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Dow Jones today, July 9, 2014: The Dow Jones Industrial Average plummeted more than 150 points on Tuesday morning and closed the day with a 117.59-point loss. This is the largest one-day decline in nearly two months, as investors remain cautious ahead of corporate earnings season. Eight of the 10 S&P sectors were down on the day, with utilities and consumer discretionary stocks as the lone gainers.
Here's what you should know to make your Wednesday profitable:
- Metal Mania: Shares of Alcoa Inc. (NYSE: AA) were up more than 2% in pre-market trading after the company reported strong quarterly earnings. Alcoa is the first large corporation to report earnings each quarter and is viewed by many as a bellwether stock for the broader market. The company announced earnings of $0.18 per share, beating analyst expectations of $0.12 per share. Here's a full look at this quarter's earnings calendar.
- A Very Bad Day: Shares of The Container Store Group (NYSE: TCS) are down more than 14% this morning on news that the company slashed its 2014 revenue outlook and lowered earnings expectations. The company cited "sluggish sales" as the culprit. Meanwhile, shares of networking-hardware firm Gigamon Inc. (Nasdaq: GIMO) plunged 30% after the firm lowered its revenue guidance for the second quarter.
- A Big Order: Shares of The Boeing Co. (NYSE: BA) were up 1% in pre-market trading on news that Emirates, the world's largest airline by global air traffic, has placed a $56 billion order for 150 777X planes. The agreement also includes an option for another 50 planes that could drive the deal up to $75 billion.
- Today's Economic Calendar: Today's schedule features the release of FOMC minutes from the June 18th meeting, the EIA Petroleum Status Report, and MBA Purchase Applications.
- Banks Behaving Badly: The Wall Street Journal reports that Citigroup Inc. (NYSE: C) is trying to settle a $7 billion agreement with the U.S. Justice Department on charges that the bank sold shoddy mortgages during the years preceding the financial crisis. The agreement will take place next week.
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.