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Dow Jones Industrial Average today, June 4, 2014: The Dow Jones Industrial Average today (Wednesday) will follow yesterday's 21.29 point (-0.13%) slip.
Here's what you should know to make your Wednesday profitable:
- A Big Miss: On Friday morning, the U.S. Bureau of Labor Statistics will report the official U.S. unemployment rate for May. Despite lofty projections for job growth, the numbers may disappoint. According to Automatic Data Processing Inc., private-sector hiring cooled in May, as just 179,000 jobs were added. This is a bad miss compared to projections from economists polled by Dow Jones Newswires, which had gains for May settling at 210,000 private-sector jobs.
- A Good Sign: The auto industry strongly beat analyst expectations, registering a 15.7% increase in May sales over April, according to Autodata Group. Reports indicate that strong May sales were boosted by increased demand for pickup trucks and sport-utility vehicles. General Motors Co. (NYSE: GM), which has been battered by continuous recalls throughout the first half of 2014, announced a strong 12.6% increase in month-to-month sales.
- Electric Leadership: The Wall Street Journal reports that Tesla Motors Inc. (Nasdaq: TSLA) CEO Elon Musk plans to remain in the top post for at least four or five more years. The CEO told an audience at the company's annual shareholder meeting that he plans to stay through the beginning of Tesla's production of its third-generation car. This electric vehicle will begin production toward the end of 2016.
- Setting the Trends: In an effort to make its Google Glass eyewear more fashionable, Google Inc. (Nasdaq: GOOG, GOOGL) has signed a deal to offer designs by Diane Von Furstenberg. The new lenses and frames will be offered by Google and Net-a-Porter on June 23.
- Today's Economic Calendar: This morning's schedule includes the ADP Employment Report for May, the PMI Services Index, the EIA's Petroleum Status Report. The Fed's "Beige Book" will arrive later this afternoon.
But that's not the biggest stock market news on tap today – check out what anti-American business move China pulled this morning, get today's earnings report list and biggest IPO launch, and more…
About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.