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This morning, the Dow Jones Industrial Average was pushing higher after the German government and financial leaders start to work on a bailout plan for the world's largest bank by assets – Deutsche Bank AG (USA) (NYSE: DB).
Growing concerns in Germany center on the possibility that the bank might not have enough capital to pay its $14 billion settlement to the U.S. government over mortgage-backed securities.
DB stock rose more than 2.2% in pre-market hours.
Today, keep an eye on U.S. Federal Reserve Chair Janet Yellen and European Central Bank head Mario Draghi. Both are expected to talk today about monetary policy and plans for future interest rate movements.
Five other U.S. central bankers will also offer their insight on monetary policy and arguments on whether the Fed should have raised interest rates last week.
At Money Morning, we're focused on helping you find the best stocks to own regardless of what the central bank does with monetary policy. Money Morning Resource Specialist Peter Krauth recommends that you buy these stocks before the markets realize they are immune to an interest rate hike.
Tuesday's Stock Market Numbers:
Dow Jones: 18,228.30; 133.47; 0.74%
S&P 500: 2,159.93; 13.83; 0.64%
Nasdaq: 5,305.71; 48.22; 0.92%
What's Ahead for the Dow Jones Industrial Average Today
The Dow Jones Industrial Average projected a 16-point gain as investors prepared for a roster of Fed speakers to take the stage over the course of today's trading session. Fed Chair Janet Yellen will speak at 10 a.m. about financial regulation.
Oil prices were ticking higher after industry data showed a sharp drawdown in U.S. crude inventories. The American Petroleum Institute said that U.S. inventories fell by 752,000 barrels last week, a sharp reversal from the 2.8 million-barrel build expected by analysts.
Yesterday, Iran rejected Saudi Arabia's offer to limit its production output. Money Morning Global Energy Strategist Dr. Kent Moors has said the OPEC meeting was doomed from the start. In fact, Kent argues this week's meeting is about much more than just oil prices. Here's the truth about OPEC's strategy and what the meeting is really about.
The WTI crude oil price today added 1.2%. Meanwhile, the Brent crude oil price added 1.4%.
But the big story today is the ongoing battle between Hillary Clinton and Donald Trump. During Monday night's debate, there were several substantive topics we wished the candidates would have discussed more – most of all, tax policy. That's because right now, "economy and jobs" top all other voter concerns at 32%, according to a CBS/New York Times poll taken between Sept. 9 and Sept. 13. Money Morning dug into both candidates' tax policies and came away with this guide on how each plan impacts your money. Check it out, right here.
Stocks to Watch Today, Sept. 28, 2016
- Shares of Wells Fargo Inc. (NYSE: WFC) are back in focus on news that the company has clawed back $41 billion in bonuses and compensation from CEO John Stumpf. Meanwhile, the firm has stripped millions in unvested equity stock awards from Carrie Tolstedt, the firm's former head of community banking. Tolstedt oversaw the division responsible for a massive business scam that ripped off at least 500,000 customers. Employees opened millions of customer accounts without their permission and charged them fees. But it's not just the money that is a problem. By opening new accounts without their permission, WFC likely crushed the customers' credit scores. Here's how deep this scam actually goes.
- On the earnings front, shares of Nike Inc. (NYSE: NKE) fell in pre-market hours even though the company crushed Wall Street earnings and revenue expectations. The iconic apparel company reported earnings per share (EPS) of $0.73 on top of $9.06 billion in revenue. That topped consensus analyst expectations of $0.56 on $8.84 billion. So what went wrong? The firm reported a double-digit increase in inventory levels and just a single-digit increase in future orders. The company will likely have to discount products in the future in order to clear inventory ahead of its new line of shoes, shirts, and other apparel.
- Twitter Inc. (NYSE: TWTR) is back in focus today with a number of potential suitors looking at possible takeover bids for the microblogging giant. Companies reportedly interested in Twitter include Walt Disney Co. (NYSE: DIS), Salesforce.com Inc. (NYSE: CRM), and Alphabet Inc. (Nasdaq: GOOGL). The Twitter stock price has skyrocketed 23% in less than a week as investors speculate who will buy Twitter. Here's our latest on the Twitter takeover rumors.
- Keep an eye out for additional earnings reports from BlackBerry Ltd. (Nasdaq: BBRY), Pier 1 Imports Inc. (NYSE: PIR), Paychex Inc. (Nasdaq: PAYX), Actuant Corp. (NYSE: ATU), Progress Software Corp. (Nasdaq: PRGS), Worthington Industries Inc. (NYSE: WOR), and Ferrellgas Partners LP (NYSE: FGP).
Today's U.S. Economic Calendar (all times EDT)
- MBA Mortgage Applications at 7 a.m.
- Durable Goods Orders at 8:30 a.m.
- Minnesota Fed President Neel Kashkari speaks at 8:45 a.m.
- Federal Reserve Chair Janet Yellen speaks at 10 a.m.
- Louis Fed President James Bullard speaks at 10:15 a.m.
- EIA Petroleum Status Report at 10:30 a.m.
- 2-Year FRN Note Auction at 11:30 a.m.
- 7-Year Note Auction at 1 p.m.
- Chicago Fed President Charles Evans speaks at 1:30 p.m.
- Cleveland Fed President Loretta Mester speaks at 4:35 p.m.
- Kansas City Fed President Esther George speaks at 7:15 p.m.
Up Next: Are you doing everything you can to grow your retirement "nest egg"? You can start today with our top 5 money-making investment reports – they're absolutely free…
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.