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In Dow Jones news today, the Dow fell thanks to a downturn in healthcare stocks. Shares of Merck & Co. Inc. (NYSE: MRK) and Bristol-Myers Squibb Co. (NYSE: BMY) led the decline in the sector, which snapped a three-day winning streak.
Meanwhile, the Nasdaq pushed higher thanks to gains from Facebook Inc. (Nasdaq: FB), which hit a new all-time high during today's trading session.
The CBOE Volatility Index – largely considered the markets' fear gauge – fell 2.7%.
Let's look at the numbers from Monday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 20,881.48; -21.50; -0.10%
S&P 500: 2,373.47; +0.87; +0.04%
Nasdaq: 5,875.78; +14.06; +0.24%
Now, here's a look at today's most important market events and stocks, plus a preview of Tuesday's economic calendar.
Dow Jones News Today: Oil Prices Drop, Investors Await March Rate Hike
The Dow Jones fell 21.50 points as markets continue to take a wait-and-see approach to the U.S. Federal Reserve's plans for an interest rate hike. According to CME Group's FedWatch Tool, the probability of an interest rate hike Wednesday sits at roughly 95.2%.
We break down the ramifications of another interest rate hike this week, and we also look at if it could cause the next stock market crash. Here's what you need to know.
While the possibility of several interest rate increases has pushed commodity prices lower and the U.S. dollar higher, there is one commodity that could experience a big breakout after the Fed takes action. Money Morning Resource Specialist Peter Krauth offers his latest price forecast for silver prices in 2017. In fact, a silver price rally could start this week.
The WTI crude oil price today fell 0.08%, while Brent crude was flat. U.S. crude fell 0.02% on growing concerns about increasing domestic supplies. The downturn in oil prices hit shares of Chevron Corp. (NYSE: CVX), which fell more than 1%.
Airbnb is no closer to filing for an IPO in the months ahead. At an event in Manhattan, company CEO Brian Chesky said his company has no plans to make an announcement. Following the Snapchat IPO two weeks ago, investors are wondering when other unicorns like Airbnb and Uber will join the public markets. While Airbnb has indicated its intentions, investors now want to know the same question. "Will Uber Go Public in 2017?" We answer that question, right here.
But the big story is the Affordable Care Act.
The Congressional Budget Office (CBO) is set to issue a report on the impact of repealing the Affordable Care Act, also known as Obamacare. Pundits believe that the report will indicate that millions of Americans would lose their healthcare coverage should Republicans repeal the healthcare law and replace it with a new proposal. Such news could add new ammunition for critics of the GOP's replacement bill. Never in the history of the country has Congress been able to repeal or roll back major entitlement programs after they become entrenched in the lives of the American public.
In fact, activist billionaire and Dallas Mavericks owner Mark Cuban offered his two cents in the Obamacare replacement debate last week. He is pitching a radical healthcare plan that would end decades of employer-provided healthcare benefits. Here's Cuban's controversial healthcare idea.
Stock Market News and Top Stocks to Watch Today: March 13, 2017
- Shares of Mobileye NV (NYSE: MBLY) surged more than 28% on news that the autonomous vehicle chipmaker has sold itself to Intel Corp. (NYSE: INTC). The deal is worth roughly $15.3 billion and will give Intel a massive leg up in the emerging field of driverless technology. Shares of INTC stock were off more than 2%. News of the deal pushed rival Nvidia Corp. (Nasdaq: NVDA) up more than 2% on the day.
- Shares of Advanced Micro Devices Inc. (Nasdaq: AMD) added 2.6% after the company received a revised one-year price target from Matt Ramsay of Canaccord Genuity.
- Shares of Wynn Resorts Ltd. (Nasdaq: WYNN) was a top performer Monday. Shares of the resort operator jumped 4.7% after its stock received a "Buy" rating from Morgan Stanley (NYSE: MS). The investment bank says Wynn could bolster its market share in the Chinese gaming market.
- Look for additional earnings reports this afternoon from Inter Parfums Inc.(Nasdaq: IPAR), Limoneira Co. (Nasdaq: LMNR), Tilly's Inc. (NYSE: TLYS), and Real Industry Inc. (Nasdaq: RELY).
Tuesday's U.S. Economic Calendar (all times EST)
- NFIB Small Business Optimism Index at 6 a.m.
- PPI-Final Demand at 8:30 a.m.
- Redbook at 8:55 a.m.
- Four-Week Bill Auction at 11:30 a.m.
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.