This morning, Dow Jones Industrial Average was flat as investors eye another day of earnings reports and look to profit from another decline in oil prices.
While economic data dominates the headlines, the chatter on trading floors this morning has centered on the Federal Reserve Bank of Kansas City's annual Economic Policy Symposium, which kicks off on Friday.
On Tuesday, the Dow gained more than 17 points after technology companies rallied and positive housing market data fueled optimism about the health of the U.S. economy.
Meanwhile, the Nasdaq hit an all-time high.
Today is also the one-year anniversary of a "flash crash" that saw the Dow Jones crater more than 1,100 points in just five minutes.
Tuesday's Stock Market Numbers
Dow Jones: 18,547.30; 17.88; 0.10%
S&P 500: 2,186.90; 4.26; 0.20%
Nasdaq: 5,260.08; 15.48; 0.30%
What's Ahead for the Dow Jones Industrial Average Today
The Dow Jones Industrial Average projects a seven-point gain as investors prepare to weigh a busy day of housing data and markets absorb news of a major earthquake in Italy. Investors are also preparing for Friday when Federal Reserve Chair Janet Yellen gives a speech on monetary policy during a symposium in Jackson Hole, Wyoming. While everyone is speculating on Yellen's comments, the real story is about a looming market crash. A U.S. stock market crash is imminent, despite the Fed's best attempts to convince you otherwise.
Oil prices were sliding this morning on news of a surprise inventory build in the United States. That puts today's inventory report by the U.S. Energy Information Administration in focus. The uptick in crude supplies offset optimism that global oil cartel OPEC could engage in a production freeze to support crude prices. WTI crude was off 1.9%, while Brent crude slid 1.3%.
OPEC is set to meet in Algeria on Sept. 26 to discuss its production targets. Despite increased optimism among traders and investment firms, Money Morning Global Energy Strategist Dr. Kent Moors says investors should brace themselves for disappointment from OPEC. Moors argues that this country is going to prevent a deal from happening.
But the story sliding under the radar this morning comes from Roger Stone - the controversial off-the-record adviser to GOP presidential nominee Donald Trump. Over the weekend, Stone reiterated claims that he's got juicy intel on a Hillary Clinton "October Surprise."
Stocks to Watch Today, Aug. 24, 2016
- Another day, another deal. It has only been a few days since Pfizer Inc. (NYSE: PFE) purchased Medivation Inc. (Nasdaq: MDVN) for $14 billion. Now the company has purchased the commercialization and development rights to the late-stage antibiotics business of AstraZeneca Plc. (NYSE ADR: AZN) for roughly $1.5 billion.
- Shares of FitBit Inc. (NYSE: FIT) were up more than 2.6% this morning. The uptick comes after the U.S. International Trade Commission said that the company did not steal the trade secrets of rival Jawbone, who had accused the company of infringing on patents.
- Shares of Tesla Motors Inc. (Nasdaq: TSLA) gained more than 0.6% after the firm unveiled its latest version of its Model S. The vehicle - which has the fastest 0 to 60 miles per hour classification of any other vehicle in its class - can travel more than 300 miles on one charge. That makes it the first company to break the 300-mile barrier.
- Companies set to report earnings today include Hewlett-Packard Co. (NYSE: HPQ), Workday Inc. (NYSE: WDAY), Williams-Sonoma Inc. (NYSE: WSM), Guess? Inc. (NYSE: GES), Phillips-Van Heusen Corp. (NYSE: PVH), and Express Inc. (NYSE: EXPR).
- Finally, here's an investment idea for you before the bell. Money Morning Executive Editor Bill Patalon just recommended one of the best gold stocks in the gold mining sector.
Today's U.S. Economic Calendar (all times EDT)
- MBA Mortgage Applications at 7 a.m.
- FHFA House Price Index at 9 a.m.
- Existing Home Sales at 10 a.m.
- EIA Petroleum Status Report at 10:30 a.m.
- 2-Year FRN Note Auction at 11:30 a.m.
- 5-Year Note Auction at 1 p.m.
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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.