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In Dow Jones news today, stock prices climbed as investors wait to see if the Federal Reserve will raise rates at the conclusion of the June FOMC meeting tomorrow.
Here are the numbers from Tuesday for the Dow, S&P 500, and Nasdaq:
|Index||Closing||Point Change||Percentage Change|
Now here's a closer look at today's most important market events and stocks, plus Wednesday's economic calendar.
The Five Top Stock Market Stories for Tuesday
- The Federal Reserve kicked off its two-day meeting on monetary policy this morning. Markets have locked in a 99.6% chance that the central bank will raise interest rates after the meeting. In addition to the central bank's optimism that inflation is on pace to reach the 2% target by the end of the year, Fed Chair Janet Yellen has touted the strength and resilience of the U.S. labor market. Keep an eye on silver prices after the June 14 FOMC meeting.
- After a two-day slump, the "Fabulous Five" tech stocks were climbing once again. Shares of Apple Inc. (Nasdaq: AAPL), Facebook Inc. (Nasdaq: FB), Amazon.com Inc. (Nasdaq: AMZN), Microsoft Corp. (Nasdaq: MSFT), and Alphabet Inc. (Nasdaq: GOOGL) all climbed today.
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- Crude oil prices pushed higher despite news that OPEC's May output increased. WTI crude oil price today added 0.9%, and Brent crude gained 0.9%.
- According to a 150-page report released by the U.S. Treasury Department, a new bill would allow President Donald Trump to fire the head of the Consumer Financial Protection Bureau. In addition, the Treasury Department will give the president at least 120 days to determine which regulations were burdensome for banks and lending agencies. The department is also expected to reduce proprietary trading restrictions and limit stress-testing requirements.
- In economic news, the U.S. Labor Department said that Producer Price Index was flat in May, a figure that fell well short of economist expectations. The agency cited falling energy costs as a reason for the result.
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- Morgan Stanley (NYSE: MS) kicked off the nation's financial conference today in New York City. The two-day event will feature speeches on competition in the credit markets, mortgage financing, mobile banking, and the impact of the Federal Reserve's ambitions with interest rate policies. With an interest rate hike expected tomorrow, shares of Wells Fargo & Co. (NYSE: WFC), Citigroup Inc. (NYSE: C) and JPMorgan Chase & Co. (Nasdaq: JPM) all increased on the day.
- Problems continue to plague failing retail giant Sears Holding Corp. (Nasdaq: SHLD). Shares fell 2.56% after the company announced plans to lay off another 400 employees. The Retail Ice Age is hammering brick-and-mortar retailers, and Sears is the poster child of how not to compete against e-commerce leaders like Amazon.com Inc. (Nasdaq: AMZN).
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- Yahoo! Inc. (Nasdaq: YHOO) is no more. Today, Verizon Communications Inc. (NYSE: VZ) completed its acquisition of the embattled online giant's core Internet assets. Former Yahoo CEO Marissa Meyer stepped down with a $23 million golden parachute.
- Look for an earnings report after the bell from H&R Block Inc. (NYSE: HRB). Investors will be looking for a strong performance out of the tax preparation company. Wall Street anticipates earnings per share (EPS) of $3.51 on top of $2.31 billion in revenue.
Wednesday's U.S. Economic Calendar (all times EDT)
- MBA Mortgage Applications at 7 a.m.
- Consumer Price Index at 8:30 a.m.
- Retail Sales at 8:30 a.m.
- Business Inventories at 10 a.m.
- EIA Petroleum Status Report at 10:30 a.m.
- FOMC Meeting Announcement at 2 p.m.
- FOMC Forecasts at 2 p.m.
- Fed Chair Press Conference at 2:30 p.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.