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Dow Jones Industrial Average News, 4/14/2016: The markets remain mostly flat, but that's not saying much when expectations are their lowest since the financial crisis.
This week, investors are clawing through earnings statements and taking a wait-and-see approach as global macroeconomic threats hover.
Here's today's top stock market news, stocks to watch, ways to profit, and economic calendar for April 13, 2016.
What's Moving the Dow Jones Industrial Average Today
Dow Jones futures were down marginally this morning as traders digested earnings reports from some of the nation's largest banks.
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Here's a breakdown of why the Dow is flat this morning.
- First up, Bank of Japan Governor Haruhiko Kuroda announced yesterday that the central bank is poised to slash interest rates again. Kuroda also plans to boost the bond-purchasing program even further if the nation continues to experience stagnate growth and lower inflation. The central bank has tried both remedies over and over again, but it seems they keep anticipating a different result each time.
- The markets are frowning at the earnings report of Bank of American Corp. (NYSE: BAC). Shares were down 0.5% in pre-market hours after the megabank beat top-line earnings expectations by a penny. However, the second-largest domestic bank by assets reported a stunning 18% decline in quarterly profits. The blame goes to economic uncertainty, the U.S. Federal Reserve, and declines in bond and stock trading. BAC stock fell 20% during the first quarter of 2016. Rival Wells Fargo Co. (NYSE: WFC) also narrowly beat top- and bottom-line expectations for the first quarter, but WFC stock fell 0.5%.
- Global oil producers need to make a decision on this price freeze soon. That's because price volatility ahead of next week's meeting is getting out of control. WTI crude oil prices retreated again this morning after Russia's oil minister told a room full of analysts during a closed-door meeting that any agreed production freeze would be a loose agreement with few hard commitments on volumes. Meanwhile, the International Energy Agency (IEA) slashed its global demand growth expectations for 2016 to 1.16 million barrels per day.
- On the economic front, today is all about the CPI core rate. Economists anticipate that the core inflation rate increased by 0.2% last month. Meanwhile, look out for speeches from two members of the Federal Reserve as investors seek greater insight into the timing of the next interest rate hike by the central bank.
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
- It's the end of another era. Exchange operator CME Group Inc. (NYSE: CME) announced plans to close down its New York trading floor later this year due to sharp declines in trading volumes.
- Shares of SunEdison Inc. (NYSE: SUNE) rallied more than 90% in pre-market hours after an audit panel found no "substantial evidence" of fraud during a review of the alternative energy company's accounting documents.
- Shares of Netflix Inc. (Nasdaq: NFLX) are in focus as the company could see a decline in customers due to its newly announced price increases. According to investment research firm Nomura, the firm will lose roughly 450,000 customers when it boosts its prices on grandfathered consumers by $2.00.
- Shares of BlackRock Inc. (NYSE: BLK) are in focus after the world's largest asset manager announced a 20% decline in first-quarter profits. The firm hiked its dividend by 5% to reassure investors during what its CEO Larry Fink called "a challenging market environment."
- Shares of Yahoo! Inc. (Nasdaq: YHOO) were ticking up on rumors that Verizon Communications Inc. (NYSE: VZ) has emerged as the favorite to win the auction for the Internet company's core business. Yahoo has given companies until April 18 to submit first bids.
- Today, look for reports and updates from Delta Air Lines Inc. (NYSE: DAL), BlackRock Inc. (NYSE: BLK), PNC Financial Services Group Inc. (NYSE: PNC), Progressive Corp. (NYSE: PGR), and Shaw Communications Inc. (NYSE: SJR).
Today's U.S. Economic Calendar (all times EDT)
- Consumer Price Index at 8:30 a.m.
- Jobless Claims at 8:30 a.m.
- Bloomberg Consumer Comfort Index at 9:45 a.m.
- Jerome Powell Speaks at 10 a.m.
- Dennis Lockhart Speaks at 10 a.m.
- EIA Natural Gas Report at 10:30 a.m.
- 3-Month Bill Announcement at 11 a.m.
- 6-Month Bill Announcement at 11 a.m.
- 5-Year TIPS Announcement at 1 a.m.
- 30-Year Bond Auction at 1 p.m.
- Fed Balance Sheet at 4:30 p.m.
- Money Supply at 4:30 p.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.