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Dow Jones Industrial Average News, 8/03/2016: It looks like another rough day ahead for investors as traders absorb today's snapshot of the U.S. labor market.
This morning, Automated Data Processing announced that the U.S. private sector created 179,000 new positions in July. That beat analyst expectations of roughly 170,000.
This is a prelude to Friday's official jobs report from the U.S. Labor Department.
While the jobs picture is set to dominate the daytime discussion for the next three trading sessions, a number of key stories and profit opportunities are sliding under the radar today.
Here is today's top stock market news, stocks to watch, ways to profit, and economic calendar for Aug. 3, 2016.
What's Moving the Dow Jones Industrial Average Today: ADP Estimates
Dow Jones futures projected a 22-point decline after the positive ADP jobs report.
WTI crude prices were ticking up this morning for the first time in several sessions as supply concerns continue to weigh on investor sentiment. WTI crude was up 0.7%, while Brent crude prices added 0.7%. Crude prices are certainly in correction territory now. But that is setting up an ideal time to buy into this one fund.
Yesterday, the Bank of Japan announced plans to unveil a new 13.5 trillion yen ($134 billion) stimulus plan designed to help boost the struggling economy and inflation. The announcement came at the same time that the Bank of Australia cut its baseline interest rates to a record low. The global race to the bottom for central banks is making it harder for the U.S. Federal Reserve to hike interest rates in 2016. Will we actually see an interest rate hike this year?
The Affordable Care Act took another harsh blow on Tuesday. Yesterday, Aetna Inc. (NYSE: AET) announced plans to cancel its goals of expanding into more states in 2017. The company also said it's thinking of reconsidering its current business in 15 states. The firm says that it is going to lose at least $300 million on the Affordable Care Act in 2016. Here's how much you could end up paying for health insurance.
The 2016 Summer Olympic Games kick off Friday, Aug. 5, in Rio de Janeiro, Brazil. Already, the headlines have centered on the Zika virus, potential terror plots, and filthy water. These Summer Games could be a serious challenge for Brazil to maintain. But the story that everyone seems to miss is the impact of the Summer Olympics on the Dow Jones Industrial Average. There's a lot of evidence that shows a handful of profit opportunities for certain companies that have a big stake in the games.
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
- In earnings news, shares of Time Warner Inc. (NYSE: TWX) pushed up another 1% after the company topped Wall Street earnings expectations. The firm reported earnings per share of $1.29, well ahead of the consensus $1.16 per share. The company also announced that it has bought a 10% stake in Hulu.
- In deal news, shares of Fiat Chrysler Automobiles NV (NYSE: FCAU) rallied more than 7% on rumors that the company could sell its auto parts unit to Samsung Electronics Co. Ltd. (OTCMKTS: SSNLF). Meanwhile, shares of Allergan Inc. (NYSE: AGN) were flat despite news that it plans to sell its distribution business to rival Teva Pharmaceutical Industries Ltd. (NYSE ADR: TEVA) for $500 million.
- Meanwhile, shares of Fitbit Inc. (NYSE: FIT) rallied more than 7.6% in pre-market hours after the company topped expectations. The firm shocked the investors, reporting a 47% surge in revenue. So, should you consider buying FIT stock after the company reports earnings? Find that answer, right here.
- Look for additional earnings reports from Tesla Motors Inc. (Nasdaq: TSLA), 3D Systems Inc. (Nasdaq: DDD), TripAdvisor Inc. (Nasdaq: TRIP), First Solar Inc. (Nasdaq: FSLR), Herbalife Ltd. (NYSE: HLF), Transocean Ltd. (NYSE: RIG), Jack in the Box Inc. (Nasdaq: JACK), and CF Industries Holdings Inc. (NYSE: CF).
Today's U.S. Economic Calendar (all times EDT)
- MBA Mortgage Applications at 7 a.m.
- ADP Employment Report at 8:15 a.m.
- Gallup U.S. Job Creation Index at 8:30 a.m.
- Treasury Refunding Announcement at 8:30 a.m.
- 3-Year Note Announcement at 8:30 a.m.
- 10-Year Note Announcement at 8:30 a.m.
- 30-Year Bond Announcement at 8:30 a.m.
- PMI Services Index at 9:45 a.m.
- ISM Non-Manufacturing Index at 10 a.m.
- EIA Petroleum Status Report at 10:30 a.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.