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Dow Jones Industrial Average News, 6/10/2016: The bond markets are a mess this morning thanks to Japan's continued debasement of its own economy and concerns about the potential departure of the United Kingdom from the European Union.
This morning, Japanese 10-year bond yields slipped to a new record low of -0.155%, while British and German bonds also slipped to new lows.
While the UK vote isn't set until June 23, the cost of money plunged yet again after the European Central Bank announced plans to bolster the purchasing of corporate bonds. While all this has been happening, investors could be missing a number of other events around the globe that are set to impact this trading day.
We are going to make sure you get all caught up today.
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Here's today's top stock market news, stocks to watch, ways to profit, and economic calendar for June 10, 2016.
What's Moving the Dow Jones Industrial Average Today: Bond Jitters Abroad
Dow Jones futures projected a 93-point decline this morning. In the United States, the 10-year bond levels fell to their lowest point since February as concerns about economic stability around the globe continue.
Here's a breakdown of why the Dow is pushing lower this morning.
In deal news, Reuters reports that unnamed sources have topped Verizon Communications Inc.'s (NYSE: VZ) $3.5 billion offer for the core Internet business of Yahoo! Inc. (Nasdaq: YHOO). Reports from multiple sources indicate that several offers have risen higher than $5 billion. Suitors in recent weeks have included AT&T Inc. (NYSE: T), Berkshire Hathaway Inc. (NYSE: BRK.A), and private-equity giant TPG Capital.
Meanwhile, shares of Merck & Co. Inc. (NYSE: MRK) were off slightly after the company announced plans to purchase biotech firm Afferent Pharmaceuticals for up to $1.25 billion. The target company is engaged in the development of treatments for neurogenic conditions. Keep an eye on biotech stocks today, as the deal could fuel optimism for a sector that has faced recent pressures.
Crude oil prices were off as investors took more profits off the table and the dollar strengthened compared to other currencies around the globe. WTI crude slipped 1.3%, while Brent crude dropped another 1.3%. Prices continued to decline despite concerns over recent attacks to the energy infrastructure of Nigeria.
Analysts anticipate that oil prices will face pressures in the weeks ahead as Canada brings its supplies back online after disastrous wildfires ravaged the region. However, Money Morning Global Energy Specialist Dr. Kent Moors offers five reasons why the recent price dip isn't going to continue. Here they are.
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 Urban Outfitters Inc. (Nasdaq: URBN) were off more than 8.7% after the company reported a decline in same-store sales. Like other retail companies, Urban Outfitters is suffering from a massive problem that most analysts are ignoring these days. Here's the problem and how mall owners are fighting back.
- It's been a wild ride this year for Tesla Motors Inc. (Nasdaq: TSLA). The electric car manufacturer has announced that it will price its new Model S starting at $66,000 per vehicle, which will have a travel range of roughly 200 miles. Meanwhile, the firm is currently being reviewed by the National Highway Traffic Association regarding potential safety defects to the vehicle's suspension system. But the real story is about how Goldman Sachs Group Inc. (NYSE: GS) manipulated TSLA stock. You're not going to believe this.
- Shares of Amazon.com Inc. (Nasdaq: AMZN) were off 0.5% despite receiving another stock upgrade. This time, William Blair hiked the firm's rating to "Outperform" and said it expects the company to continue to see incredible growth from its web services platform. The stock is currently hovering near its all-time high of $731.50.
- No major U.S. companies report earnings on Friday.
Today's U.S. Economic Calendar (all times EDT)
- Consumer Sentiment at 10 a.m.
- Baker Hughes Rig Count at 1 p.m.
- Treasury Budget at 2 p.m.
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.