Now, let's discuss what you need to know about the markets on April 29, 2016.
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First up, check out the results for the Dow Jones, S&P 500, and Nasdaq:
Dow Jones: 17,759.84; -70.92; -0.40%
S&P 500: 2,064.87; -10.94; -0.53%
Nasdaq: 4,774.10; -31.19; -0.65%
Now, here's the top stock market news today...
Canadian drug maker Valeant Pharmaceuticals International Inc. (NYSE: VRX) has filed its overdue 2015 audited financial statements with the Securities and Exchange Commission. The stock has tumbled since questions arose about the company's business practices and drug pricing last year.
Apple Inc. (Nasdaq: AAPL) was still sliding a day after manager Carl Icahn announced that Icahn Enterprises (NYSE: IEP) has ditched its position in AAPL stock. Shares of AAPL stock fell 1.4%, capping off the technology stock's worst week since 2013. Concerns about the company's ability to sell products in China are weighing down trader sentiment, in addition to the firm's ongoing shift toward services and applications as a remedy for falling iPhone sales. As Money Morning Technical Trading Specialist D.R. Barton explains, the company is changing the meaning of what it means to be an Apple shareholder. Barton says the company is taking a big misstep right now.
The Panama Papers saga continues. Yesterday, the International Consortium of Investigative Journalists (ICIJ) announced plans to unleash new damning evidence from Panamanian law firm Mossack Fonseca to the public. Here's the one major revelation that everyone will be talking about.
On the economic data side, concerns about inflation continue to cloud the expectations for the next interest rate hike by the U.S. Federal Reserve. This morning, the U.S. Commerce Department announced that the personal consumption expenditures price index, excluding food and energy purchase, ticked up 0.1% in March. The agency also upwardly revised February's increase to 0.2%.
Crude oil prices rose moderately today, capping off a stunning month that saw WTI crude prices increase by nearly 20%. Even though prices have rallied 75.6% from their 13-year low of $26.21 in February, oil price predictions on Wall Street are still bearish. Here's why they're wrong.
Multinational energy giants Exxon Mobil Corp. (NYSE: XOM) and Chevron Corp. (NYSE: CVX) both disappointed investors with first-quarter earnings. Exxon posted its smallest profit in over 15 years as net income fell 63% to $1.81 billion.
Meanwhile, Chevron posted a much wider than expected loss. The company's loss was its largest since 2001, a staggering decline of $725 million. That's down from last year's profit of $2.57 billion.
With oil prices rebounding over the last few months and the dollar declining, investors expect much better earnings in the second quarter.
Now, let's look at the day's biggest stock movers and the stock of the day.
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About the Author
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.