Dow Jones Industrial Average News, 8/11/2016: It's been a quiet week on Wall Street due to a weak economic calendar and tepid earnings reports.
But Thursday could break that trend after a strong earnings report from Alibaba Group Holding Ltd. (NYSE: BABA).
While the media this morning is in a frenzy about the 2016 presidential election and people climbing towers in New York, we will identify several profit opportunities for you.
Trending: Investing in This Top Tech Trend Is the Best Way to Get Rich Now
Let's get to today's top stock market news, stocks to watch, ways to profit, and economic calendar for Aug. 11, 2016.
Dow Jones futures gained more than 44 points as traders eye retail earnings and employment data.
This week features no speeches by members of the U.S. Federal Reserve. Still, ongoing concerns about falling interest rates around the globe have investors wondering when the U.S. central bank will raise interest rates. Fed Chair Janet Yellen is not scheduled to speak again until an annual conference in Jackson Hole on Aug. 26.
Crude oil prices were falling on news that Saudi Arabia is pumping oil at record levels. The Kingdom produced more than 10.67 million barrels per day in July. Falling prices have boosted speculation that the Organization of Petroleum Exporting Countries (OPEC) will reduce production. WTI prices were off 0.6%, while Brent crude oil was off 0.3%.
The global oil cartel has announced plans to meet in September. We've seen this drama before. Last year, Saudi Arabia was working to lead an agreement among OPEC producers to lower its production targets. However, Iran - a growing political threat to Saudi Arabia in the region - has refused to cut its production as the nation returns to the global oil markets. Iran had been prevented from bringing crude to the global markets due to economic sanctions related to its nuclear program.
In deal news, shares of Chesapeake Energy Corp. (NYSE: CHK) are up more than 6% on news that the company plans to sell its Barnett shale property in Texas to a private-equity firm. Chesapeake is also renegotiating a contract with Williams Companies Inc. (NYSE: WMB). The two deals are set to save Chesapeake about $1.9 billion in future costs.
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.