Dow Jones Industrial Average News, 7/05/2016: The markets are back in Brexit worry mode, with Dow futures sliding triple digits this morning. But despite the panic, Money Morning guru Keith Fitz-Gerald found five stocks that are trading at a discount because of Brexit concerns.
The British sterling also fell to a 31-year low today as investors turned bearish about the potential aftermath of Britain's pending exit from the European Union.
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The Bank of England has reversed its March decision that requires banks to hold more capital during upticks in the credit cycle, a somewhat staggering and concerning decision about the health of the nation's financial sector.
Today, the markets will still focus on the impact of the Brexit and its ties to global growth. But investors should be aware of a number of other important stories that can impact trading and offer profits in the process.
Here are today's top stock market news, stocks to watch, ways to profit, and economic calendar for July 5, 2016.
Dow Jones futures projected a 110-point decline as global growth concerns rattled investors sentiment. In addition, shares of Ford Motor Co. (NYSE: F) and General Motors Co. (NYSE: GM) were both off more than 1.1% after the June annual sales rate for automobiles fell far short of analyst expectations. Shares of Fiat Chrysler Automobiles NV (NYSE: FCAU) were trending down the sharpest - off 6.5% - early this morning.
Meanwhile, shares of Tesla Motors Inc. (Nasdaq: TSLA) were off 4.3% after the company fell short of its quarterly vehicle delivery target. The company tried to say that it had a large number of vehicles in transit, but analysts believe that the company's production troubles are on display.
The Federal Reserve is in focus this afternoon when New York Fed Bank President William Dudley gives a speech. Traders will be interested in any clues on the timing of the next interest rate hike and what to expect during the Fed Open Market Committee meeting later this month.
Silver prices are on a tear, pushing past $20 per ounce. Silver added more than 1.5% so far on July 5 trading. Gold prices are up 0.5%.
Crude oil prices were sliding this morning as global growth concerns weigh again on trader sentiment. Concerns about Chinese data and rising production in regions like Canada and Nigeria are pushing oil prices lower for now. WTI crude prices were off 3%, while Brent crude slipped 2.6%. Nigeria is weighing most on crude prices as the nation continues to recover from a series of militant attacks on its infrastructure.
Now here's your list of top stocks to watch in today's market, plus today's economic calendar:
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.