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The Dow Jones Industrial Average has been in a bit of a free fall over the last week as oil prices drag down investor sentiment.
The Dow shed another 27 points today as traders eye a bottom for oil prices. But while investors were hung up on energy market headlines, a number of big stories slipped under the radar. That includes several profit opportunities that are shaping up nicely for investors.
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Before we get to those stories, check out the results for the Dow Jones, S&P 500, and Nasdaq:
Dow Jones: 18,404.51; -27.73; -0.15%
S&P 500: 2,170.84; -2.76; -0.13%
Nasdaq: 5,184.20; +22.06; +0.43%
Now, here's the top stock market news today… and your best ways to profit.
DJIA Today: Sixth Straight Slide for Dow; Nasdaq Gains Double Digits
The Dow Jones slumped for the sixth straight day as energy stocks and oil prices pulled down the markets.
The Nasdaq continued to rise thanks to ever-increasing optimism in the technology sector. But with oil prices falling, the world's largest producers watched their share prices fall. Shares of Chevron Corp. (NYSE: CVX) and Exxon Mobil Corp. (NYSE: XOM) were both off more than 3.4% on the day.
European banks drew a lot of attention today 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.
The report is positive for the European banking sector. But the leaders of the European Central Bank all have their heads in the sand. Structural problems continue to plague the health of the global financial sector. And Money Morning Global Credit Strategist Michael Lewitt argues that one specific bank could bring the European financial sector to its knees. Here are Lewitt's latest projections for the bank that could – by itself – cause a massive super crash of the global economy.
Silver prices continued to rally today, while palladium prices hit a 13-month high. Gold continues to rally and has now topped $1,360 per ounce. With so many geopolitical problems plaguing the global economies, now is an ideal time to own precious metals. Money Morning Resource Investing Specialist Peter Krauth has just updated his silver price forecast for 2016. Check it out, right here.
Oil prices dipped again on Monday, with WTI crude prices hovering around $40 per barrel. WTI crude prices were off 3.8% today, while Brent crude added 3.1%. Traders continue to worry about a global supply glut, and short selling has accelerated in the market.
While everyone seems to be in a panic over falling oil prices, they're missing a far more important story in the global energy markets. Money Morning Global Energy Strategist Dr. Kent Moors outlines a $1 trillion ticking time bomb in the global energy markets. Read this critical warning to investors...
On the deal front, shares of Transocean Ltd. (NYSE: RIG) fell more than 6.5% after the firm agreed to purchase the remaining shares of its master limited Transocean Partners (NYSE: RIGP). The deal is valued at a little more than $510 million. RIGP shares rallied more than 9.5%.
Now, let's look at the day's biggest stock movers.
Top Stock Market News Today
- The big news today came out of the offices of General Electric Co. (NYSE: GE). The firm has revealed its plans to relocate from Connecticut to a new headquarters in downtown Boston, Massachusetts. Its new offices will open in 2018.
- Shares of SolarCity Corp. (Nasdaq: SCTY) fell more than 7.6% despite news that the firm has agreed to be taken over by Tesla Motors Inc. (Nasdaq: TSLA). The all-stock deal is worth $2.6 billion. Both companies are run by CEO Elon Musk. So, where is the Tesla stock price heading after this SolarCity deal? You can find that answer, right here.
- Shares of Etsy Inc. (Nasdaq: ETSY) rallied more than 16% after Citigroup Inc. (NYSE: C) initiated coverage on the online marketplace. Citi gave the stock a "Buy" rating and set a price target of $14. That's a 40% bump from the stock's closing price on Friday. The company has faced increased competition from Amazon.com Inc. (Nasdaq: AMZN). We've long made the case that Etsy stock was going to face a difficult 2016. Check out our prediction, right here.
- Shares of Hershey Co. (NYSE: HSY) were up today despite a disturbing story release in the The New York Times. The 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.
- On the earnings front, shares of AMC Entertainment Holdings Inc. (NYSE: AMC) fell more than 3% after the company fell short of Wall Street expectations. The company's CEO Adam Aron told analysts and reporters that summer box-office attendance is far lower than the industry had anticipated.
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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.