Dow Jones Industrial Average Moving Today Ahead Of Federal Reserve Speech

Stock Futures Today

Futures for the Dow Jones Industrial Average today (Monday) were down nine points ahead of a busy week of economic data that includes an update on inflation, November retail sales, and consumer sentiment. These major economic data points will continue to provide insight into the FOMC meeting on Dec. 15-16.

On Friday, the surged more than 369 points after a very positive jobs report and news that European Central Bank President Mario Draghi has taken a more dovish approach to monetary policy than his actions indicated on Thursday. The Dow pushed back into positive territory for the year on news that the U.S. economy added 211,000 jobs in November and the unemployment rate sat at 5%, signifying “full employment,” according to the U.S. Federal Reserve.

The news paves the way for the U.S. central bank to hike interest rates later this month during its final FOMC meeting of the year. Here’s why a rate hike looks like a done deal.

Top News in the Stock Market Today

The Stock Market Today: On Monday, investors will hear a speech from St. Louis Federal Reserve President James Bullard, as he offers his views on whether or not the Fed should hike rates during the December FOMC meeting. In addition, keep an eye out for the Gallup Consumer Spending Measure and an update on consumer credit.

Oil Outlook: Oil prices slipped on news that OPEC members were unable to reach an agreement on limiting output levels in order to reduce an ongoing supply glut in the global crude markets. The oil-producing nations could not find an accord after Iran announced no plans to cut production as the producer begins to bring output back to the markets after years of limitations due to Western economic sanctions. January WTI prices fell 2.0% to hit $39.15 per barrel. Meanwhile, Brent oil crude – priced in London – slipped 1.4% to hit $42.35. Money Morning Global Energy Strategist Dr. Kent Moors recently told readers what’s next for oil prices after the OPEC meeting.