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Dow Jones Industrial Average News, 5/9/2016: Investors took the full weekend to digest Friday's April unemployment report, and oil prices rallied after supply concerns swelled around the globe.
Global markets were pushing higher on increasing oil prices, despite Friday's tepid jobs report here in the United States.
Here's today's top stock market news, stocks to watch, ways to profit, and economic calendar for May 9, 2016.
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Dow Jones futures projected a 37-point gain as investors mull the news that Saudi Arabia has replaced its oil minister. The decision is part of a broader effort by the Middle Eastern nation to diversify its economy away from the energy sector, which provides the bulk of its government revenues. The replacement of Ali al-Naimi is a possible sign that the nation may turn away from its strategy of high oil production.
Here's a breakdown of why the Dow is pushing lower this morning.
- First up, Canadian authorities are finally beginning to handle the wildfires that have ravaged Alberta and stifled production in the oil-rich region. WTI crude oil prices gained nearly 0.5% this morning, while Brent crude gained roughly 0.1%. Canada has slashed its daily production output by roughly 1 million barrels due to the disaster.
- The Shanghai Composite Index fell more than 2.7% as hopes of an economic recovery in China continue to fade. Over the weekend, the nation released dismal economic data about the state of its import and export markets.
- Democratic front-runner Hillary Clinton might have to go even farther left as the 2016 election approaches. That's because GOP front-runner Donald Trump has said he is open to hiking taxes on the wealthiest Americans. Trump has already taken very progressive stances on global trade pacts and the minimum wage in previous months. The announcement breaks with a stance that the GOP has held since the early 1990s when Bill Clinton held office.
- Investors are keeping their eyes on a key meeting among Eurozone finance ministers who are trying to agree on a package of economic reforms for Greece. The terms of the agreement would be necessary for the nation to meet its bailout goals in 2018. Additional debt relief is possible.
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
- Shares of Tyson Foods Inc. (NYSE: TSN) rallied nearly 5% this morning after the meat and poultry producer topped expectations. The firm topped both top-line and bottom-line estimates and said it was pleased with its report in what was a challenging quarter for the industry.
- Next, shares of LendingClub Corp. (NYSE: LC) cratered more than 23% after the firm's CEO resigned. Renaud Laplanche resigned after it was discovered that the company sold roughly $22 million in near-prime loans to one investor against the investor's explicit instructions. The firm also reported a quarterly loss of $6.4 million.
- Who's up for another super hero movie? Shares of Walt Disney Co. (NYSE: DIS) were in focus this morning on news that its "Captain America: Civil War" was the top film in the box office over the weekend. The film grossed $181.8 million in North American ticket sales, making it the fifth-best opening weekend in cinema history.
- The woes for Jack Dorsey just keep coming. The technology CEO saw shares of his payment company Square Inc. (NYSE: SQ) plunge more than 20% on Friday after the company reported a huge quarterly loss. The firm narrowly topped revenue expectations, but operating expenses surged last quarter. Like Square, shares of Dorsey-run Twitter Inc. (NYSE: TWTR) have also been unable to find a bottom as the social media giant struggles to generate advertising revenue. Can the Square stock price recover from today's collapse? You can find that answer, right here.
- On the earnings front, look for additional reports from Solar City Corp. (Nasdaq: SCTY), Rackspace Hosting Inc. (NYSE: RAX), InvenSense Inc. (Nasdaq: INVN), Hertz Global Holdings Inc. (NYSE: HTZ), and JD.com Inc. (Nasdaq ADR: JD).
Today's U.S. Economic Calendar (all times EDT)
- Chicago Federal Reserve Bank President Charles Evans speaks at 5:10 a.m.
- Labor Market Conditions Index at 10 a.m.
- 4-Week Bill Announcement at 11 a.m.
- 3-Month Bill Auction at 11:30 a.m.
- 6-Month Bill Auction at 11:30 a.m.
- TD Ameritrade IMX at 12:30 p.m.
- Minneapolis Federal Reserve Bank President Neel Kashkari speaks at 1 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.