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 MotorsInc.'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...
Trouble Brewing: Concerns about a security breach on consumer data went from bad to worse on Wednesday, after The Home Depot (NYSE: HD) admitted a hacking incident may have affected all 2,200 of its retail locations. Company shares slipped more than 2% on the news, and were flat pre-market this morning. HD said that customers would not be responsible if any fraudulent charges were discovered on their accounts.
Hot IPO: Shares of Jeruselum-based Mobileye NV (Nasdaq: MBLY) were up more than 9% on Wednesday on news that the company hit Q2 earnings estimates. The manufacturer of rear-view automobile cameras continues to gain ground - shares are now up more than 80% since August 4.
Today's Economic Calendar: Today's extensive schedule features speeches from three members of the Federal Reserve, the Fed Balance sheet, the EIA Natural Gas Report, the PMI Services Index, an update on weekly jobless claims, and the EIA Petroleum Status Report.
Earnings Reports: Stay tuned for earnings reports from Ciena Corp. (Nasdaq: CIEN), VeriFone Systems Inc. (NYSE: PAY), SeaChange International Inc. (Nasdaq: SEAC), Quiksilver Inc. (NYSE: ZQK), and bebe stores inc. (Nasdaq: BEBE).
Full U.S. Economic Calendar September 4, 2014 (NYSE: all times EDT)
Challenger Job-Cut Report at 7:30 a.m.
Gallup US Payroll to Population at 8:30 a.m.
International Trade at 8:30 a.m.
Jobless Claims at 8:30 a.m.
Productivity and Costs at 8:30 a.m.
PMI Services Index at 9:45 a.m.
ISM Non-Manufacturing Index at 10 a.m.
EIA Natural Gas Report at 10:30 a.m.
Global Composite PMI at 11 a.m.
Global Services PMI at 11 a.m.
EIA Petroleum Status Report at 11 a.m.
3-Month Bill Announcement at 11 a.m.
6-Month Bill Announcement at 11 a.m.
3-Yr Note Announcement at 11 a.m.
10-Yr Note Announcement at 11 a.m.
30-Yr Bond Announcement at 11 a.m.
Cleveland Federal Reserve Bank President Loretta Mester speaks at 12:30 p.m.
Fed Balance Sheet at 4:30 p.m.
Money Supply at 4:30 p.m.
Federal Reserve Gov. Jerome Powell speaks at 6:15 p.m.
Minneapolis Federal Reserve Bank President Narayana Kocherlakota speaks at 9 p.m.
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.