This morning, the Dow Jones Industrial Average (DIA) was slumping as traders continue to speculate on the timing of the next rate hike by the Fed.
Investors are still speculating on the timing of the next interest rate hike after Federal Reserve Governor Lael Brainard said that the central bank should keep monetary policy loose despite improving signs in the U.S. economy. Here’s when we expect the next rate hike.
With the FOMC set to meet next week, markets remain gridlocked by the Fed’s planning on monetary policy.
On Monday, the Dow gained more than 239 points. Biotech stocks rallied on news that activist hedge fund Starboard Value has taken a large stake in Perrigo Co. (NYSE: PRGO).
Monday’s Stock Market Numbers:
Dow Jones: 18,325.07; +239.62, +1.32%
S&P 500: 2,159.04; +31.23;Â +1.47%
Nasdaq: 5,211.89; +85.98;Â +1.68%
Now let’s look at the most important market events and stocks to watch today, plus your economic calendar, for Sept. 13, 2016.
What’s Ahead for the Dow Jones Industrial Average Today
The Dow Jones Industrial Average projected a 106-point decline as investors weighed falling oil prices and renewed speculation over the timing of the next interest rate hike by the Federal Reserve.
Oil prices were falling fast this morning after a troubling report from the International Energy Agency (IEA). The global energy watchdog projected a sharp decline in international demand in the year ahead. The IEA says it anticipates oversupply in the market the first six months of 2017. That cuts into previous forecasts and expectations that anticipated greater balance in the markets toward the end of this year. The silver lining is that today’s report could place greater pressure on OPEC and Russia to cooperate on supporting oil prices when the global oil cartel meets this month to discuss its production targets.
This morning, the WTI crude price was off 2.1%, while Brent crude fell 1.6%.
