With the U.S. Federal Reserve set to meet March 14-15, CME FedWatch projects a roughly 90% chance that the central bank will raise interest rates.
Let's look at the numbers from Thursday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 20,858.19; +2.46; +0.01%
S&P 500: 2,364.87; +1.89; +0.08%
Nasdaq: 5,838.81; +1.25; +0.02%
Now, here's a look at today's most important market events and stocks, plus a preview of Friday's economic calendar.
The Dow Jones climbed just 0.01% after a lackluster round of economic data. Markets are largely taking a wait-and-see approach on the timing of the next interest rate hike.
Chair Janet Yellen said last week that the only potential roadblock to a rate hike this month would be a weak February jobs report. Although weekly jobless claims increased last week, it was still the 105th consecutive week that the number of Americans seeking unemployment benefits remained below 300,000. Investors will now turn their attention to the February jobs report, which will be released tomorrow morning by the U.S. Labor Department.
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Once again, the oil markets dominated the headlines. The WTI crude oil price today dropped over 1% and fell below $50.00 per barrel. Brent prices slumped 0.9%. Traders are growing increasingly concerned that supply is outpacing demand. That sentiment weighed down shares of both Exxon Mobil Corp. (NYSE: XOM) and Chevron Corp. (NYSE: CVX).
On Wednesday, the Energy Information Administration announced that domestic crude inventory levels swelled to a new record. Meanwhile, recent statements by Saudi Arabia cast doubt on the stability and sustainability of OPEC's massive deal to cap excessive production.
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Money Morning Global Energy Strategist Dr. Kent Moors recently attended the Windsor Energy Consultation at Windsor Castle. Energy leaders from around the globe gathered to discuss geopolitics and a number of factors impacting global oil markets. The biggest factor of all?
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None other than President Donald Trump. Read Dr. Moors' latest insight on the crude markets, right here.
But the big story is Greece.
The country is quickly running out of money, and an economic crisis in Greece could fuel a serious problem for investors' portfolios. The nation's debt load has exploded since the Great Recession in 2008, and Greece has received three bailouts from the European Union. Even worse, the requirements placed on Greece to receive bailout money have stifled its economy.
What happens next and what should you do to protect your portfolio? Here's everything you need to know.
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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.