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Dow Jones Industrial Average News, 6/08/2016: It's another day with oil prices in focus as WTI crude prices pushed passed $51 per barrel.
Crude oil prices are in focus as the U.S. Energy Information Administration plans to release its 23rd weekly oil inventory report of the year. Oil prices are now up at a 10-month high, fueled by concerns about supply in Nigeria, Canada, Venezuela, and Libya.
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WTI crude prices were up 1.2%, while Brent crude added nearly 1.5%.
Here's today's top stock market news, stocks to watch, ways to profit, and economic calendar for June 8, 2016.
What's Moving the Dow Jones Industrial Average Today: Oil Prices Rally Again
Dow Jones futures projected a 30-point gain at open despite market weakness in Europe and Asia this morning. Weak Chinese trade data for the month of May raised concerns about the sustainability of the nation's economic resilience. China's weakness was evident this morning when the World Bank announced that it had slashed its projected growth outlook for the global economy.
The World Bank now says the global economy will grow by 2.4% this year. That's down from its previous forecast of 2.9%.
Here's a breakdown of why the Dow is pushing higher this morning.
Democratic presidential candidate Hillary Clinton offered her victory speech for her party's nomination after crossing the official line needed for total delegates. She is the first female presidential candidate to ever top a major party ticket. The announcement came after she won three big primaries on Tuesday and remains the projected winner in California.
On Wednesday, all eyes will be on Alphabet Inc. (Nasdaq: GOOGL). The technology giant will host its annual shareholders meeting today, where a number of key questions will be in focus. The company's leaders should anticipate questions about changes in management, the future of Nest, and other challenges.
On the deal front, shares of Polycom Inc. (Nasdaq: PLCM) are in focus on news that the digital video conferencing firm has received a takeover offer from a private-equity firm. According to reports, the offer is worth $12.25 per share. The firm's board, however, appears to be in greater support of an existing deal from Mitel Networks Corp. (Nasdaq: MITL).
In damning testimony, a former executive at Petrobras Brasileiro SA Petrobras (NYSE ADR: PBR) says that Alstom SA (EPA: ALO) and General Electric Co. (NYSE: GE) paid bribes in an effort to secure business deals in Brazil. A Bloomberg report says that the alleged bribes were around $10 million.
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
- On the earnings front, shares of Lululemon Athletica Inc. (Nasdaq: LULU) were up more than 2.5% in pre-market hours after the yoga retailer and manufacturer fell short of quarterly profit estimates, but still surprised Wall Street by increasing its full-year forecast. The company has seen a rise in costs, which led to its EPS of $0.30 being short of expectations by one cent.
- Look out, Apple Inc. (Nasdaq: AAPL). Technology giant Amazon.com Inc. (Nasdaq: AMZN) is looking to move deeper into India. As companies continue to struggle to make headway in China and face intellectual property challenges across the second-largest economy in the world, they are turning to India. AMZN CEO Jeff Bezos said his firm plans to invest another $3 billion into the nation despite stiff local competition.
- Yahoo! Inc. (Nasdaq: YHOO) is back in focus. A day after Verizon Communications Inc. (NYSE: VZ) announced a $3 billion offer for the Internet giant's core business, Yahoo is now looking to sell its portfolio of roughly 3,000 patents. The company expects to raise as much as $1 billion by selling its patents.
- Shares of PulteGroup Inc. (NYSE: PHM) were up 4% on news that hedge fund Elliott Management Corp. announced a stake in the homebuilder. The hedge fund appears to be taking advantage of a public battle between PulteGroup founder William J. "Bill" Pulte and chief executive Richard Dugas.
- Shares of Valeant Pharmaceuticals International Inc. (NYSE: VRX) were off again this morning as the company continues to reel from another weak earnings report and another reduction in forward guidance. The downturn is not over yet, however, says Money Morning Global Credit Strategist Michael Lewitt. VRX stock is on the verge of an even sharper downturn, and it could very well be headed toward bankruptcy. Here's what to do now.
- Look for additional earnings reports from Restoration Hardware Holdings Inc. (NYSE: RH), Tailored Brands (Nasdaq: TLRD), Greif Inc. (NYSE: GEF), and Ferrellgas Partners LP (NYSE: FGP).
Today's U.S. Economic Calendar (all times EDT)
- MBA Mortgage Applications at 7 a.m.
- JOLTS at 10 a.m.
- Quarterly Services Survey at 10 a.m.
- EIA Petroleum Status Report at 10:30 a.m.
- 10-Year Note Auction at 1 p.m.
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