Dow Jones Industrial Average News, 5/23/2016: Earnings season is winding down, and traders are keeping monetary policy in focus.
Pay attention to a busy week of Fedspeak as investors turn their attentions to the possibility of an interest rate hike by the U.S. Federal Reserve in June. After last week's significant shift in expectations for the June FOMC meeting, we'll be listening for monetary policy opinion from three members of the central bank today. Prepare for Fed-driven volatility in the weeks ahead.
Here's today's top stock market news, stocks to watch, ways to profit, and economic calendar for Monday, May 23, 2016.
It's a light day of economic data as investors weigh overall sentiment from members of the Federal Reserve. That puts a number of other stories on the radar for investors.
Biotech stocks will be in focus today as public health officials warn about a state-side outbreak of the Zika virus. The National Institute of Allergy and Infectious Diseases announced there are already more than 500 American cases of the disease. Warming summer months could lead to an outbreak, raising expectations for a big run for companies aiming to tackle the disease. Companies that have been working on potential cures and treatments include Zika stocks like Inovio Pharmaceuticals Inc. (Nasdaq: INO), Sanofi SA (NYSE ADR: SNY), and Intrexon Corp. (NYSE: XON).
On the international front, Greece's parliament took emergency measures into their own hands by introducing a series of new taxes and spending cuts to ensure the nation will be able to obtain emergency funding. The nation's top creditors in the International Monetary Fund and Germany have been debating how to provide Greece with much-needed debt relief.
WTI crude oil prices were sliding thanks to a stronger U.S. dollar and a failed unification among OPEC producers. Yesterday, Iran's key oil ministers said the nation has no plans to freeze crude production ahead of the upcoming OPEC meeting. Iran is trying to hike its production levels back to its output during the pre-sanction years. OPEC producers are set to meet on June 2 to discuss the cartel's global production target. Iran and Saudi Arabia remain deadlocked in proxy wars in hotspots across the Middle East, raising the stakes of next month's meeting.
WTI prices were off 0.5%, while Brent crude slipped 0.3%. The dollar continues to rally as investors anticipate a rate hike as the summer approaches.
Your Retirement Is Currently at Risk: The worsening debt crisis in Puerto Rico isn't a remote problem that won't affect you. In fact, it could potentially have a strong impact on your retirement funds - even if you don't own Puerto Rico bonds. Read more...
Now, here's your list of top stocks to watch in today's market, plus today's economic calendar:
Follow Money Morning on Facebook and Twitter.
Watch These Five Companies in 2016... There was a huge absence of IPO activity last year. In fact, only 170 companies went public in 2015 - down from 275 the year before. But 2016 is about to change all that as some of the biggest companies in the world prepare to hit the market. Here are the five we're keeping an eye on...
[mmpazkzone name="end-story-hostage" network="9794" site="307044" id="138536" type="4"]
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.