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Dow Jones Industrial Average News, 6/28/2016: The Dow Jones Industrial Average has shed 900 points in the previous two trading sessions because of Britain's decision to depart the European Union in the next two years.
But this morning, markets are experiencing a turnaround. Markets in Germany and Britain rebounded strongly, while U.S. futures were projecting strong gains.
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Investors are anticipating that central banks in Europe and other parts of the world are set to unleash a fresh round of financial stimulus.
You can find those answers in today's top stock market news, stocks to watch, ways to profit, and economic calendar for June 28, 2016.
What's Moving the Dow Jones Industrial Average Today: Brexit Bounce Underway
Dow Jones futures projected a 194-point gain as investors began snapping up stocks in a value play after the 900-point slump in the previous two sessions.
Despite the gains, systemic problems remain for the economies in Europe. On Monday, Standard & Poor's and Fitch Ratings both slashed the credit ratings of the United Kingdom. The EU will kick off a two-day economic summit to discuss options for the massive economic bloc. As Money Morning Capital Wave Strategist Shah Gilani explains, there are clear winners and clear losers in the Brexit. This is how you should be playing the geopolitical turmoil right now.
European banking stocks were rebounding. The British government plans to sell off its stakes in two banks: Royal Bank of Scotland Group Plc. (NYSE: RBS) and Lloyds Banking Group Plc. (NYSE ADR: LYG). As Money Morning Global Energy Strategist Dr. Kent Moors explains, the Brexit has killed London's future as the energy and financial capital of Europe.
Crude oil prices pushed higher as investors found value in the Brexit sell-off and concerns about a potential strike in Norway threaten supply in the fields of Western Europe's largest crude producer. WTI crude was up 2.7% this morning, while Brent crude was up 2.5%. In other energy news, TransCanada Corp. (USA) (NYSE: TRP) is seeking an arbitration hearing under the rules of NAFTA regarding the Obama administration's decision to reject the Keystone XL pipeline. The energy company is seeking at least $15 billion in damages.
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
- Dow Chemical Co. (NYSE: DOW) announced plans to lay off roughly 2,500 employees as the company completes a deal with glass manufacturer Dow Corning Corp. Together with its pending deal with DuPont, the new company will be valued at more than $130 billion.
- It's been a brutal few days for travel and hospitality stocks. Shares of Priceline Group Inc. (Nasdaq: PCLN) are up 1.6% in pre-market hours after falling by 3.7%. Expect a slight rebound today for airline stocks, particularly Delta Air Lines Inc. (NYSE: DAL), American Airlines Group Inc. (Nasdaq: AAL), and United Continental Holdings Inc. (NYSE: UAL), which have all experienced a steep sell-off in recent sessions.
- Automotive giant Volkswagen AG (OTCMKTS ADR: VLKAY) is set to announce a $14.7 billion settlement tied to the firm's emissions cheating scandal. The company had sold 11 million vehicles that used software to cheat emissions tests. It would be the single largest settlement in history for corporate negligence or wrongdoing.
- Shares of Chipotle Mexican Grill Inc. (NYSE: CMG) are in focus after the casual dining company announced it would launch a customer royalty program this summer to attempt to rebuild its consumer base. The stock was down slightly early this morning.
- Apple Inc. (Nasdaq: AAPL) were up nearly 1% despite news that the technology giant is about to face an increase in competition. That's because Alphabet Inc. (Nasdaq: GOOGL) announced plans to launch its own branded Android phone by the end of 2016.
- Companies reporting earnings today include Nike Inc. (NYSE: NKE) and Carnival Corp. (NYSE: CCL). In pre-market hours, NKE stock was up 0.8%, while CCL shares added 0.7%.
Today's U.S. Economic Calendar (all times EDT)
- 4-Week Bill Announcement at 11 a.m.
- 3-Month Bill Announcement at 11:30 a.m.
- 6-Month Bill Announcement at 11:30 a.m.
- Minneapolis Federal Reserve Bank President Neel Kashkari speaks at 12:!5 p.m.
- 2-Year Note Auction at 1 p.m.
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