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It was another bad day for Wall Street.
The Dow Jones Industrial Average slipped triple digits as anxiety grows about large macroeconomic and terrorism events around the globe.
The CBOE Volatility Index (VIX) – commonly referred to as the market's fear gauge – jumped to its highest point since March 1. The VIX surged 20% to 20.5. Ongoing worries about the potential departure of the United Kingdom from the European Union has the markets on edge.
But the Brexit isn't the only thing that has investors on edge. Here's what you need to know about the markets on June 13, 2016.
First up, check out the results for the Dow Jones, S&P 500, and Nasdaq:
Readers – don't miss details on this bonus stock pick… the best "retirement stock" of 2016…
Dow Jones: 17,732.48; -132.86; -0.74%
S&P 500: 2,079.06; -17.01; -0.81%
Nasdaq: 4,848.44; -46.11; -0.94%
Now, here's the top stock market news today…
DJIA Today: Fed in Focus as the Brexit Vote Approaches; Oil Slides Again
First up, traders are playing a game of wait-and-see with the Federal Reserve. The U.S. central bank is set to meet tomorrow to discuss the timing of the next interest rate hike and to discuss monetary policy and the U.S. economy. Investors foresee little chance of the central bank raising interest rates this week as concerns about a potential Brexit weighs on nerves. Here is what to watch ahead of tomorrow's FOMC meeting and how you can profit.
Oil prices slid yet again on Monday as investors grow increasingly wary of macroeconomic problems. With British voters heading to the polls next week to discuss a potential departure from the European Union, traders anticipate an unbalance between supply and demand for crude oil. WTI crude prices and Brent crude prices both slipped more than 0.6% on the day.
Finally, the Bitcoin price breached the $700 mark, its highest level since February 2014.
The Bitcoin price is now up more than 51% in the last month and is poised for even more gains ahead. In fact, we see the potential for much higher gains from the Bitcoin price in 2016. Here's what is driving the price of Bitcoin and why the price is set for even more gains.
But the big news today was Microsoft Corp.'s (Nasdaq: MSFT) stunning deal for social media giant LinkedIn Corp. (Nasdaq: LNKD). Microsoft bought the business media network for a staggering $26.2 billion in what is the software giant's largest acquisition of all time. The deal sent LinkedIn shares surging more than 45%. The deal is seen as a major splash for MSFT CEO Satya Nadella as he attempts to boost his firm's business-productivity efforts. Shares of MSFT stock were off more than 2.5% on news of the massive deal. Here are two reasons why MSFT should love this deal and what it means in the years ahead.
Now, let's look at the day's biggest stock movers and the must-own commodity of today…
Top Stock Market News Today
- Apple Inc. (Nasdaq: AAPL) is hosting its annual developers meeting in San Francisco, and the technology giant has unveiled some news on software and its digital assistant Siri. The company also announced plans to overhaul of its music service, including a new interface designed to improve search. The firm also announced that Siri – which was only available on iPhones – will now be available for use on MacBooks.
- Gun stocks surged in the wake of the largest mass shooting in U.S. history over the weekend at a nightclub in Orlando. The terrorist attack fueled new rounds of calls for gun control and concerns about ISIS and its influence in the United States. Shares of Smith & Wesson Corp. (Nasdaq: SWHC) jumped more than 7%, while Sturm, Ruger & Co. (NYSE: RGR) ticked up almost 10%.
- 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.
- Yahoo! Inc. (Nasdaq: YHOO) has received bids worth roughly $5 billion from NBA owner Dan Gilbert and AT&T Inc. (NYSE: T) 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.
- Finally, here is your stock pick 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. Money Morning Capital Wave Strategist Shah 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.
The 5 Most Important 2016 IPOs to Watch: There was a shocking absence of IPO activity in 2015. But we'd like to see these five companies go public in 2016. If they do, they'll be the most exciting and promising deals of the year…
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.