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Dow Jones Industrial Average News, 5/10/2016: The markets are ticking higher this morning as investors look to earnings reports, economic data, and events abroad.
The other thing that traders are chattering about this morning: The Panama Papers. A new batch of reports from the the International Consortium of Investigative Journalists reveals that at least 36 Americans have been accused of using offshore accounts in order to avoid taxes.
More than 300 economists from 30 nations have denounced tax havens due to the exposure of the Panama Papers and called for reform this week. Here are the details.
Profit Alert: IPO investors haven't had much luck in 2016, but that's about to change. This will get you ready for the turnaround…
Here's today's top stock market news, stocks to watch, ways to profit, and economic calendar for May 10, 2016.
What's Moving the Dow Jones Industrial Average Today: Oil Prices in Flux
Dow Jones futures climbed more than 69 points during a busy day of earnings reports and economic data.
Here's a breakdown of why the Dow is pushing higher this morning.
- First up, global markets were ticking higher on news that the European Union plans to provide additional debt relief to the beleaguered economy of Greece. The news caused the Greek 10-year bond yield to fall below 8% for the first time in roughly six months.
- Next, crude oil prices were mixed this morning on news that Saudi Arabia plans to boost production in preparation of its mega-IPO for state-owned Saudi Aramco. The kingdom shocked traders over the weekend when King Salman replaced Ali al-Naimi, the oil minister in charge of the country's energy policy since 1995. Khaled al-Falih, the chairman of the state-owned oil titan Saudi Aramco, was sworn in to take his place. Brent crude was up 0.8% in early trading. Finally, top Russian oil executive Igor Sechin announced that ongoing tensions among officials will topple OPEC.
- GOP presumptive nominee Donald Trump's economic plan received some airtime and TLC from Maria Bartiromo on FOX Business. Here are the details of the procedural changes proposed by the real estate mogul during his interview.
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 Gap Inc. (NYSE: GPS) cratered more than 11% after the firm announced that April sales and first-quarter sales were far below Wall Street expectations. The warning comes two weeks before the firm releases its Q1 earnings report on May 19.
- Shares of McDonald's Corp. (NYSE: MCD) were retreating from an all-time high yesterday. Investors continued to cheer its all-day breakfast menu and the positive impact on sales. It's been quite a turnaround for MCD stock, which is up 10% since Jan. 1 and more than 35% in the last year. The firm is experimenting with new menu items across the United States. These options include garlic fries on the West Coast and a larger Big Mac in Texas.
- Renewable energy giant Solar City Corp. (Nasdaq: SCTY) slumped more than 18% after the firm reported a dismal earnings loss and slashed its projected sales of solar panel installations for the year.
- Next, shares of Allergan Plc. (NYSE: AGN) continued to gain in pre-market hours after the Dublin-based biotech company beat earnings expectations. The firm bested top-line earnings expectations by $0.06 and beat Wall Street revenue figures. The earnings beat comes a day after the firm saw shares rally more than 6% on news that Teva Pharmaceuticals Industries Ltd. (NYSE ADR: TEVA) plans to close its $40.5 billion deal for Allergan's generics business by the end of June.
- Shares of Walt Disney Co. (NYSE: DIS) were ticking higher this morning as the entertainment giant plans to report earnings after the bell today. Yesterday, DIS stock slipped 0.4% despite 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.
- On the earnings front, look for additional reports from Electronic Arts Inc. (Nasdaq: EA), SodaStream International Ltd. (Nasdaq: SODA), Fossil Group Inc. (Nasdaq: FOSL), and Jazz Pharmaceuticals Plc. (Nasdaq: JAZZ).
Today's U.S. Economic Calendar (all times EDT)
- NFIB Small Business Optimism Index at 6 a.m.
- Redbook at 8:55 a.m.
- JOLTS at 10 a.m.
- Wholesale Trade at 10 a.m.
- 4-Week Bill Auction at 11:30 a.m.
- 3-Year Note Auction 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.