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.
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:
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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.