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Dow Jones Industrial Average News, 6/15/2016: The markets were pushing higher this morning and investors are keeping their eye on a statement this afternoon by U.S. Federal Reserve Chair Janet Yellen.
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Here's today's top stock market news, stocks to watch, profit opportunities, and economic calendar for June 15, 2016.
What's Moving the Dow Jones Industrial Average Today: The Federal Reserve
Dow Jones futures projected a 43-point gain. Here's a breakdown of the other reasons why the Dow is pushing higher this morning.
First up, financial stocks are in focus as the U.S. Federal Reserve prepares to issue a statement after its June FOMC meeting. The central bank is not expected to hike interest rates. Fed Chair Janet Yellen said last week that the ongoing drama surrounding the United Kingdom's potential departure from the European Union is weighing on the sentiment of central bankers. Here's what investors must know about the Brexit that the mainstream media is missing.
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. But despite all the short-term concerns, Money Morning Global Credit Strategist Michael Lewitt says that an exit from the EU could be a great thing for the markets over the long term. Here's why.
On the deal front, look out for updates on sales from airline giant Boeing Co. (NYSE: BA). According to multiple reports, the airplane manufacturer has a deal in place to sell planes to the nation of Iran. The deal comes after Western nations lifted economic sanctions on the country and allowed companies to engage in trade in the Middle Eastern country.
While that's a milestone deal, the bigger news comes out of OPEC, which is still under pressure due to the ongoing rivalry between Iran and Saudi Arabia. The global oil cartel recently failed to reach an accord on oil prices, and Money Morning Global Energy Specialist Dr. Kent Moors worries that OPEC's ongoing battle against U.S. shale producers could fuel its demise. Here's all you need to know about Iran's impact on the global oil markets and what you should do next.
Crude oil prices slipped again as U.S. inventories continue to rise and investors grow more concerned about the possibility of a Brexit. WTI prices slipped another 1.4%, while Brent crude was off 1.5%. A rise in U.S. inventories – according to American Petroleum Institute – has traders ignoring a recent report by the International Energy Agency that the supply and demand metrics were back in equilibrium. Later today, look out for an inventory report from the U.S. Energy Information Administration.
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
- Shares of Whole Foods Market Inc. (Nasdaq: WFM) are under pressure after the Food and Drug Administration sent company leaders a letter to warn the firm about a number of food sanitation concerns it uncovered while inspecting a facility in Massachusetts owned by the firm. Shares of WFM were off slightly this morning.
- Shares of Facebook Inc. (Nasdaq: FB) are in focus, but not for anything related to performance or new acquisitions. It's because company CEO Mark Zuckerberg broke his arm while training for a triathlon. Zuckerberg told comedian Jerry Seinfeld that he injured his arm after falling off a bike last week. "My wife wants me to put a temporary tattoo on it that says 'broken,'" Zuckerberg said. "I actually think it's a terrible idea." But while CNBC and CNN Money talk about the broken arm of Mark Zuckerberg, the real story is the stock. Next week, FB shareholders can vote on whether they want a Facebook stock split. Here's why Mark Zuckerberg is rooting for a possible split.
- It looks like a short squeeze is in effect for Match Group Inc. (Nasdaq: MTCH) stock. The stock rallied more than 11% despite no news out of the operator of popular dating sites like Tinder, Match.com, and OkCupid.
- Shares of Twitter Inc. (NYSE: TWTR) are in focus after the micro-blogging giant announced a $70 million investment in SoundCloud, according to Re/Code. The firm will aim to help the German streaming giant boost subscriptions to its new paid music service. SoundCloud was once a potential acquisition target for Twitter back in 2014, but the deal fell apart. TWTR stock was up 5.5% on Tuesday, but remained flat early this morning.
- Look for earnings reports from Ctrip.com International Ltd. (Nasdaq ADR: CTRP), Jabil Circuit Inc. (NYSE: JBL), CLARCOR Inc. (NYSE: CLC), Korn/Ferry International (NYSE: KFY), and Culp Inc. (NYSE: CFI).
Today's U.S. Economic Calendar (all times EDT)
- MBA Mortgage Applications at 7 a.m.
- PPI-Final Demand at 8:30 a.m.
- Empire State Manufacturing Survey at 8:30 a.m.
- Industrial Production at 9:15 a.m.
- EIA Petroleum Status Report at 10:30 a.m.
- FOMC Meeting Announcement at 2 p.m.
- FOMC Forecasts at 2 p.m.
- Fed Chair Press Conference at 2:30 p.m.
- Treasury International Capital at 4 p.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.