Odds of a Fed rate hike rise, oil loses momentum, global markets are mixed, and EpiPen maker launches generic version to calm pricing outcry. Here are four things to know in the market today, August 29.
1. Odds of a Fed Rate Hike Rise
Fed Chair Janet Yellen refreshed hopes of a rate hike in the near-term after her speech at Jackson Hole on Friday. Yellen said the case for raising rates as strengthened due to an improved labor market and economy.
The dollar jumped to a two-week high following her comments.
Investors will be looking to the August jobs report, which Fed officials say will be of key importance when deciding whether to raise rates at the next policy meeting.
2. Oil Loses Momentum
Oil has been volatile over the last month, rising as much as 20%. But for the second week in a row, the commodity has been on a slippery slope. As of Monday morning, West Texas Intermediate crude is trading at $46.93.
Iran’s plan to continue boosting production until it regains its market share has further weighed on oil. Investors will be turning their focus to next month’s planned OPEC meeting for clues on where the market is headed.
3. Global Markets Mixed
Trading was lighter in Europe on Monday, as the U.K. markets are closed for a public holiday. The Stoxx 600 Index slipped 0.5%.
In Asia, Japan’s Topix Index climbed 2%, while the MSCI Asia Pacific Index (excluding Japan) was down 0.9%.
U.S. futures were flat just before the opening bell.
4. EpiPen Maker Plans Generic Version Amidst Backlash
Mylan, maker of the EpiPen, announced that it is planning to release a generic version of the drug to calm public outcry after raising the price to $600. The generic version of the pen will sell for $300 for a package of two.
When Mylan purchased the EpiPen in 2007, a single pen cost $57.
