Stock Futures Today
Futures for the today (Friday) forecast a 345-point decline as concerns about global growth and pummel stocks. Nearly every one of the 30 stocks on the was down in pre-market hours. The Shanghai Composite fell more than 3.5% and entered bear market territory.
On Thursday, the Dow Jones rose 227 points as energy stocks rebounded and markets celebrated comments from members of the U.S. Federal Reserve. On the economic front, St. Louis Federal Reserve President James Bullard announced that inflation expectations might alter his outlook for additional interest rate hikes later this year.
Top News in the Stock Market Today
The Stock Market Today: Banking stocks will be in focus before the bell as several prominent investment and commercial firms report quarterly earnings. A packed economic calendar features the December 2015 reports for the Producer Price Index – Final Demand, Retail Sales, and Industrial Production. Today’s retail sales report (ex-auto, ex-gas) will offer insight into the strength of the holiday shopping season. Baker Hughes Inc. (NYSE: BHI) will offer insight into domestic oil production trends, and three members of the Federal Reserve will speak. Pay close attention to remarks by San Francisco Federal Reserve Bank President John Williams, who will participate in a Q&A session and provide his economic forecast for 2016.
Oil Outlook: Oil prices crashed below $30 per barrel again this morning as markets prepare for Iran to bring its production back onto the market. February WTI prices slumped 5.7% to hit $29.42 per barrel. Meanwhile, Brent oil crude dipped 4.2% to reach $29.57. Falling oil prices have pounded the currencies of oil exporting nations. This morning, the Canadian dollar fell to a 13-year low, while the Aussie dollar slipped to a near-seven-year low.
Earnings Outlook: WFC, PNC, BLK, C, FAST, USB
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