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Dow Jones Industrial Average Falls 157 Points on Weak Retail, Inflation Data

Money Morning Contributor
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For Oct. 13, 2015, here’s your top stock market news and stocks to watch based on today’s market moves…

How Did the Stock Market Do Today?

Dow Jones Industrial Average
Dow Jones: 16,924.75; -157.14; -0.92%

S&P 500: 1,994.24; -9.45; -0.47%

Nasdaq: 4,782.85; -13.73; -0.29%

The Dow Jones Industrial Average today (Wednesday) dropped 157 points on a busy day of economic data and earnings reports. Shares of Wal-Mart Stores Inc. (NYSE: WMT) and Boeing Co. (NYSE: BA) weighed the Dow the most on the day. The retail giant hammered sentiment and fell more than 10% in early trading hours after the company lowered its growth and earnings outlook. Meanwhile, the aircraft stock slumped 4.4% after the company said it expects demand for narrow-body planes to decline within the next one to three years.

This morning, the U.S. Labor Department reported underwhelming producer prices, raising additional doubts the U.S. Federal Reserve will raise interest rates in October or December. Meanwhile, the Census Bureau reported retail sales gained just 0.1%, falling short of economist expectations. Although the Fed Beige Book suggested modest growth for the economy in the last six weeks, investors remain concerned about weak consumption in the private sector.

The S&P 500 Volatility Index (VIX), the market’s fear gauge, jumped nearly 2% on the day.

Top Stock Market News Today

  • Stock Market News: Five of 10 S&P sectors were in the green, with energy and material stocks leading the way. Concerns about Wal-Mart’s 2016 outlook quickly spread to the rest of the retail sector, as cyclical goods stocks cratered more than 1.6% on the day. Shares of Target Corp. (NYSE: TGT) fell more than 3.5% on the day, while shares of J.C. Penney Co. Inc. (NYSE: JCP) and Macy’s Inc. (NYSE: M) slumped as well.
  • Oil Prices Slip: Oil prices were topsy-turvy on Wednesday as concerns about a global supply glut overshadowed expectations that U.S. crude production will continue to decline. OPEC announced today the global oil cartel has boosted its production by roughly 110,000 more barrels a day. November WTI oil prices dipped 0.1% to hit $46.58 per barrel, while Brent crude prices were flat at $49.25. Shares of Chevron Corp. (NYSE: CVX) added 1.5% on the day, while Exxon Mobil Corp. (NYSE: XOM) gained more than 1.3%.
  • On Tap Tomorrow: On Thursday, three members of the Federal Reserve will offer speeches on monetary policy, the Department of Labor will report weekly jobless claims and the September update on the Consumer Price Index. Companies reporting earnings tomorrow include Goldman Sachs Group Inc. (NYSE: GS), Advanced Micro Devices Inc. (Nasdaq: AMD), Citigroup Inc. (NYSE: C), Schlumberger Ltd. (NYSE: SLB), Mattel Inc. (Nasdaq: MAT), UnitedHealth Group Inc. (NYSE: UNH), and Philip Morris International Inc. (NYSE: PM).

Stocks to Watch: WFC, GE, TWTR, GOOG, NFLX

  • Stocks to Watch No. 1, WFC: Shares of Wells Fargo & Co. (NYSE: WFC) slipped nearly 0.7% despites news the nation’s largest home mortgage lender reported a rise in quarterly profits for the first time in three quarters. The company cited its recent purchase of commercial loans from General Electric Co. (NYSE: GE) as a primary driver of its success this reporting period.
  • Stocks to Watch No. 2, TWTR: Shares of Twitter Inc. (NYSE: TWTR) gained more than 1.1% today after the company announced it has tapped Google Inc. (Nasdaq: GOOG, GOOGL) executive Omid Kordestani as its new executive chairman of the board. Following yesterday’s announcement it was laying off roughly 8% of its workforce, this is the next step taken by CEO Jack Dorsey to accelerate the company’s turnaround.
  • Stocks to Watch No. 3, NFLX: Shares of Netflix Inc. (Nasdaq: NFLX) slumped more than 7% in post-market trading after the company reported weaker than expected quarterly earnings. The company reported fewer new subscribers than expected, raising new concerns about recent price increases and its expansion into new global markets.

What Investors Must Know This Week

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