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Dow Jones Industrial Average News, 8/01/2016: Get ready for another wild day on Wall Street.
The Dow Jones was projecting a slight uptick Monday morning as investors turn their attention back to monetary policy and the U.S. Federal Reserve.
After last Wednesday's FOMC meeting, the central bank decided not to raise interest rates in July.
They did leave open the possibility for a rate hike in September.
Markets, though, do not expect a rate hike in 2016. According to CME FedWatch, the odds of a rate hike by the end of the year slipped from 50% to 33% over last week.
Here is today's top stock market news, stocks to watch, ways to profit, and economic calendar for Aug. 1, 2016.
What's Moving the Dow Jones Industrial Average Today: Manufacturing Figures
Dow Jones futures projected a 27-point gain as investors keep an eye on another round of manufacturing data that will offer some insight into the health of the U.S. economy.
Shares of European financial firms are in focus this morning after the European Central Bank released the results of its latest round of stress tests. The ECB said that most firms like Deutsche Bank AG (NYSE: DB), Royal Bank of Scotland Group Plc. (NYSE: RBS), and Barclays Plc. (NYSE ADR: BCS) were healthy. However, the central bank did raise concerns about declining capital ratios at RBS.
Investors need to turn their attention back to Europe today. The fact that traders have largely moved on from Brexit is a massive mistake. Money Morning Director of Tech & Venture Capital Michael A. Robinson has one powerful recommendation on how you can profit from this geopolitical event.
WTI crude prices were sliding again on Monday as concerns about oversupply rattles trader sentiment. WTI crude was off 1%, while Brent crude prices slipped 1.1%.
Keep an eye on energy stocks today. Shares of Exxon Mobil Corp. (NYSE: XOM) are back in focus after the company reported its worst profits since 1999. Is this decline an opportunity to own XOM stock? We tackle XOM stock expectations, right here.
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
- Shares of SolarCity Corp. (Nasdaq: SCTY) gained more than 7% after the company announced it will definitely merge with Tesla Motors Inc. (Nasdaq: TSLA). The electric car and solar panel installation companies have generated a lot of attention in recent weeks after CEO Elon Musk announced his second "Master Plan" for the organization.
- Shares of Diamond Offshore Drilling Inc. (NYSE: DO) were up nearly 2.5% this morning after the offshore drilling giant beat expectations. However, compared to last year, earnings drastically decreased. Earnings declined 75.3% year over year.
- Hershey Co. (NYSE: HSY) is generating headlines this morning. The New York Times reported the leak of an internal memo from The Hershey Trust, which operates the massive chocolate company. According to the memo, leaked from an employee, the firm has a corrupt corporate culture. The memo also reveals possible insider trading at the firm.
- Look for additional earnings reports from Atwood Oceanics (NYSE: ATW), Texas Roadhouse Inc. (Nasdaq: TXRH), Tenet Healthcare Corp. (NYSE: THC), Sohu.com Inc. (Nasdaq: SOHU), and Olin Corp. (NYSE: OLN).
Today's U.S. Economic Calendar (all times EDT)
- PMI Manufacturing Index at 9:45 a.m.
- ISM Manufacturing Index at 10 a.m.
- Construction Spending at 10 a.m.
- 4-Week Bill Announcement at 11 a.m.
- 3-Month Bill Auction at 11:30 a.m.
- 6-Month Bill Auction at 11:30 a.m.
- Gallup U.S. Consumer Spending Measure at 2 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.