Dow Jones Industrial Average News, 7/29/2016: Get ready for another wild day on Wall Street.
We were off in pre-market hours because of our constant addiction to cheap money. Markets were in the red in pre-market hours due to the Bank of Japan (BoJ).
This morning, the central bank announced just a modest boost in monetary stimulus. The BoJ did not cut interest rates deeper into already negative territory.
Trending: Why We Never Trust Big Bank Oil Price "Forecasts" (Especially Now)
The markets were largely expecting what bordered on helicopter money. Instead, the markets just have to settle for hundreds of billions in stimulus.
These crazy policies may fuel the next stock market crash...
Here is today's top stock market news, stocks to watch, ways to profit, and economic calendar for July 29, 2016.
Dow Jones futures projected a 39-point decline after a dismal second-quarter GDP report indicated that the economy is not as healthy as economists keep telling us. GDP grew at a paltry rate of 1.2%, well short of the 2.6% set by economists.
In earnings news, it's a bad morning
Shares of Amazon.com Inc. (Nasdaq: AMZN) are up more than 2.1% in pre-market hours after the e-commerce giant reported a huge beat of Wall Street earnings expectations. Yesterday, we were talking about the possibility that shareholders could panic if Amazon missed earnings. Today, we're talking about why the company's stock continues to surge.
The Fed Open Market Committee announced that it would not raise interest rates this month, but hinted that a hike could be possible by September. Despite the rhetoric, the markets largely do not anticipate a rate hike this year. Policymakers have not increased interest rates in 2016 for several reasons. The Fed is concerned about a slowdown in China, the uneven U.S. economic recovery, and global stock market volatility. The question now is whether we will even see another rate hike this year, let alone by September. We answer that, right here.
On the political front, the Democratic National Convention concluded on Thursday night. Hillary Clinton accepted the nomination and is the first woman to become the nominee of a major U.S. political party.
Oil prices were falling hard after a bad GDP report. WTI crude oil prices were up 1.1%, while Brent crude oil prices were off 1.6%. Investors are still concerned about a global glut in supply. That will be in focus today when Baker Hughes Inc. (NYSE: BHI) offers an update on the U.S. rig count.
It's a big day for energy stocks with Exxon Mobil Corp. (NYSE: XOM) and Chevron Corp. (NYSE: CVX) reporting earnings. So far, not good. XOM stock is off 2.4% this morning after the company fell well short of Wall Street earnings expectations. Is this decline an opportunity to own XOM stock? We tackle XOM stock expectations and let you know what to do.
Now here's your list of top stocks to watch in today's market, plus today's economic calendar:
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