Stock Futures Today.

Stock futures forecasted a 192-point gain as global stocks markets continued to rally and shed broader concerns about the China stock market crash or the ongoing humanitarian crisis in Europe.

This morning, the Japanese stock market, the Nikkei, surged more than 7.7% on the tailwind of Tuesday’s global rally and its government’s announcement of a pro-business tax policy. Japanese Prime Minister Abe Shinzo promised to slash the nation’s corporate income tax – which is the highest rate of any developed country – by at least 3.3% over the next year.

Meanwhile, European markets were up on stronger economic data and increased optimism over Japan’s tax cut and growing expectations that China will take further action to stimulate its economy.

This morning, China’s stock market – the Shanghai Composite – added another 2.3%.

Top News in the Stock Market Today

  • The Stock Market Today: U.S. markets look to extend their rally from Tuesday. Investors will keep an eye on MBA mortgage applications, the quarterly services survey, and July’s job openings and labor turnover (JOLTS) report. However, the bigger news could be coming from outside U.S. borders, as central banks in Canada, the UK, and New Zealand are all poised to make announcements about monetary policy.
  • Oil Outlook: Oil prices slipped again this morning on concerns about growing oversupply in the global energy markets — although today’s worldwide stock rally has helped support prices. This morning, WTI prices were off more than 1.5% to reach $45.23. Meanwhile, Oil prices declined about 1.4% to $48.80 per barrel. Prices have seesawed in recent weeks, as investors weigh global demand concerns against an ongoing showdown between OPEC producers and the West. OPEC producers – principally Saudi Arabia – have been attempting to drive competition out of the market, with U.S. shale producers clearly in their target lines. Money Morning Global Energy Specialist Dr. Kent Moors explains that OPEC’s strategy has fallen apart, and certain investors can profit from their pending loss…
  • Earnings Reports: Companies reporting earnings include Palo Alto Networks Inc. (PANW), Barnes & Noble Inc. (BKS), Krispy Kreme Doughnuts Inc. (KKD), Box Inc. (BOX), Conn’s Inc.(CONN), and Hovnanian Enterprises Inc. (HOV).
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