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In Dow Jones news today, the Dow pushed higher despite concerns about a possible interest rate hike and falling oil prices.
The U.S. dollar ticked higher thanks to speculation that the U.S. Federal Reserve is on the verge of another interest rate hike.
Let's look at the numbers from Wednesday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 20,775.60; +32.60; +0.16%
S&P 500: 2,362.82; -2.56; -0.11%
Nasdaq: 5,860.63; -5.32; -0.09%
Now, here's a look at today's most important market events and stocks, plus a preview of Thursday's economic calendar.
Dow Jones News Today: Dow Keeps Climbing as Oil Prices Fall
The Dow Jones Industrial Average gained 32 points despite news that the Fed is looking to raise interest rates in the near future. The central bank released minutes from its recent meeting on monetary policy.
It was a positive day in the housing sector. First up, shares of Toll Brothers (NYSE: TOL) added more than 6% after the home construction giant topped Wall Street earnings expectations by $0.07. The firm reported $921 million in revenue, easily beating consensus expectations of $888 million. Next, the January existing home sales report indicated another strong month for the housing market thanks to tightening supply. Americans dismissed the recent uptick in mortgage costs and purchased existing homes at the fastest pace since 2007.
Trending: Essential Guide to Buying Gold & Silver
It was also a big day for three of Wall Street's largest banks, but not because of earnings reports.
Today, three major banks have been selected as underwriters for what is expected to be the largest initial public offering (IPO) in Wall Street history. Saudi Aramco – the state-run energy company of Saudi Arabia – is expected to release a public stake worth up to $150 billion and establish a valuation of more than $2 trillion. The winners of the underwriting lottery are JPMorgan Chase & Co. (NYSE: JPM), HSBC Holdings Plc. (NYSE ADR: HSBC), and Morgan Stanley (NYSE: MS).
An official Saudi Aramco IPO date hasn't been announced, but all signs point to an IPO in early 2018. Here's our latest insight on what's next for the massive IPO offering.
Must Read: Snapchat Stock Guide Before the Snap IPO
A stronger U.S. dollar pushed crude oil prices lower Wednesday. The WTI crude oil price today dipped 0.7%. Crude prices still remained near a seven-week high thanks to increased optimism that OPEC members and Russia are on the verge of surpassing the targeted production cuts from the January meeting. The nations agreed to remove 1.8 million barrels per day (bpd) and have reached 90% compliance in a short period. Several prominent analysts have suggested that they could surpass that target in the coming weeks.
However, U.S. drilling activity has continued to rise since the beginning of the year. Goldman Sachs Group Inc. (NYSE: GS) said this morning in a research note that rising U.S. production could reduce expectations that the global supply glut will be alleviated by the second quarter of 2017. Investors will be eyeing data released this week by the Energy Information Administration on U.S. inventory levels and by Baker Hughes Inc. (NYSE: BHI) on the U.S. oil rig count.
But the big story is the rapid rise of healthcare costs in America.
Over the last few years, drug prices, insurance premiums, healthcare deductibles, and other related costs have surged to a hair-raising level. The costs have gotten so out of control that roughly 25% of Americans now list the price of healthcare as their top concern today, according to a January 2017 Monmouth University poll.
With healthcare costs only expected to rise in the future, Americans need key insight to remain on top of these troubling costs. Here's our latest insight on what's next for healthcare inflation.
Stock Market News and Top Stocks to Watch Today: Feb. 22, 2017
- Facebook Inc. (Nasdaq: FB) is looking to make a big splash in the sporting industry. According to Reuters, the company is speaking with Major League Baseball about a deal that would allow the social media giant to livestream one game per week. The deal follows in the footsteps of rival Twitter Inc. (NYSE: TWTR), which had a similar deal with the National Football League.
- In earnings news, shares of Mobileye NV (Nasdaq: MBLY) added more than 2% after the technology giant topped Wall Street earnings and revenue expectations. The company reported stronger demand for its self-driving vehicle systems as car manufacturers continue to ramp up production of autonomous vehicles.
- Shares of Popeyes Louisiana Kitchen Inc. (Nasdaq: PLKI) are in focus a day after the company hit an all-time record high Tuesday. Shares popped on news that Restaurant Brands International Inc. (NYSE: QSR) is prepared to make an offer for the company. Popeyes will report earnings after the bell today. The news of the proposed takeover has investors asking, "Should I buy PLKI stock?" We answer that question, right here.
- After the bell, look for additional earnings reports from Tesla Inc. (Nasdaq: TSLA), Fitbit Inc. (NYSE: FIT), Hewlett-Packard Co. (NYSE: HPQ), Sturm, Ruger & Co. (NYSE: RGR), Transocean Ltd. (NYSE: RIG), and L Brands (NYSE: LB).
Thursday's U.S. Economic Calendar (all times EST)
- Jobless Claims at 8:30 a.m.
- Chicago Fed National Activity Index at 8:30 a.m.
- Atlanta Federal Reserve Chair Dennis Lockhart Speaks at 8:35 a.m.
- FHFA House Price Index at 9 a.m.
- Bloomberg Consumer Comfort Index at 9:45 a.m.
- EIA Natural Gas Report at 10:30 a.m.
- Kansas City Fed Manufacturing Index at 11 a.m.
- EIA Petroleum Status Report at 11 a.m.
- Three-Month Bill Announcement at 11 a.m.
- Six-Month Bill Announcement at 11 a.m.
- 52-Week Bill Announcement at 11 a.m.
- Seven-Year Note Auction at 1 p.m.
- Fed Balance Sheet at 4:30 p.m.
- Money Supply at 4:30 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.