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Dow Jones Industrial Average News, 6/14/2016: The flight to safety is on as investors pile into the Swiss Franc and the Japanese yen. There are concerns about a major disruption to two decades of free trade and economic cooperation across Europe.
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Investors are playing wait-and-see to determine if voters in the United Kingdom are prepared to fracture the political bond between their countries and the European Union.
Buckle up, as it could be a bumpy ride.
However, there are plenty of ways to profit from this major vote set for next week.
You can find those profit opportunities in today's top stock market news, stocks to watch, and economic calendar for June 14, 2016.
What's Moving the Dow Jones Industrial Average Today: Brexit Worries Accelerate
Dow Jones futures projected a 45-point decline as global macroeconomic concerns rattle investor sentiment. This week, central banks around the globe will be eyeing events in Europe and trying to cope with lackluster growth prospects for the global economy. The S&P 500 and the Nasdaq also projected a downturn at the opening bell.
Here's a breakdown of why the Dow is pushing lower this morning.
The U.S. Federal Reserve kicks off its two-day meeting on monetary policy. The possibility of a rate hike was all but shattered two weeks ago when the U.S. Labor Department announced a dismal employment report. The United States only produced 38,000 new jobs in April. That said, Fed Chair Janet Yellen had also commented that the possibility of a "Brexit" from the European Union would provide headwinds to the global economy. That is evident with the markets' downturn and the continued rise in the VIX.
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 the economic calamity that could soon follow. This morning, bond yields continued to fall across Europe, in Japan, and in the United Sates. With the Federal Reserve on edge, here's what you need to know.
Crude oil prices slipped again as the Brexit weighed on global sentiment and overshadowed a report by the International Energy Agency suggesting that supply and demand were largely balanced. The IEA projected increased demand from the global markets.
WTI prices slipped another 1.5%, while Brent crude was off 1.6%.
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
- Microsoft Corp. (Nasdaq: MSFT) is back in the news, but not for the same reason that it dominated headlines on Monday. The software giant has unveiled a game-changing Xbox console that will support virtual reality. The company plans to launch the device in 2017. The announcement comes a day after the firm shocked the markets with a $26.2 billion purchase of LinkedIn Corp. (Nasdaq: LNKD). Here's a breakdown of why that acquisition is going to help propel Microsoft's stock price in the future.
- Apple Inc. (Nasdaq: AAPL) was retreating slightly in pre-market hours after a tough Monday session. Shares declined by 1.5%. Investors seem concerned that AAPL has been stuck in neutral for the last few months, and hedge fund managers continue to walk away from the stock. But here's what everyone is missing: As Money Morning Chief Investment Strategist Keith Fitz-Gerald explains, there are a few catalysts that could easily push this stock from just under $100 per share to $200 in the next 24 to 36 months. Read about it so you aren't left behind.
- Shares of Alibaba Group Holding Ltd. (NYSE: BABA) were pushing up 2% on news that the firm offered a strong forecast for its future operations. The Chinese e-commerce giant said it could double its global transaction volumes by 2020, and foresees a possible boost in annual revenue in 2017 by roughly 50%. There's a reason why we are very bullish on Alibaba stock. And investors should pay attention to this report that indicates tremendous upside for this company.
- Yingli Green Energy Holding Co. Ltd. (NYSE ADR: YGE), John Wiley & Sons Inc. (NYSE: A), and Isle of Capri Casinos (Nasdaq: ISLE) will report earnings today.
Today's U.S. Economic Calendar (all times EDT)
- NFIB Small Business Optimism Index at 6 a.m.
- Retail Sales at 8:30 a.m.
- Import and Export Prices at 8:30 a.m.
- Redbook at 8:55 a.m.
- Business Inventories at 10 a.m.
- 4-Week Bill Auction at 11:30 a.m.
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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.