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Yesterday, the Dow Jones Industrial Average rallied more than 123 points as retail companies reported strong earnings.
Yesterday (Thursday) was the first time since 1999 that all three major indices hit record highs on the same day.
Market euphoria is taking over.
In addition, oil prices rallied on hopes that the global crude markets will see a rebalancing of supply and demand in the months ahead.
Let's get to today's top stock market news, stocks to watch, ways to profit, and economic calendar for Aug. 12, 2016.
What's Moving the Dow Jones Industrial Average Today
Dow Jones futures projected a nine-point gain as investors eye a busy day of economic data and weigh the latest round of positive retail earnings reports. Today, traders will be eyeing the latest updates for the Producer Price Index, monthly retail sales, business inventories, and consumer sentiment.
Crude oil prices were flat as investors watch the latest statements from OPEC on the possibility of a production freeze in order to support crude levels. On Thursday, Saudi Arabia hinted that the global oil cartel may look to stabilize prices during a September meeting in Algeria. That comes after news that OPEC produced a record amount of oil in July, renewing concerns about a global supply glut. Meanwhile, the International Energy Agency projects that the global markets will begin to rebalance in the next four months, helping to push up the price of crude.
WTI prices were up 0.1%, while Brent crude oil was off 0.1% in early trading. Later today, keep an eye out for the Baker Hughes Inc. (NYSE: BHI) rig count. WTI prices could fall if the United States saw a boost in crude production.
In deal news, shares of Silicon Graphics International Corp. (Nasdaq: SGI) rallied more than 28% on news that the firm will be purchased by Hewlett Packard Enterprise Co. (NYSE: HPE) for roughly $275 million. The deal is a big splash for Hewlett Packard as the company aims to boost its data analytics business.
The absolute clown car that has become the 2016 election continues to roll along despite all four tires falling off. The latest headlines include GOP nominee Donald Trump's controversial statements about President Obama's "founding" of ISIS, and the announcement that the Department of Justice turned down probe requests by three FBI field offices over the Clinton Foundation while Hillary Clinton served as Secretary of State. What's missing from the campaign? An actual conversation about the U.S. economy. But this week, an investment legend chimed in on the state of the U.S. economy, and you'll never believe whose side he is on.
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 JCPenney Co. Inc. (NYSE: JCP) were up another 3% after the retail giant reported a smaller quarterly loss than expected. JCP also announced that same-store sales increased by 2.2%. Yesterday, shares of Macy's Inc. (NYSE: M) and rival Kohl's Corp. (NYSE: KSS) both rallied more than 16% after topping quarterly expectations. Find out what else you missed from yesterday's trading session, right here.
- Shares of Valeant Pharmaceuticals International Inc. (NYSE: VRX) are in focus after the company became entrenched in a federal investigation into its relationship with a now defunct drug benefits company. The stock had been rallying over the last week after it reported a surprise earnings report. But this latest fraud investigation is just another reason why Money Morning Global Credit Strategist Michael Lewitt is predicting more pain for this Canadian company. Find out where VRX stock will go next.
- Look for additional earnings reports from Applied Industrial Technologies (NYSE: AIT) and Patriot National Inc. (NYSE: PN).
Today's U.S. Economic Calendar (all times EDT)
- PPI-FD at 8:30 a.m.
- Retail Sales at 8:30 a.m.
- Business Inventories at 10 a.m.
- Consumer Sentiment at 10 a.m.
- Baker Hughes Rig Count at 1 p.m.
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