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The Dow Jones Industrial Average today slipped but still held above the 20,000 level. The index moved lower on news that Q4 GDP growth cooled and earnings reports failed to perform up to Wall Street analyst expectations.
Shares of Chevron Corp. (NYSE: CVX) fell more than 2% after the international energy giant fell short of Wall Street forecasts.
CVX shares were the largest weight on the Dow Jones and S&P 500 during the trading session.
Let's look at the numbers from Friday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 20,093.78; -7.13; -0.04%
S&P 500: 2,294.69; -1.99; -0.09%
Nasdaq: 5,660.78; +5.61; +0.10%
Now, here's a look at today's most important market events and stocks, plus a preview of Monday's economic calendar.
DJIA Today: Dow Still Stays Above 20,000
The Dow Jones slipped seven points thanks to weaker U.S. economic data and mixed earnings results for the December-ending quarter.
Must Read: Top 10 2017 IPOs to Watch
Gold prices climbed 0.01% Friday, and some fear gold prices will drop or remain stagnant. But in a recent report, Money Morning Resource Strategist Peter Krauth outlines a very bullish prediction for gold prices in the months ahead. Read it, right here.
Crude oil prices were falling after Baker Hughes Inc. (NYSE: BHI) reported that U.S. production rigs increased last week. According to the weekly production report, the number of domestic rigs increased by 15. The increase is a reaction to rising crude prices and falling production costs.
Weak economic data also played into Friday's decline in crude prices. Crude prices had been rising in recent weeks due to increased optimism that OPEC members will commit to production cuts. OPEC and Mexico and Russia have committed to cutting 1.8 million barrels per day (bpd) in the first half of 2016. However, expected increases in U.S. production are still raising concerns about oversupply in the markets.
The WTI crude oil price today fell 1.2%. Meanwhile, Brent crude dipped 1.4%.
But the big news today is President Donald Trump's first official press conference with a foreign leader since he took office. This afternoon, Trump met with British Prime Minister Theresa May to discuss bilateral trade. With May visiting, there is a lot of speculation over her nation's plans to depart the European Union in 2017. A closer relationship between Britain and the United States has the capacity to provide May with greater leverage over the world's largest economic bloc.
Trump will speak with the leaders of France, Germany, and Russia over the weekend.
Stock Market News and Top Stocks to Watch Today: Jan. 27, 2017
- While everyone has been paying close attention to oil prices, the real story is the investment opportunity after a monumental shift in our nation's energy policy. President Trump's recent executive order paves the way for the construction of the Keystone XL pipeline. More importantly, it paves the way for big profits for investors looking to capitalize on the massive energy infrastructure project. Here are the three best Keystone pipeline stocks to buy now.
- In earnings news, shares of Starbucks Corp. (Nasdaq: SBUX) fell by 4% after the global coffee chain slashed its forward guidance.
- Meanwhile, shares of Alphabet Inc. (Nasdaq: GOOGL) dipped after the Silicon Valley giant fell slightly short of expectations. Despite the slight downturn, Alphabet reported revenue of $26.06 billion. That's up 22% year over year and beat expectations of $25.2 billion. While revenue outpaced expectations, earnings per share (EPS) did not. Analysts' expectations for EPS were $9.67, and Alphabet reported $9.36. There are still several reasons why we're still very bullish on GOOGL stock in the months ahead. Click here to read why GOOGL stock has a lot of room to run.
- It was still a good day in the technology sector. Shares of Microsoft Corp. (Nasdaq: MSFT) gained 2%, and Intel Corp. (Nasdaq: INTC) added more than 1% after both firms topped earnings estimates after the bell Thursday.
- Finally, shares of Scotts Miracle-Gro Co. (NYSE: SMG) are in focus as the agricultural products manufacturer prepares to release its Q1 2017 earnings report Tuesday, Jan. 31, 2017. Money Morning breaks down what investors can expect out of the company's earnings report next week. Read about the five catalysts propelling SMG stock here.
Monday's U.S. Economic Calendar (all times EST)
- Personal Income and Outlays at 8:30m.
- Pending Home Sales Index at 10m.
- Dallas Fed Manufacturing Survey at 10:30m.
- Four-Week Bill Announcement at 11m.
- Three-Month Bill Auction at 11:30m.
- Six-Month Bill Auction at 11:30m.
Must Read – This Great Depression-era "Secret" Helped Transform Two Teachers into Millionaires: Donna and Dave R. were both teachers in Boston. But today they're retired millionaires who are also earning $10,000 a month in income. Their secret? Much of their wealth is due to a Great Depression-era "program" most have no idea exists. Full Story
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.