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The technology and banking sectors, the two hardest hit since news of the vote, are showing signs of life. Despite the optimism, it is largely based on expectations that central banks around the globe plan to loosen monetary policy and increase stimulus efforts in order to reduce uncertainty in the markets.
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You can find those answers in today's top stock market news, stocks to watch, ways to profit, and economic calendar for June 29, 2016.
What's Moving the Dow Jones Industrial Average Today: Brexit Woes Ease
Dow Jones futures projected a 104-point gain as investors' nerves eased over last Thursday's vote that saw British citizens choose to depart the European Union. Despite the gains, investors have little expectation that the U.S. Federal Reserve will hike interest rates again in 2016. In fact, the probability of a rate hike in December is below 20%, a stark turnaround from lofty levels just a few weeks ago. Our Chief Investment Strategist Keith Fitz-Gerald shares his insight on the Brexit: What to watch, who to buy, and where to profit.
Investors are willing to look past the news that Standard & Poor's and Fitch Ratings both slashed the credit ratings of the United Kingdom and that many different downgrades rattled investment banks and commercial banks across England. Still, investors are looking to safety as gold prices push higher. The yellow metal was up 0.3%, while silver prices were up 2.5%.
Crude oil prices pushed higher again on Wednesday as concerns about the Brexit continue to subside. Meanwhile, supply is under pressure as Norwegian oil workers continue a strike that is shutting down fields in Western Europe's key production points. WTI crude was up 0.8% this morning, while Brent crude was up 0.7%. You can find out more about how Brexit just killed London as the energy capital of the world right here.
In other energy news, shares of Energy Transfer Equity LP (NYSE: ETE) were up marginally after the company called off its $33 billion merger agreement with Williams Co. Inc. (NYSE: WMB). The latter company is likely to appeal a ruling by a judge that said that the end of the deal was legal due to tax considerations.
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
- Apple Inc. (Nasdaq: AAPL) shares were up 0.5% as traders snapped up what they considered a stock trading at a unique value in the wake of last Thursday's Brexit.
- Shares of PrivateBancorp Inc. (Nasdaq: PVTB) surged more than 23% on news that the commercial bank is selling itself to Canadian firm CIBC for roughly $3.8 billion.
- Shares of Monsanto Co. (NYSE: MON) were off after the company fell woefully short of Wall Street and consensus Estimize earnings expectations. The global seed giant reported earnings per share (EPS) of $2.17 on top of $4.19 billion in revenue. Wall Street expected an EPS of $2.41 and $4.42 billion in revenue. The company is also under pressure on news that European regulators will be stepping up inspections of the company's plans to sell itself to German drug and chemical giant Bayer AG (OTCMKTS ADR: BAYRY).
- Shares of Noodles & Co. (Nasdaq: NDLS) are under pressure this morning on news that the restaurant company has experienced a serious breach of customer data. According to reports, malicious software compromised its payment terminals over a period of four months at stores in 27 states and Washington, D.C. The restaurant is still investigating the scope of the breach and it is informing customers of their exposure.
- Nike Inc. (NYSE: NKE) shares were off a little more than 0.1% after the athletic apparel company reported mixed earnings after the bell on Tuesday. The company reported record sales, with growth up 6% for both the fourth quarter and the full-year 2016. However, net income slipped by 2% and North American sales were flat.
- Companies reporting earnings today include General Mills Inc. (NYSE: GIS), Pier 1 Imports Inc. (NYSE: PIR), Acuity Brands Inc. (NYSE: AYI), UniFirst Corp. (NYSE: UNF), and Worthington Industries Inc. (NYSE: WOR).
Today's U.S. Economic Calendar (all times EDT)
- MBA Mortgage Applications at 7 a.m.
- Personal Income and Outlays at 8:30 a.m.
- Pending Home Sales Index at 10 a.m.
- EIA Petroleum Status Report at 10:30 a.m.
- Farm Prices at 3 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.