Share This Article

Facebook LinkedIn
Twitter Reddit
Print Email
Pinterest Gmail
Yahoo
Money Morning
×
  • Invest
    • Best Stocks to Buy
    • Stock Forecasts
    • Stocks to Sell Now
    • Stock Market Predictions
    • Technology Stocks
    • Best REITs to Buy Now
    • IPO Stocks
    • Penny Stocks
    • Dividend Stocks
    • Cryptocurrencies
    • Cannabis Investing
    • Angel Investing
  • Trade
    • How to Trade Options
    • Best Trades to Make Now
    • Options Trading Strategies
    • Weekly Trade Recommendations
  • Retire
    • Income Investing Guide
    • Retirement Articles
  • More
    • Money Morning LIVE
    • Special Investing Reports
    • Our ELetters
    • Our Premium Services
    • Videos
    • Meet Our Experts
    • Profit Academy
Login My Member Benefits Archives Research Your Team About Us FAQ
  • Invest
    • Best Stocks to Buy
    • Stock Forecasts
    • Stocks to Sell Now
    • Stock Market Predictions
    • Technology Stocks
    • Best REITs to Buy Now
    • IPO Stocks
    • Penny Stocks
    • Dividend Stocks
    • Cryptocurrencies
    • Cannabis Investing
    • Angel Investing
    ×
  • Trade
    • How to Trade Options
    • Best Trades to Make Now
    • Options Trading Strategies
    • Weekly Trade Recommendations
    ×
  • Retire
    • Income Investing Guide
    • Retirement Articles
    ×
  • More
    • Money Morning LIVE
    • Special Investing Reports
    • Our ELetters
    • Our Premium Services
    • Videos
    • Meet Our Experts
    • Profit Academy
    ×
  • Subscribe
Enter stock ticker or keyword
×
Join 100,000+ Like-Minded Investors Today
Twitter
Tags: Stock Market Today

Chinese Currency Concerns Top Today's Stock Market News

By Garrett Baldwin, Executive Producer, Money Morning • April 8, 2014

Start the conversation

Comment on This Story Click here to cancel reply.

Or to contact Money Morning Customer Service, click here.

Your email address will not be published. Required fields are marked *

Some HTML is OK

Garrett BaldwinGarrett Baldwin

Stock market news today, April 8, 2014: U.S. markets slumped for a third consecutive trading session on Monday following a sharp selloff in social media, Internet, and biotech stocks.

All three major indices slipped by more than 1%.

The Dow Jones Industrial Average fell 166 points yesterday to finish at 16,245. The Nasdaq dropped 47 points to finish at 4,079, while the S&P 500 lost 20 points to end the day at 1,845.

With Alcoa being the first major company to report during second-quarter earnings season, here are the five things you should know to make your day profitable:

Five Biggest Stock Market News Stories, April 8, 2014

Sign up for SMS so you never miss special events, exclusive offers, and weekly bonus trades.
  • Staring Down China: Citing concerns over currency manipulation, the U.S. Treasury Department warned China over recent depreciation of the yuan. The U.S. has expressed strong concerns that China's currency policies have failed to allow free markets to set exchange rates. The argument over the yuan's depreciation has been a hot topic between the U.S. and China for years, given that a weak Chinese currency boosts its nation's export values at the expense of the dollar.
  • Bad News for Solar Stocks: Solar energy stocks took a hit on Monday after the Shareholders Foundation outlined a lawsuit against SolarCity Corp. (Nasdaq: SCTY). According to reports, certain shareholders allege that SolarCity has violated Federal Securities laws over allegedly false financial statements. The court filing states that Solar City told shareholders on March 18 to ignore and "not rely on" previous financial statements. These shareholders allege the company failed to have proper reporting processes in place.
  • Banks Behaving Badly: On Wednesday, Citigroup Inc. (NYSE: C) said it will settle nearly $1.13 billion in claims from faulty mortgage securities the company sold to 18 institutional investors, including Goldman Sachs Asset Management and BlackRock Financial. As part of the agreement, Citigroup plans to take a first-quarter charge of nearly $100 million. However, the company is not immune from any future investor claims or regulatory actions by the U.S. government. The agreement, which the "victims" have until June 30 to accept, must also be approved by the Federal Housing Finance Agency. In an unrelated story, Citigroup has told investors that it may not meet its profit target for the second quarter after regulators rejected its capital plan last month.
  • The Definition of Insanity: In the Financial Times on Monday, former U.S. Treasury Secretary Larry Summers urged central banks to ramp up spending on infrastructure and to engage in further stimulus to stave off economic stagnation. Said Summers "In the U.S. the case for substantial investment promotion is overwhelming. Increased infrastructure spending would reduce burdens on future generations, not just by spurring growth but also by expanding the economy's capacity and reducing deferred maintenance obligations." Of course, Summers ignores the sheer amount of debt that future generations would bear.
  • Your New Champion: On Monday night, the University of Connecticut Huskies defeated the University of Kentucky Wildcats 60-54 to win the 2014 NCAA Basketball Championship in Arlington, Texas. CBS Corp. (NYSE: CBS) reported that ratings for the entire tournament (with partners TNT and TBS) increased over 2013. Saturday night's Final Four games ranked as the most watched college basketball telecast in history. CBS will announce ratings for last night's game today.

Note: The Fed's 2014 taper means volatility ahead. So we've outlined how to find profits in a volatile market - like triple-digit gains in just days - if you start with this strategy...

U.S. Economic Calendar April 8, 2014

  • NFIB Small Business Optimism Index at 7:30 a.m.
  • ICSC-Goldman Store Sales at 7:45 a.m.
  • Redbook at 8:55 a.m.
  • JOLTS at 10 a.m.
  • 4-Week Bill Auction at 11:30 a.m.
  • 3-Yr Note Auction at 1 p.m.
  • Minneapolis Federal Reserve Bank President Narayana Kocherlakota speaks at 1:30 p.m.
  • Philadelphia Federal Reserve Bank President Charles Plosser speaks at 2:45 p.m.
  • Chicago Fed President Charles Evans speaks at 4 p.m.

Key Companies Reporting Earnings April 8, 2014

  • Consensus earnings per share for Alcoa Inc. (NYSE: AA) is $0.05.
  • Consensus earnings per share for International Speedway Corp. (Nasdaq: ISCA) is $0.33.
  • Consensus earnings per share for WD-40 Co. (Nasdaq: WDFC) is $0.68.
  • Consensus earnings per share for Science Applications International Corp. (NYSE: SAIC) is $0.65.
  • Consensus earnings per share for Mistras Group Inc. (NYSE: MG) is $0.13.

Other Companies Reporting

Chase Corp. (CCF)

Everyone knows that billionaire George Soros is a genius investor. But this Money Morningprofit play beatSoros to the punch - and delivered returns that were more than 60% greater than what Mr. Soros himself enjoyed.

Join the conversation. Click here to jump to comments…

Garrett BaldwinGarrett Baldwin

About the Author

Browse Garrett's articles | View Garrett's research services

Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.

… Read full bio

Login
guest
guest
0 Comments
Inline Feedbacks
View all comments


Latest News

June 8, 2023 • By Nick Black

Why Elizabeth Warren is Wrong About Cryptocurrency (A Lesson in Hypocrisy)

June 8, 2023 • By Tom Gentile

Why High Dividend Yields Can Be Misleading

June 8, 2023 • By Shah Gilani

earnings
How to Deal With the Oil Market Right Now
Trending Stories
ABOUT MONEY MORNING

Money Morning gives you access to a team of market experts with more than 250 years of combined investing experience – for free. Our experts – who have appeared on FOXBusiness, CNBC, NPR, and BloombergTV – deliver daily investing tips and stock picks, provide analysis with actions to take, and answer your biggest market questions. Our goal is to help our millions of e-newsletter subscribers and Moneymorning.com visitors become smarter, more confident investors.

QUICK LINKS
About Us COVID-19 Announcements How Money Morning Works FAQs Contact Us Search Article Archive Forgot Username/Password Archives Profit Academy Research Your Team Videos Text Messaging Terms of Use
FREE NEWSLETTERS
Total Wealth Research Power Profit Trades Profit Takeover Penny Hawk Trading Today Midday Momentum Pump Up the Close
PREMIUM SERVICES
Money Map Press Home Money Map Report Fast Fortune Club Weekly Cash Clock Night Trader Microcurrency Trader Hyperdrive Portfolio Rocket Wealth Initiative Extreme Profit Hunters Profit Revolution Quantum Data Profits Live Trading Alliance Trade The Close Inside Money Trader Expiration Trader Flashpoint Trader Darknet Hyper Momentum Trader Alpha Accelerators Weekly Profit Cycles Brutus Alerts Resource Traders Alliance

© 2023 Money Morning All Rights Reserved. Protected by copyright of the United States and international treaties. Any reproduction, copying, or redistribution (electronic or otherwise, including the world wide web), of content from this webpage, in whole or in part, is strictly prohibited without the express written permission of Money Morning.

Address: 1125 N Charles St. | Baltimore, MD, 21201 | USA | Phone: 888.384.8339 | Disclaimer | Sitemap | Privacy Policy | Whitelist Us | Do Not Sell or Share My Personal Information

wpDiscuz