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This morning, the Dow Jones Industrial Average was climbing higher as investors eyed oil prices and monitored the Federal Reserve.
Investors continue to anticipate that the central bank will hike interest rates in December.
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On Friday, the Dow fell 28 points thanks to a weak jobs report and a slump in oil prices. Energy stocks were off on the day, led by a 0.4% decline in Exxon Mobil Corp. (NYSE: XOM).
Friday's Stock Market Numbers:
Dow Jones: 18,240.49; -28.01; -0.15%
S&P 500: 2,153.74; -7.03; -0.33%
Nasdaq: 5,292.40; -14.45; -0.27%
Now let's look at the most important market events and stocks to watch today, plus your economic calendar, for Oct. 10, 2016.
What's Ahead for the Dow Jones Industrial Average Today
The Dow Jones Industrial Average projected an 87-point gain as investors weighed last night's debate and eyed rising oil prices. On Sunday night, Donald Trump and Hillary Clinton sparred at Washington University on Obamacare, business taxes, the Syrian Civil War, and, of course, Trump's "locker room talk."
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The Fed is back in focus after Friday's jobs report. The U.S. economy added 156,000 jobs in September, roughly 20,000 short of economist expectations.
Oil prices were climbing to a four-month high despite news that traders continue to be skeptical about OPEC's November production deal. Money Morning Global Energy Strategist Dr. Kent Moors has called OPEC's deal a game-changer. Moors explains what's next for oil prices and what investors must know about global production.
The WTI crude oil price today was up 1.4% early this morning, while the Brent crude oil price added 1.4%.
The big story this morning is about Twitter Inc. (NYSE: TWTR). Shares of the microblogging stock are off 13.7% in pre-market hours as potential suitors continue to walk away from any possible deal. Walt Disney Co. (NYSE: DIS) and Alphabet Inc. (Nasdaq: GOOGL) are both out of the running, according to multiple reports. There is speculation that Salesforce.com Inc. (NYSE: CRM) may make a bid, but the elimination of several other candidates will likely reduce any premium that traders had anticipated. Mizuho analysts warned that a Twitter deal could reduce Salesforce's stock value by as much as 25%.
Stocks to Watch Today, Oct. 10, 2016
- Shares of Mylan NV (Nasdaq: MYL) are in focus this morning after the EpiPen manufacturer agreed to pay a stunning $465 million to settle claims that it overcharged the U.S. government for its products. The firm had been accused of falsely classifying its allergy cure as a generic product.
- In deal news, shares of CBS Corp. (NYSE: CBS) were on the move as investors continue to eye progress on the firm's pending deal with Viacom Inc. (Nasdaq: VIAB).
- Once again, Deutsche Bank AG (USA) (NYSE: DB) is back in the news. Shares are trending upward as investors eye progress on the possible settlement with the U.S. government on handling mortgage-backed securities. In pre-market hours, DB shares were up 1.5%.
- No major U.S. companies report earnings on Monday as today is Columbus Day. Check back tomorrow as Alcoa Inc. (NYSE: AA) unofficially kicks off earnings season.
Today's U.S. Economic Calendar (all times EDT)
- Labor Market Conditions Index at 10 a.m.
- TD Ameritrade IMX at 12:30 p.m.
- Chicago Federal Reserve Bank President Charles Evans speaks 10 p.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.