The Dow Jones Industrial Average today (Friday, June 10) slumped more than 100 points as oil prices fell on supply concerns and investors weighed the possibility of a Brexit. With oil falling below $50 per barrel, energy stocks had a bleak Friday. It was a particularly tough day for shale producers, which are under stress due to significant debt across the industry. Shares of Whiting Petroleum Corp. (NYSE: WLL) and Bill Barrett Corp. (NYSE: BBG) were both off more than 10% on the day.
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First up, check out the results for the Dow Jones Industrial Average, S&P 500, and Nasdaq:
Dow Jones: 17,865.34; -119.85; -0.67%
S&P 500: 2,096.07; -19.41; -0.92%
Nasdaq: 4,894.55; -64.07; -1.29%
Now, here's the top stock market news today...
DJIA Today: Oil Prices Crater, Financial Stocks Rocked Again
First up, concerns about the United Kingdom leaving the European Union after a new poll indicated voters are leaning toward a departure from the world's largest economic bloc.
The bond markets were a mess thanks to Japan's continued debasement of its own economy and concerns about the Brexit. This morning, Japanese 10-year bond yields slipped to a new record low of -0.155%, while British and German bonds also slipped to fresh lows.
The downturn had a hard impact on financial stocks. Shares of JPMorgan Chase & Co. (NYSE: JPM) and Wells Fargo & Co. (NYSE: WFC) were off 1.4% and 1.6%, respectively, while Citigroup Inc. (NYSE: C) slipped 2.5%. Big banks are taking it on the chin as traders largely expect the U.S. Federal Reserve to hold off on the timing of its next interest rate hike. Bank stocks are off to their worst start for the year since 2011.
Crude oil prices slumped sharply after the weekly Baker Hughes Inc. (NYSE: BHI) rig count rose for the second straight week in the United States. WTI prices were off roughly 3%, while Brent crude dipped another 2.7%. While the crude oil price drop has been tied to expectations that production is set to increase around the globe, Money Morning Global Energy Specialist Dr. Kent Moors says this "oil dip" isn't going to last. In fact, he's got five new reasons why the oil-price recovery is here to stay.
But the big news today centered on Tesla Motors Inc. (Nasdaq: TSLA), which saw shares decline by 4.6%. The company denied it forced Model S vehicle customers to sign non-disclosure agreements over repairs to its suspension systems. An automotive blog wrote on Wednesday the firm was engaged in a cover-up to prevent its customers from talking to regulators at the National Highway Traffic Safety Administration. Despite concerns about today's breaking news, we remain bullish on TSLA stock. Here's why.
Now, let's look at the day's biggest stock movers and the must-own commodity for today...
Top Stock Market News Today
- Shares of Apple Inc. (Nasdaq: AAPL) were in focus as the global technology firm prepares for Monday's developers conference. Various analysts anticipate the firm will make announcements about its Siri technology, Apple Pay, and its app store. With AAPL stock hovering around $99 per share, investors need to know that a buying opportunity has presented itself. Money Morning Director of Tech & Venture Capital Research Michael A. Robinson has insight on Apple you won't find anywhere else. And he shares his price target for AAPL stock, right here.
- Another day, another brutal session for a retail stock. Shares of Urban Outfitters Inc. (Nasdaq: URBN) were off 5.8% 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.
- Meanwhile, shares of Qualcomm Inc. (Nasdaq: QCOM) fell 2.1% after Bloomberg reported the company would be replaced by Intel Corp. (Nasdaq: INTC) in the production of some iPhone units.
- Shares of Twitter Inc. (NYSE: TWTR) fell more than 4% after 33 million usernames and passwords were hacked on June 8. The company continues to deal with serious cybersecurity issues, a problem that's limiting the stock's upside and worrying investors. But hacking is just one small part of a bigger mess that Twitter is dealing with. Find out what Money Morning Capital Wave Strategist Shah Gilani had to tell TWTR shareholders in this video.
- Finally, here is your stock of the day. The Brexit debate is heating up ahead of the June 23 vote. According to several polls, the support to stay and the support to leave the European Union among voters in the United Kingdom are separated by just a small amount. Gilani offers a new way for investors everywhere to bring in lots of cold, hard capital on the market's rapidly evolving jitters over the UK's future in Europe. Check it out, right here.
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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.