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The Dow Jones Industrial Average went back in reverse Friday as more concerns about Brexit emerged, and one of the nation's most iconic technology companies received a harsh regulatory decision from the Chinese government.
While investors are overly focused on the possibility of a "Brexit," a number of key stories slipped under the radar during this turbulent session. Most important, all the headlines floating around today left one key question out: How you can profit from what is happening.
Let's answer that question and recap all the key events from today's session.
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First up, check out the results for the Dow Jones, S&P 500, and Nasdaq:
Dow Jones: 17,675.16; -57.94; -0.33%
S&P 500: 2,071.22; -6.77; -0.33%
Nasdaq: 4,800.34; -44.58; -0.92%
Now, here's the top stock market news today… and your best ways to profit.
DJIA Today: Oil Recovers… Making One High-Yield Stock a Must-Own
While everyone was talking tech and the Brexit, big news happened in China today that didn't involve Apple Inc. (Nasdaq: AAPL). Today, the second-largest economy in the world held an event to celebrate the arrival of the Model X by Tesla Motors Inc. (Nasdaq: TSLA).
UK citizens and politicians held off campaigning on the Brexit after a British Member of Parliament was murdered in northern England yesterday. The vote is scheduled for June 23; however, the death of the Jo Cox, a supporter of the effort to remain in the EU, is certain to reverberate across the UK. Here's everything you need to know about the Brexit, the European Union, and the participants in this debate.
Meanwhile, the U.S. housing market saw some mixed data today. New home construction slipped 0.3% in May, as volatility in the sector continues to weigh on broader economic sentiment. At the same time, building permits increased by 0.7%, and single-family starts were up in May. The sector saw the strongest gains in the Northeast, while they slipped in the Midwest.
Oil prices rebounded after a six-session slide. WTI crude prices gained 2.9%, while Brent crude prices added 3.2% for reasons that Money Morning Global Energy Strategist Dr. Kent Moors explained last week. Here's all you need to know about oil prices right now.
Oil has been under pressure over the last week due to demand concerns tied to the Brexit debate. Meanwhile, recent inventory figures indicate that domestic crude stocks are not being drawn down as quickly as many energy economists expected.
But the headline-stealing company – for the third time this week – is Microsoft Corp. (Nasdaq: MSFT). The company announced that it is officially jumping into the legal marijuana industry and will partner with KIND Financial, a firm that builds technology for the cannabis industry. The two firms will establish a new service that is very unique to the agricultural sector. It will allow governments to track marijuana from the planted seed to the end sale of cannabis. Similar technologies exist for the purposes of tracking GMOs produced by leading agricultural seed firms like Monsanto Corp. (NYSE: MON). But this is the first time that a major international company has announced plans to enter this industry. Microsoft made headlines earlier this week with its $26.2 billion buy of LinkedIn Corp. (Nasdaq: LNKD) and its unveiling of a new Xbox system that will support virtual reality. Here are two reasons to love Microsoft right now.
Now, let's look at the day's biggest stock movers and the best way to protect your money.
Top Stock Market News Today
- Apple Inc. (Nasdaq: AAPL) stock fell nearly 2% on news that Chinese regulators have banned models of the iPhone 6 and the iPhone 6 Plus, arguing that the devices are too similar to an existing phone in the market. It's the latest assault of the Chinese government on the iconic technology giant. In April, the nation shut down the company's iBooks and iTunes movies service over a licensing dispute.
- On the deal front, Revlon Inc. (NYSE: REV) is buying cosmetic rival Elizabeth Arden Inc. (Nasdaq: RDEN) for about $870 million. The deal was at a 45% premium to Elizabeth Arden's closing price on Thursday, sending shares through the clouds today. Shares of Revlon were up 7.3%.
- On the earnings front, shares of gun manufacturer Smith & Wesson Holding Corp. (Nasdaq: SWHC) were up more than 8% after the company beat quarterly earnings expectations after the bell Thursday. The firm reported a 22.1% increase in revenue in the quarter, and it beat Wall Street's expectations of $0.54. The company reported earnings per share (EPS) of $0.66. The surge in gun stock prices can be directly attributed to the ongoing fear of increased regulations in the wake of several mass shootings over the last few years.
- Shares of Lumber Liquidators Holdings Inc. (NYSE: LL) surged more than 19% on news that the company will no longer procure wood from China for its flooring products. U.S. regulators have been investigating the firm after studies linked a Chinese laminate in some of its floor products to cancer.
- Finally, here's what you need to know right now. The Bank of Japan (BOJ) decided to leave its monetary policies unchanged on Thursday, creating yet another trigger for a 2016 stock market crash. But if you want to protect yourself against a massive slump in the global markets, you're going to want to learn about this one simple investment poised to profit as risk rises around the world. Check it out, right here.
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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.