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The Dow Jones Industrial Average today is climbing ahead of key Federal Reserve speeches, with the finale coming from Janet Yellen.
Investors are also preparing for a fresh round of quarterly earnings reports from several leading investment firms and commercial banks.
Central banks around the globe are creating immense threats that are staring every investor in the eye, but too many are choosing to ignore them. When the dust settles, only one currency will be worth owning, and there has never been a better time to own it than right now.
Read all about this global currencym and start profiting – and protecting yourself – right away.
On Thursday, the Dow fell 45 points to a three-week low on surprise news that China's exports slumped by 10% in September and expectations increased for a December rate hike.
Thursday's Stock Market Numbers:
Dow Jones: 18,098.94; -45.26; -0.25%
S&P 500: 2,132.55; -6.63; -0.31%
Nasdaq: 5,213.33; -25.69; -0.49%
What's Ahead for the Dow Jones Industrial Average Today
The Dow Jones Industrial Average projected a 92-point gain after a slew of earnings reports and the markets began preparing for speeches from Boston Fed Bank President Eric Rosengren, Cleveland Fed Bank President Loretta Mester, and Fed Chair Janet Yellen.
Oil prices were rising on Friday. This was caused by a reversal from earlier concerns that cuts proposed by OPEC members will not be able to totally abate the supply glut that has grown over the last two years in the global markets. Sentiment changed overnight as markets reacted to the U.S. Energy Information Administration announcement that crude distillates and gasoline inventories plunged last week. The WTI crude oil price today added 1.1%, while the Brent crude oil price gained 0.7%.
But the big story in pre-market hours is the earnings report from Wells Fargo & Co. (NYSE: WFC). The company is in flux this week after the resignation of its CEO John Stumpf, who has been replaced by COO Timothy Sloan. This morning, shares added 1% before the company reports earnings. Wall Street anticipates the firm will report earnings per share (EPS) of $1.05 on top of $22.0 billion in revenue. Despite the change of guard, the problems plaguing the company's culture still remain. Money Morning Capital Wave Strategist Shah Gilani weighs in on the problems with Wells Fargo, right here.
Stocks to Watch Today, Oct. 14, 2016
- In other earnings news, all eyes will be on the financial sector this morning. In addition to Wells Fargo, investment rival JPMorgan Chase & Co. (NYSE: JPM) reported earnings this morning. The bank led by Jamie Dimon crushed Wall Street analysts' expectations of $1.40 on top of $23.97 billion in revenue. The firm reported $1.58 on $25.51 billion in revenue. JPM shares added 1.8% in pre-market hours.
- Look for additional earnings reports from Citigroup Inc. (NYSE: C), PNC Financial Services Group Inc. (NYSE: PNC) and Del Frisco's Restaurant Group Inc. (Nasdaq: DFRG).
- Shares of Amazon.com Inc. (Nasdaq: AMZN) are trading near record highs again this week. The Amazon stock price today is up 0.2%, and we anticipate that the stock will only push higher in the months ahead. Here's where AMZN stock is heading next.
- It seems like some investors are pinning the recent rally in Apple Inc. (Nasdaq: AAPL) stock to the woes of their primary hardware competitor Samsung Electronics Co. Ltd. (OTCMKTS: SSNLF). Though Samsung has slashed its quarterly outlook due to a major downturn in expected sales and brand problems tied to their fire-causing Galaxy Note 7, that's not the sole reason why AAPL stock is surging. The real reason why APPL stock is rallying – and why it's going to hit $250 in the future – is because of this one major trend that investors are ignoring. Learn all about Apple's massive profit trend, right here.
Today's U.S. Economic Calendar (all times EDT)
- PPI-FD at 8:30 a.m.
- Retail Sales at 8:30 a.m.
- Boston Federal Reserve Bank President Eric Rosengren speaks at 8:30 a.m.
- Business Inventories at 10 a.m.
- Consumer Sentiment at 10 a.m.
- Federal Reserve Bank of Cleveland President Loretta Mester speaks at 12 p.m.
- Federal Reserve Chair Janet Yellen speaks at 12:30 p.m.
- Baker Hughes Inc. (NYSE: BHI) Rig Count at 1 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.