Dow Jones Industrial Average Today Climbs Ahead of OPEC Meeting

Dow Jones Industrial Average

Dow Jones Industrial Average News, 8/10/2016: Traders are still optimistic about the global markets.

The S&P 500 and the Nasdaq are hovering near all-time highs.

Trending: Investing in This Top Tech Trend Is the Best Way to Get Rich Now

This puts the U.S. Federal Reserve in focus, as the markets are trying to determine the timing of the next possible interest rate hike.

However, do not get lulled to sleep by single-digit days for the Dow Jones. In weeks like these, great profit opportunities can emerge in places you might not expect.

Let's get to today's top stock market news, stocks to watch, ways to profit, and economic calendar for Aug. 10, 2016.

What's Moving the Dow Jones Industrial Average Today: Will OPEC Freeze Production?

Dow Jones futures projected a 12-point gain as investors continue to eye oil prices and the remainder of the quarterly earnings calendar. The S&P 500 and the Nasdaq are hovering near all-time highs as we look to another round of earnings reports. Money Morning Technical Trading Specialist D.R. Barton argues that investors cannot trust these market levels. Here's his insight on what to do next.

Oil prices were sliding this morning as traders remain skeptical about any plan to reduce production among members of OPEC. With oil prices recently sliding below $40 per barrel, the global oil cartel has set a meeting for the fall to discuss another potential freeze in production to support crude prices. However, last time that OPEC met, the countries failed to reach an accord. Member states Saudi Arabia and Iran remain locked in a political standoff.

On Wednesday, oil prices could move based on inventory data from the U.S. Energy Information Administration. This morning, WTI crude was down 0.5%, while Brent crude prices dipped 0.2%. Today's EIA report is important. But the real trading opportunity comes in a $53 trillion ticking time bomb that has been uncovered by Money Morning analysts. This crisis will be the most important energy story over the next decade. Remember, you read it here first.

Meanwhile, the Delta Air Lines Inc. (NYSE: DAL) stock price is still down this morning as the global travel giant attempts to stabilize its operations. The company canceled more than 1,700 flights in two days due to a computer glitch that downed flights on Monday. The firm said it expects operations back to 100% by Wednesday afternoon.

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 Michael Kors Holdings Ltd. (NYSE: KORS) fell more than 4.7% despite news that the fashion giant beat earnings expectations. The company reported earnings per share (EPS) of $0.88 on top of $987.80 million in revenue. That beat Wall Street expectations of $0.76 on $959.7 million in revenue. The company reported a big decline in same-store sales and offered a very soft forecast for the upcoming quarter. Wall Street doesn't like what it heard.
  • Shares of Tesla Motors Inc. (Nasdaq: TSLA) were off slightly this morning as the company deals with another public relations challenge. CNBC reports that a Chinese motorist has crashed a Tesla vehicle featuring its "autopilot" system. The customer claims that a sales representative sold the vehicle by implying that the car was "self-driving."
  • Shares of Walt Disney Co. (NYSE: DIS) are off more than 1.7% in pre-market hours after the company reported a big earnings miss in the company's cable networks business. The firm has seen a sharp decline in subscribers paying for networks like ESPN. Cord-cutting and subscription downgrades have hounded the stock in a time where its cable business costs are on the rise. Overall, the company did beat Wall Street EPS expectations. The firm also topped revenue expectations due to strong sales at its theme parks and at the box office.
  • Look for additional earnings reports from Shake Shack Inc. (NYSE: SHAK), Polo Ralph Lauren Corp. (NYSE: RL), Wendys Co. (Nasdaq: WEN), JD.com Inc. (Nasdaq: JD), and Silver Wheaton Corp. (NYSE: SLW).

Today's U.S. Economic Calendar (all times EDT)

  • MBA Mortgage Applications at 7 a.m.
  • JOLTS at 10 a.m.
  • EIA Petroleum Status Report at 10:30 a.m.
  • 10-Year Note Auction at 1 p.m.
  • Treasury Budget at 2 p.m.

Don't Miss: Most people remember the Bill Clinton economy as a "boom" they'd like to see again. But that's a false and dangerous myth. Read more...

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About the Author

Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.

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