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Dow Jones Industrial Average News, 7/14/2016: The markets were on pace for a massive, triple-digit open early this morning until the Bank of England announced that it was not going to slash interest rates for the first time since 2009.
Markets largely expected that the British central bank would cut rates by at least 25 basis points in the wake of the country's vote to depart the European Union.
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Markets were looking for their next kick of stimulus, just a day after Japanese Prime Minister Shinzo Abe ordered another round of loose monetary policy.
Despite the Bank of England's surprise decision not to change rates, Dow futures were still up significantly. Investors can expect a wealth of commentary on monetary policy and interest rates today, but 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 14, 2016.
What's Moving the Dow Jones Industrial Average Today
Dow Jones futures projected a 155-point gain this morning as investors continue to express optimism about the U.S. economy and anticipate greater stimulus efforts by global central banks.
The U.S. Federal Reserve is in focus today as four members of the central bank will speak on the state of the global economy, interest rates, and other macroeconomic issues. This morning Philadelphia Fed President Patrick Harker said he still expected that the central bank could hike rates two times in 2016; however, Harker said that he had lowered his expectations for interest rate hikes.
The mainstream media won't admit it, but central banking lies are propping the markets up right now. And as Money Morning Capital Wave Strategist Shah Gilani explains, it could get very ugly, very fast for traders.
In deal news, shares of Twitter Inc. (NYSE: TWTR) were up 1.3% as the stock trades at its highest levels since mid-March. The company announced a deal to live stream three Bloomberg shows, a move that will boost the social media giant's financial news coverage. Despite the deal, there are a few reasons why we stand by our recommendation to avoid Twitter stock in 2016. Click here to learn why TWTR is a stock to sell right now.
Oil prices were on the rise this morning as crude prices recover. The news comes despite a report by the International Energy Agency (IEA) indicating an increased supply glut in the coming months. WTI crude oil prices were up 1.9%, while Brent crude oil prices slumped 2.1%.
As Money Morning Global Energy Strategist Dr. Kent Moors explains, the mainstream financial media has been harping about this "oil glut," while short sellers worked to push oil prices down. The problem is no one in the mainstream press has any real idea of what is going on. Moors is sticking to his bullish oil forecast, and it can help you earn a tidy profit thanks to the market's overreaction to news out of Canada and Nigeria. Click here to see Moors' forecast.
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
- A busy earnings season continues today. Shares of JPMorgan Chase & Co. (NYSE: JPM) are up more than 2.2% after the company topped earnings expectations. The investment bank reported earnings per share (EPS) of $1.55, far above Wall Street estimates of $1.43. The surprise earnings sent the markets into the stratosphere as investors now anticipate that other financial stocks could surprise in the wake of the Brexit.
- Meanwhile, shares of Yum! Brands Inc. (NYSE: YUM) rallied more than 4% after the company topped second-quarter earnings expectations. The firm reported stronger than expected earnings thanks to its recent stock buyback program and improving sales in China, where the nation is working hard to improve its reputation and brand standing.
- Shares of Monsanto Co. (NYSE: MON) are off 0.5% despite news that its agri-chemical business has generated interest from a German conglomerate. The interest comes after Monsanto rejected a $62 billion offer from chemical giant Bayer AG (OTCMKTS ADR: BAYRY).
- Finally, shares of Cypress Semiconductor Corp. (Nasdaq: CY) rallied more than 5.5% after the company sold its Wolfspeed division to Infineon for more than $850 million in cash.
- Additional firms reporting earnings today include Delta Airlines Inc. (NYSE: DAL), BlackRock Inc. (NYSE: BLK), Omnicom Group Inc. (NYSE: OMC), Progressive Corp. (NYSE: PGR), and ClubCorp Holdings Inc. (Nasdaq: MYCC).
Today's U.S. Economic Calendar (all times EDT)
- Jobless Claims at 8:30 a.m.
- Producer Price Index-Final Demand at 8:30 a.m.
- Bloomberg Consumer Comfort Index at 9:45 a.m.
- St. Louis Federal Reserve Bank President James Bullard speaks at 10 a.m.
- EIA Natural Gas Report at 10:30 a.m.
- 3-Month Bill Announcement at 11 a.m.
- 6-Month Bill Announcement at 11 a.m.
- 52-Week Bill Announcement at 11 a.m.
- 10-Year TIPS Announcement at 11 a.m.
- Atlanta Federal Reserve Bank President Dennis Lockhart speaks at 11:15 a.m.
- Kansas City Federal Reserve Bank President Esther George Speaks at 1:15 p.m.
- Fed Balance Sheet at 4:30 p.m.
- Money Supply at 4:30 p.m.
- St. Louis Federal Reserve Bank President James Bullarpeaks at 6:40 p.m.
- Dallas Federal Reserve Bank President Robert Kaplan speaks at 7 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.