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Dow Jones Industrial Average News, 7/13/2016: Yesterday, Japanese Prime Minister Shinzo Abe ordered a fresh round of stimulus after his coalition won an election in a landslide.
Shinzo decided to continue pumping money into the economy after a meeting with former Federal Reserve Chair "Helicopter Ben" Bernanke.
Trending Now: I Can't Believe What Investors Just Did
Central bankers seem to have been playing this stimulus game in Japan for two decades. As Money Morning Capital Wave Strategist Shah Gilani explains, the markets are being propped up by two central bank lies. He exposes them for our readers, right here.
While investors can expect a wealth of commentary on monetary policy and interest rates today, they might be missing a number of other stories that can help them make money.
Here is today's top stock market news, stocks to watch, ways to profit, and economic calendar for July 13, 2016.
What's Moving the Dow Jones Industrial Average Today: More Stimulus in Play
Dow Jones futures projected a nine-point gain on Wednesday as the markets sit at all-time highs. Continued expectations for more stimulus in Japan and Europe has traders on a sugar high, and markets project reduced expectations for the timing of the next interest rate by the U.S. Federal Reserve. Here's when you can expect the next U.S. interest rate hike.
Last night, Minneapolis Federal Reserve Bank President Neel Kashkari warned that the central bank is falling short on its target goals for domestic employment and inflation. He said that investors can expect increased patience from the Fed on monetary policy on rates. The central bank wants to see increased workforce participation. Meanwhile, Cleveland Fed President Loretta Mester said that uncertainty still exists following Britain's vote to depart the European Union. With so much uncertainty, just how much cash should you be holding right now? Find that answer, right here.
Crude oil prices are in focus today as the U.S. Energy Information Administration prepares to announce weekly inventory levels here in the United States. Yesterday, the American Petroleum Institute announced a surprise increase of 2.2 million barrels in storage last week.
Crude was sliding this morning as the International Energy Agency (IEA) said it anticipates an increased supply glut in the coming months. Meanwhile, Credit Suisse Group AG (NYSE ADR: CS) hiked its 2016 oil price forecast from an average of $36.91 per barrel to $43.59 per barrel.
WTI crude prices were down 1.1%, while Brent crude prices were off 1.4%.
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
- Hire a hacker? This morning, Fiat Chrysler Automobiles NV (NYSE: FCAU) announced a new rewards program that will pay "ethical" hackers to find data security problems in its automobiles. The auto giant said that hackers can earn from $150 to $1,500 for each identification of a security flaw in the vehicles.
- Shares of Juno Therapeutics Inc. (Nasdaq: JUNO) surged nearly 30% after the Food and Drug Administration lifted a hold on the company's phase 2 clinical trial of a leukemia drug.
- Shares of Valeant Pharmaceuticals International Inc. (NYSE: VRX) are up nearly 1% despite news the one of its largest shareholders has dumped its shares. According to reports, The Sequoia Fund – a $4.8 billion mutual fund giant – told its clients that it has ditched its full position in the embattled pharmaceutical company. Shares of VRX stock are off more than 90% over the last 52 weeks.
- Shares of Amazon.com Inc. (Nasdaq: AMZN) will be in focus today as the results are tallied from yesterday's second annual Prime Day. Early reports indicate that sales were flat compared to its first Prime Day last year. However, the company did indicate that it saw some strong sales growth in several of its international markets. In positive spin, the company announced that it saw a 30% increase in sales of items by small businesses and partner sellers this year.
- Shares of Airbus (OTCMKTS: EADSY) are sliding this morning after the plane manufacturer announced plans to slash production of its A380 jets. The firm produced 27 planes last year, but said it will produce just 20 in 2017.
- Earnings season continues today. Shares of AngioDynamics Inc. (Nasdaq: ANGO) were off 3.5% after the company fell short of earnings expectations this morning. Meanwhile, shares of ADTRAN Inc. (Nasdaq: ADTN) rallied more than 6.3% after the company topped earnings expectations by four cents. The company also hiked its yearly forecast.
- Additional firms reporting earnings today include Yum! Brands Inc. (NYSE: YUM) and CSX Corp. (Nasdaq: CSX).
Today's U.S. Economic Calendar (all times EDT)
- MBA Mortgage Applications at 7 a.m.
- Import and Export Prices at 8:30 a.m.
- Dallas Fed President Robert Kaplan speaks at 9 a.m.
- Atlanta Fed Business Inflation Expectations at 10 a.m.
- EIA Petroleum Status Report at 10:30 a.m.
- 30-Year Bond Auction at 1 p.m.
- Beige Book at 2 p.m.
- Treasury Budget at 2 p.m.
- Philadelphia Fed Bank President Patrick Harker speaks at 6 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.