Global stock markets produced mixed results overnight as investors digested a landmark deal by the Organization of the Petroleum Exporting Countries (OPEC). However, markets remain on edge due to the Dec. 4 Italian referendum on constitutional reforms.
On the data front, investors continue to eye the health and stability of the U.S. labor market. This morning, the Labor Department announced that 263,000 Americans filed for unemployment benefits last week. That's higher than the 253,000 claims anticipated by economists.
On Wednesday, the Dow Jones finished flat after OPEC had announced it had struck a deal to cap excessive crude oil production. The index added almost two points, while the Nasdaq fell 56 points, or 1%, on the day.
Dow Jones: 19,123.38; 1.78; +0.01%
S&P 500: 2,198.81; -5.85; -0.27%
Nasdaq: 5,323.68; -56.24; -1.05%
Here's a look at today's most important market events and stocks, plus a look at Thursday's economic calendar.
The Dow Jones Industrial Average projected a two-point gain before the bell Thursday. Investors are preparing for two big announcements in the next four days.
First, the U.S. Labor Department will announce the November unemployment rate Friday. That report will be critical in the upcoming December FOMC meeting when the central bank decides if it will increase benchmark interest rates for the first time in a year. Then, on Sunday, Italian voters will head to the polls to vote on a referendum that would change the nation's Constitution and provide its prime minister the powers to usher in a round of structural reforms.
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Money Morning Chief Investment Strategist Keith Fitz-Gerald breaks down how populism is sweeping across Europe and the ramifications for investors. Fitz-Gerald explains that Italy could be facing the most significant national reforms since World War II. More important, these changes could be extremely profitable to investors in the weeks ahead. Fitz-Gerald lays out his three-part strategy for the Italy vote. Check it out, right here.
The price of crude oil was pushing higher on Thursday as investors continued to digest the remarkable results of the November OPEC meeting. Yesterday's meeting among members of the global oil cartel produced one of the most significant shifts in global oil policy in this young 21st century. OPEC worked with Russia to reduce output and support a rise in crude oil prices to at least $55 per barrel. Key to the deal, Saudi Arabia said it would cut its record production to get its arch rival Iran to agree to the deal.
This morning, WTI crude oil price today added 1.9%, while the Brent crude oil price added 1.9% to top $50 per barrel.
Now that the global oil cartel has taken some bold steps ahead of the next OPEC meeting, Money Morning Global Energy Strategist Dr. Kent Moors has a new and bold crude oil prediction for 2017...
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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.