Good morning! For Sept. 16, here are your Dow Jones Industrial Average (DIA) futures, earnings reports, top stock market news, and stocks to watch…
Stock Futures Today
Futures for the Dow Jones Industrial Average today (Wednesday) were flat — forecasting a meager 4-point gain – as the markets prepare for the Federal Reserve’s two-day summit on monetary policy.
Last night, the chief economist of Goldman Sachs Group Inc. raised concerns about the markets due to a lack of consensus over the Federal Reserve’s views on monetary policy. Jan Hatzius predicted the central bank will not raise interest rates until December.
But don’t underestimate the stupidity of the Federal Reserve, says Money Morning‘s Chief Investment Strategist Keith Fitz-Gerald. In an interview with FOX Business this week, Keith explained the Fed has missed every major economic event over the last seven years, and they might just misjudge the markets and the economy again this week. Watch the interview right here.
Yesterday, the Dow Jones surged more than 228 points ahead of today’s Federal Reserve (FOMC) meeting. Markets seemed unaffected by weaker-than-expected monthly retail sales or a decline in industrial output during August.
Top News in the Stock Market Today
The stock market: The Fed Open Market Committee kicks off its two-day meeting to discuss monetary policy. In addition, investors will keep an eye on the monthly consumer price index, the housing market index, and the EIA Petroleum Status Report. Here’s a breakdown of what to expect from the central bank’s two-day assembly on Wednesday and Thursday (Sept. 16-17).
Republican Debate: The 2016 political campaign is heating up, and CNN will broadcast the second GOP debate this evening. Many anticipate some heated exchanges between frontrunner Donald Trump and former Hewlett Packard CEO Carly Fiorina, who has seen some added support after her strong performance during the first round of debates. Money Morning has established full coverage of the 2016 campaigns, including updates on what everyone is talking about in a short, easy-to-read primer. You can check it out right here.
Oil Outlook: Oil prices were rising this morning as traders anticipate that U.S. inventories and production are set to decline this week. WTI prices were up roughly 1.3% to reach $45.17. Meanwhile, Oil prices added 1.1% to $48.24 per barrel. Go here for a breakdown on how oil prices in 2015 could be affected by this week’s Fed meeting.
Earnings Reports: Companies reporting earnings include Oracle Corp. (ORCL), FedEx Corp. (FDX), Cracker Barrel Old Country Store Inc. (CBRL), and Ascena Retail Group Inc. (ASNA).
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