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Stock market news today, September 4, 2014: U.S. stock futures were up this morning (Thursday) following a mixed trading session in the stock market Wednesday. Apple Inc. (Nasdaq: AAPL) - which accounts for nearly 9% of the Nasdaq - slumped 4.22% yesterday after a possible breach of its iCloud. As a result, the Nasdaq slipped 0.56% (25.62 points).
Here's a list of the top stock market news for Thursday:
- Further Cuts: This morning, the European Central Bank announced plans to slash its interest rate just above zero as part of a broader plan to stop the Eurozone economy from slumping back into a recession. The ECB slashed its short-term loan levels to a record 0.05%, down from 0.15%. After the announcement, the euro slipped to a hair above $1.30, its lowest level in 13 months. Meanwhile, the Bank of England announced it would leave its key lending rate at 0.5%, a record low that has remained in place since March 2009. Neither central bank announced plans for bond purchases or quantitative easing - although ECB president Mario Draghi hinted that it could be a possibility in the near future. Europe's unprecedented rate-slashing opens the door to this classic profit play...
- Breaking Ground: Later this afternoon, Nevada Governor Brian Sandoval is slated to hold a press conference in Carson City, where he will likely announce the location of Tesla Motors Inc.'s (Nasdaq: TSLA) new $5 billion Gigafactory to produce electric batteries for its vehicles. According to a report on CNBC yesterday, Tesla is still in negotiation to ensure the price is right in Nevada. The new plant is expected to provide enough battery power for more than 500,000 electric vehicles each year, and numerous jobs for the chosen area. Tesla had previously scouted locations for the plant in Arizona, California, Nevada, New Mexico, and Texas.
- Chinese Woes: Shares of Yum! Brands Inc. (NYSE: YUM) were off nearly 3% this morning after the company announced a 13% drop in same-store sales in China for the third quarter. American fast food chains, including rival McDonald's Corp. (NYSE: MCD), have been adversely affected by a food safety scare after one of the companies' suppliers sold expired meat to the chains. With more than 6,000 locations in China, Yum said that the market accounted for 61% of its total sales in Q2, signaling greater concerns about its long-term outlook in the eastern nation...
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.