Following lack of major U.S. economic data or earnings reports being released early in the week, much of market focus has been toward overseas data and the global economy. The U.K. economy expanded by 0.3% between June and July, which helped ease recession fears that have been cropping up across global markets. Despite Germany's economy declining, they have reported stronger than expected export data in July, a rise of 0.7% from the expected 0.5%. However, Brexit fears continue to threaten exports which could hurt Germany's economy further.
Here's how the U.S. Stock Market settled today:
Dow Jones Industrial Average (DIA): +0.15% or 38.86 points
S&P 500 Index (SPY): -0.01% or 0.25 point
Nasdaq (QQQ): -0.19% or 15.64 points
The U.S. Federal Reserve is expected to cut benchmark interest rates as officials have entered the pre-meeting blackout period where no public issues are released.
In energy news, Exxon Mobil (XOM ), Chevron (CVX ), Noble Energy (NBL ), and Helmerich & Payne (HP ) saw stock rise as oil prices increased. Saudi Arabia's Prince Abdulaziz has been named the country's new energy minister and is continuing the country's policy of limiting crude output to support prices. The news has affected oil prices, causing them to rise about 3%.
In stock news, the telecommunicator AT&T (T ) saw shares raise 1.5% after noted Wall Street Activist Elliott Management disclosed a $3.2 billion stake in the company. The hedge fund sent the company ways that it believes the company can improve its business and increase in value. Many investors think this will lead to the telecom raising more in value.
Major bank stocks, Bank of America (BAC ), Citigroup (C ), and J.P. Morgan Chase (JPM ), saw an increase in price today as Treasury yields rose after China reportedly offered to increase U.S. agricultural product purchases in exchange for easing sanctions on the Chinese telecom Huawei.
Acadia Pharmaceuticals (ACAD ) stock saw a huge increase of about 64% following the company's announcement that its dementia-related psychosis treatment, named pimavanserin, had stopped trails early for efficacy, meaning that the drug has tested with far greater than expected results.
Chipotle (CMG ) saw shares gain of 0.47% following an upgrade to outperform from neutral by Wedbush. Analysts from the firm estimated is 12-month target price to increase to $980 from $780.
Tomorrow will see more global economies influences on U.S trade, for no major reports are slated to be released until OPEC'S monthly oil market report on Wednesday.