Good morning! For Oct. 29, 2015, here is the top stock market news and stocks to watch…
Stock Futures Today
Futures for the Dow Jones Industrial Average today (Thursday) dipped 80 points after the U.S. Commerce Department reported a third-quarter GDP reading of 1.5% and on news a December rate hike was back on the table. Economists anticipated a Q3 GDP reading of 1.6%, suggesting a quarter-over-quarter decline for the country. Meanwhile, weekly jobless claims came in higher than the expected total of 265,608.
Yesterday, the Dow Jones Industrial Average gained 198 points as investors parsed through Wednesday’s FOMC statement to gain insight on when the central bank might increase interest rates. The U.S. Federal Reserve left interest rates untouched during its seventh meeting this year, but left open the possibility that monetary policymakers may hike the benchmark rate in December.
Top News in the Stock Market Today
stock market Today: Weekly jobless claims and updates on weekly natural gas inventories will take a backseat to the third-quarter GDP release from the Commerce Department. Meanwhile, Atlanta Federal Reserve President Dennis Lockhart will speak on monetary policy and offer his take on the interest rate debate.
Oil Outlook: Oil prices were down marginally this morning after a surge on Wednesday. December futures for WTI crude were off about 1.0% to hit $45.46 per barrel, while Brent crude slipped 1.2% to trade at $48.43 per barrel. The U.S. Energy Information Administration (EIA) helped boost prices yesterday on news crude inventories increased by 3.4 million barrels last week, in line with analyst expectations. That said, the figure was still below the 4.1 million barrel rise forecast by the American Petroleum Institute. Here’s a detailed breakdown of yesterday’s big oil price gains.
Here’s a detailed breakdown of yesterday’s big oil price gains.
Earnings Report No. 1, MA: Shares of Mastercard Inc. (MA) dipped 0.5% after the company reported third-quarter Earnings Report before the bell. The company reported earnings of $0.89 per share on top of $2.541 billion in revenue. Consensus expectations called for an EPS of $0.88 on revenue of $2.542 billion. Despite the in-line top and bottom line figures, the firm reported a decline in profits due to rising costs.
Earnings Report No. 2, SBUX: After the bell, coffee giant Starbucks Corp. (SBUX) will report earnings. Consensus expectations call for an EPS of $0.44 on revenue of roughly $4.89 billion. With strong growth in China over the first two quarters, warning bells have been ringing for the company after the country devalued its economy in August and the dollar continued to show gains around the globe.
Earnings Report No. 3, LNKD: After the bell, LinkedIn Corp. (LNKD) will report third-quarter earnings. The social networking giant is expected to post earnings of $0.47 per share on top of $756.7 million in revenue.
Additional companies reporting earnings include Expedia Inc. (EXPE), First Solar Inc. (FSLR), Monster Worldwide Inc. (MWW), Baidu Inc. (BIDU), and Boston Beer Co. Inc. (SAM).
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