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Dow Jones Industrial Average News, 6/13/2016: We have an extremely busy week of economic data.
The U.S. Federal Reserve prepares to meet on Tuesday to discuss monetary policy and the timing of the next rate hike.
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Terrorism was back in focus over the weekend after the deadliest mass shooting in U.S. history hit Orlando, Florida. An armed assailant killed 50 people at a nightclub. President Obama called the attack an act of terror and hate.
A second possible attack was stopped in California after police arrested a suspect carrying weapons.
Here's today's top stock market news, stocks to watch, ways to profit, and economic calendar for June 13, 2016.
What's Moving the Dow Jones Industrial Average Today: Brexit Worries Accelerate
Dow Jones futures projected a 60-point decline at the opening bell. The ongoing worries about a potential departure from the European Union by the United Kingdom has fueled increased concerns about international trade, economic growth, and geopolitics.
Here's a breakdown of why the Dow is pushing lower this morning.
On the deal front, Symantec Corp. (Nasdaq: SYMC) announced plans to purchase Blue Coat Systems Inc. for roughly $4.65 billion. The deal is seen as a boon for the cybersecurity firm, as it will bolster its portfolio. Blue Coat – which is abandoning a planned IPO to accept this deal – will see its current executive Greg Clark assume the helm at Symantec Corp.
The Federal Reserve isn't the only central bank poised to meet to discuss interest rates this week. The Bank of Japan, the Bank of England, and the Swiss National Bank all will hold monetary policy meetings this week. Investors should expect these central banks to hold interest rates where they are ahead of next week's critical "Brexit" vote.
On June 23, voters from the United Kingdom will vote on whether or not they will begin the process of departing the European Union, which is the world's largest economic bloc. With polls indicating that the vote could come down to the wire – and that a rising number of British voters are planning on voting in favor of a departure from the EU – traders are realizing that economic calamity could soon follow. Over the weekend, Prime Minister David Cameron warned that the British economy was facing a "lost decade" should it leave the EU. That said, investors should prime themselves for a rare profit opportunity from this event. Read all about it, right here.
Crude oil prices slipped again this morning as ongoing concerns about the global economy weighed on investor sentiment. WTI prices slipped 1.2%, while Brent crude was off 1.0%.
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 Mattress Firm Holding Corp. (Nasdaq: MFRM) are in focus after a dismal Friday. Shares fell by roughly 15% after the firm offered extremely weak quarterly results.
- Yahoo! Inc. (Nasdaq: YHOO) is back in focus again on Monday. Bloomberg reports that NBA owner Dan Gilbert and AT&T Inc. (NYSE: T) both bid roughly $5 billion for the technology giant's core business, real estate holdings, and patents. Meanwhile, Verizon Communications Inc. (NYSE: VZ) is holding still with an offer of a little less than $4 billion for the firm's core business. Investors anticipate that Yahoo will make a decision soon on which suitor provides the best value to shareholders.
- Shares of Chipotle Mexican Grill Inc. (NYSE: CMG) were off more than 1% in pre-market hours after the company's stock was downgraded by German investment firm Deutsche Bank AG (USA) (NYSE: DB). The casual dining firm had its stock target slashed from $360 to $340 and received a "Sell" rating. DB said it expects that customers lost over its E. Coli outbreak could be "gone for good."
- Apple Inc. (Nasdaq: AAPL) is set to kick off its developers conference today, and a number of new services and devices are expected to be unveiled. At the forefront, analysts anticipate that the firm will reveal new abilities from its Siri digital assistant, which competes against the artificial intelligence devices created by Microsoft Corp. (Nasdaq: MSFT), Alphabet Inc. (Nasdaq: GOOGL), and Amazon.com Inc. (Nasdaq: AMZN).
- Look for an earnings report from Science Applications International Corp. (Nasdaq: SAIC).
Today's U.S. Economic Calendar (all times EDT)
- 4-Week Bill Announcement at 11 a.m.
- 3-Month Bill Auction at 11:30 a.m.
- 6-Month Bill Auction at 11:30 a.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.