Let's look at the final numbers on Friday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 18,123.52; -88.96; -0.49%
S&P 500: 2,139.16; -8.10; -0.38%
Nasdaq: 5,244.57; -5.12; -0.10%
Here's a look at today's most important market events and stocks, plus a preview of Monday's economic calendar.
The Dow Jones slumped 88 points on Friday, a downturn fueled mainly by a sharp slump in financial stocks. Today, investors weighed another major scandal and expected settlement from Deutsche Bank AG (USA) (NYSE: DB). The news dragged down shares of Goldman Sachs Group Inc. (NYSE: GS) and Morgan Stanley (NYSE: MS) by more than 1.1%. The S&P 500 financials sector fell by roughly 1% on the day.
Financial stocks also remain under pressure due to fleeting expectations for an interest rate hike. The Federal Reserve meets next week for two days to discuss monetary policy. Since December 2015, investors have anticipated another small rate hike. Despite constant teasing and justification of near-term rate increases, the Fed has largely avoided any upward tick due to concerns about the global economy, consistency in the labor markets, or weakness in its efforts to drive inflation. Here's our latest insight on when to expect the next rate hike.
Don't Miss: Get the Best Investing Research Today to Grow Your Money
Oil prices were on the move after Baker Hughes Inc. (NYSE: BHI) reported that the U.S. domestic rig count has increased in 11 of the last 12 weeks. The company reported that the number of rigs increased by two last week to 416 platforms. That's still well below the 644 rigs in domestic operation last year at this time. Meanwhile, concerns about a global glut in supply weighed on investor sentiment after Iranian export levels swelled to pre-sanction levels. The WTI crude oil price today fell 1.5%. Meanwhile, the Brent crude oil price dropped 1.3%.
Money Morning Global Energy Strategist Dr. Kent Moors has just issued his latest oil price prediction. But before we get to that, here's why crude oil prices have been so volatile this week.
The big news today was the latest scandal on Wall Street. Today, Deutsche Bank AG (USA) (NYSE: DB) was off more than 9% on news that the company has been asked by the U.S. government to settle allegations that it misled investors on mortgage-backed securities. The company says it will fight regulators' demand for $14 billion. Once again, we're watching the horrible cycle that allows Wall Street the opportunity to mislead and take money from customers, only to see the complacent U.S. government come in later for its cut of the profits. Money Morning Capital Wave Strategist Shah Gilani highlights a series of wrist slaps from U.S. regulators while no one goes to jail for any of these crimes. Here's his latest take.
Give Your Portfolio a Much-Needed Edge: Chances are, your investing returns aren't where they could be if you had the proper tools. Learn how you can double your money in just days, profit on a trend that's gearing up to generate massive returns, give your portfolio a 325% performance advantage, and more. Click here...
Follow Money Morning on Facebook and Twitter.
[mmpazkzone name="end-story-hostage" network="9794" site="307044" id="138536" type="4"]
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.