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This morning (Monday), the Dow Jones Industrial Average is flat as investors attempted to make sense of the U.S. Federal Reserve's statements on its next interest rate hike.
On Saturday, the U.S. Federal Reserve meeting concluded at Jackson Hole, Wyoming. Federal Reserve Chair Janet Yellen and Vice Chair Stanley Fischer both made the case that improving economic data could push the central bank to raise interest rates in the coming months.
Of course, one has to remember that this meeting consists of central bankers who have engaged in reckless policy experimentation for decades.
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On Friday, the Dow slipped 53 points after Fed Vice Chair Stanley Fischer argued the case for a rate hike. Meanwhile, Yellen said the "U.S. economy is close to the Fed's goals for employment and price stability."
Friday's Stock Market Numbers:
Dow Jones: 18,395.40; -53.01; -0.29%
S&P 500: 2,169.04; -3.43; -0.16%
Nasdaq: 5,218.92; +6.71; +0.13%
Now, here's a look at today's most important market events and stocks, plus today's economic calendar.
What's Ahead for the Dow Jones Industrial Average Today
The Dow Jones Industrial Average projected a three-point gain as investors weighed Friday's statement by Federal Reserve Chair Janet Yellen. Investors anticipate that the central bank could raise interest rates as soon as September as central bankers make the case for tighter monetary policy. Here's everything you need to know about last week's Fed meeting.
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Oil prices slid this morning thanks to a stronger dollar. This morning, the WTI crude price was off 1.3%, while Brent crude slid 1.4%. Meanwhile, OPEC is under the microscope as the global oil cartel prepares to meet next month to discuss a possible production freeze to support crude prices. Iran announced over the weekend that it plans to ramp up production after Saudi Arabia produced record crude output last month. Money Morning Global Energy Strategist Dr. Kent Moors says that investors should anticipate an OPEC deal, but not the one that pundits are debating right now.
Stocks to Watch Today, Aug. 29, 2016
- Drug giant Mylan NV (Nasdaq: MYL) was pushing up 2.4% after the firm announced plans to release a generic version of its allergy treatment EpiPen. The generic version would cost 50% less than its branded product. The firm has faced a firestorm of criticism in the last week after announcing sharp price increases to the EpiPen treatment.
- Shares of Roche Holding Ltd. (OTCMKTS ADR: RHHBY) are in focus today after the Food and Drug Administration issued an Emergency Use Authorization for its new test for the Zika virus.
- Shares of Herbalife Ltd. (NYSE: HLF) gained nearly 1.6% on news that billionaire investor Carl Icahn has purchased more company stock. The news disputed claims by rival investor Bill Ackman that Icahn was trying to liquidate his position. The two have been engaged in a high-profile battle over the company. Ackman has argued that Herbalife's marketing model constitutes a pyramid scheme.
- Today, look for earnings reports from E-Commerce China Dangdang Inc. (NYSE ADR: DANG), Prospect Capital Corp. (Nasdaq: PSEC), and ScanSource Inc. (Nasdaq: SCSC).
- Finally, it's back to school time, which means investors need to put four stocks in their shopping carts right now if they want to profit from this annual boom in consumer spending.
Today's U.S. Economic Calendar (all times EDT)
- Personal Income and Outlays at 8:30 a.m.
- Dallas Fed Manufacturing Survey at 10:30 a.m.
- 4-Week Bill Announcement at 11 a.m.
- 3-Month Bill Auction at 11:30 a.m.
- 6-Month Bill Auction at 11:30 a.m.
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.