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Dow Jones Industrial Average Up Ahead of Yellen Speech

Federal Reserve Chair Janet Yellen delivers remarks at the Federal Reserve Conference on Monetary Policy Implementation and Transmission in the Post-Crisis Period in Washington
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Good morning! For Dec. 2, 2015, here is the top stock market news…

Stock Futures Today

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Futures for the Dow Jones Industrial Average today (Wednesday) were up 45 points ahead of remarks by Federal Reserve Chairwoman Janet Yellen.

The Nasdaq was on the rise after The Wall Street Journal reported late yesterday the board of directors at Yahoo! Inc. (Nasdaq: YHOO) is considering selling the company as it struggles to build organically under the helm of CEO Marissa Mayer. The firm has seen its advertising market share erode as competitors Alphabet Inc. (Nasdaq: GOOG) and Facebook Inc. (Nasdaq: FB) dominate the space. The board will meet today to begin exploring the option of a sale.

Yesterday, the S&P 500 closed above 2,100 for the first time in almost one month. The Dow Jones Industrial Average gained more than 168 points despite news the U.S. manufacturing sector contracted in November to its lowest level since June 2009. The Institute for Supply Management (ISM) announced its monthly reading on national factory activity slipped to 48.6. It marked the first time since November 2012 that the reading fell below 50, a level indicating a contraction in the domestic manufacturing sector.

Top News in the Stock Market Today

  • The Stock Market Today: Investors will be keeping a close eye on the morning nonfarm payrolls report, released by Automated Data Processing. In addition, the markets will listen to speeches from three members of the Federal Reserve.
  • Oil Outlook: Oil pricesslipped this morning. January WTI prices fell 1.7% to hit $42.14 per barrel. Meanwhile, Brent oil crude – priced in London – slipped 2.0% to hit $45.21. Later this morning, watch for the weekly release on crude inventory levels from the Energy Information Administration.

Earnings Outlook: AVGO, ARO, PVH, SNPS, GIII, YGE

  • Earnings Report No. 1, AVGO: After the bell, Avago Technologies Ltd. (Nasdaq: AVGO) will report fiscal fourth-quarter earnings. The company is expected to report earnings of $2.38 per share on $1.85 billion in revenue.
  • Earnings Report No. 2, PVH: Later this afternoon, PVH Corp. (NYSE: PVH) will report fiscal third-quarter earnings. The apparel company behind the iconic brands Calvin Klein, Tommy Hilfiger, and Van Heusen is expected to report an EPS of $2.43 on $2.20 billion in quarterly revenue.
  • Earnings Report No. 3, ARO: After the bell, Aeropostale Inc. (NYSE: ARO) will report fiscal third-quarter earnings. The retailer is expected to report an EPS loss of $0.35 per share on $388.56 million in revenue.
  • Additional companies reporting earnings include Synopsys Inc. (Nasdaq: SNPS), G-III Apparel Group (Nasdaq: GIII), and Tingli Green Energy Holding Co. (NYSE: YGE).

Today’s U.S. Economic Calendar (all times EST)

  • MBA Mortgage Applications at 7 a.m.
  • Atlanta Federal Reserve Bank President Dennis Lockhart speaks at 8:10 a.m.
  • ADP Employment Report at 8:15 a.m.
  • Productivity and Costs at 8:30 a.m.
  • Gallup U.S. Job Creation Index at 8:30 a.m.
  • EIA Petroleum Status Report at 10:30 a.m.
  • San Francisco Federal Reserve Bank President John Williams speaks at 11 a.m.
  • Federal Reserve Chairwoman Janet Yellen speaks at 12:25 p.m.
  • Beige Book at 2 p.m.

What Investors Must Know This Week

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