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.
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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.
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:
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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.