Stock Market Today: Boeing Pushes Futures Toward Dow 16,000
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
Index futures as of 7:50 a.m. EST suggest a higher start for the stock market today, with the Dow Jones Industrial Average gaining 50 points at the opening bell to continue its climb toward 16,000 points. The Dow began the year at just 13,104 and has managed an impressive 22% gain since then.
Boeing could push stocks further into record territory today. The company launched its new 777X jetliner at the Dubai Airshow over the weekend, and it booked orders totaling $95 billion -- a record for such a product launch. The new plane will be larger and more fuel efficient than its 777 predecessor, which has a dominant market position in its category. Boeing is set to begin production of the double-engine 777X in 2017, with deliveries beginning in 2020. The stock is up 2.8% in premarket trading.
The next generation of console gaming is also off to a strong start. Sony sold 1 million units of its PlayStation 4 device within 24 hours of launching Friday in the U.S. and Canada. In a press release trumpeting the official numbers, Sony credited the solid launch to its "unwavering commitment to gamers." That sounds like a not-so-subtle dig at Microsoft , whose Xbox One is being billed as a broader home entertainment system intended to suit more than just video gamers. That, plus the Xbox One's higher price tag, could keep the Microsoft device's sales numbers modest, at least to start. Sony's shares are up 2% in premarket trading.
Finally, Tyson Foods this morning reported a 7% boost in sales for its fiscal fourth quarter, to $8.9 billion. Earnings rose to $0.70 a share, or 23% higher than the year-ago period. Tyson's chicken and beef products saw healthy demand in the quarter, leading to a 1.5% increase in the company's overall sales volumes. Looking ahead, Tyson expects volumes to rise 1% over the next year, but falling chicken feed prices should push profits higher. Tyson plans to keep paying down debt while continuing to spend on share buybacks next year. The stock is up 4% in premarket trading.
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The article Stock Market Today: Boeing Pushes Futures Toward Dow 16,000 originally appeared on Fool.com.Fool contributor Demitrios Kalogeropoulos has no position in any stocks mentioned. The Motley Fool owns shares of Microsoft. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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