
Companies to Watch in the Stock Market Today
- Bad news for the auto sector. Shares of Tesla Motors Inc. (Nasdaq: TSLA) fell roughly 3% this morning on news that the delivered 14,820 vehicles in the first quarter. That's well below expected deliveries of 16,000. The firm said that supplier problems hurt their deliveries. Still, pre-orders for Tesla's Model 3 make TSLA stock a very strong long-term investment.
- Twitter Inc. (Nasdaq: TWTR) is rallying on news that the firm will be showing Thursday night NFL games. The social media company announced a multiyear deal to show games.
- Shares of Allergan Plc. (NYSE: AGN) fell more than 20% on news that the U.S. Treasury announced plans to go after companies engaging in inversion deals to reduce tax rates. Both Allergan and Pfizer Inc. (NYSE: PFE) said they will look at the government's new rules, which could impact their planned $160 billion merger.
- Shares of Darden Restaurants Inc. (NYSE: DRI) were rallying after the restaurant firm reported stronger than expected third-quarter earnings. The firm said that sales at Olive Garden propelled their earnings beat.
- On the earnings front, look for quarterly reports from Walgreens Boots Alliance Inc. (NYSE: WBA), International Speedway Corp. (NYSE: ISCA), and Schulman Inc. (Nasdaq: SHLM).
Today's U.S. Economic Calendar (all times EDT)
- International Trade at 8:30 a.m.
- Gallup US ECI at 8:30 a.m.
- Redbook at 8:55 a.m.
- PMI Services Index at 9:45 a.m.
- JOLTS at 10 a.m.
- ISM Non-Manufacturing Index at 10 a.m.
- 4-Week Bill Auction at 11:30 a.m.
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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.