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In Dow Jones news today, the Dow fell triple digits for the second consecutive day.
Investors are concerned over President Trump's immigration policies and what they mean for the global economy.
The S&P 500 was pummeled thanks to a poor earnings report from United Parcel Service Inc. (NYSE: UPS). Shares of UPS fell close to 7% after the company filed a quarterly loss and issued a weaker than expected 2017 profit forecast.
Let's look at the numbers from Tuesday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 19,864.09; -107.04; -0.54%
S&P 500: 2,278.87; -2.03; -0.09%
Nasdaq: 5,614.79; +1.07; +0.02%
Now, here's a look at today's most important market events and stocks, plus a preview of Wednesday's economic calendar.
Dow Jones News: Dow Slides on Weak Earnings Reports & Volatility
The Dow Jones retreated another 107 points and the CBOE Volatility Index roared close to 4% thanks to underwhelming earnings reports and lackluster economic data. A week after crossing the 20,000 barrier, sentiment is turning negative.
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Gold prices hit a two-week high after President Trump demanded that U.S. pharmaceutical companies produce products in the United States. A senior adviser for President Trump also issued a statement on the valuation of other nations' currencies. Peter Navarro, the head of Trump's National Trade Council, said that Germany is using a "grossly undervalued" euro to gain competitive advantage against other exporting nations. Gold prices jumped 1.4% to nearly $1,215 per ounce. Money Morning Resource Specialist Peter Krauth just recommended that investors own some gold in 2017. That's because he projects an 18% gain for the yellow metal.
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Crude oil prices were rising as U.S. production continues to offset deep cuts created by OPEC. At a time that OPEC is expected to cut roughly 1.8 million barrels per day (bpd), American producers have been increasing crude production at a breakneck pace since July 2016. Domestic production increased by 6.3% to nearly 9 million bpd, according to the U.S. Energy Information Administration.
The WTI crude oil price today added 0.4%. Meanwhile, Brent crude added 0.8%.
Despite the uptick in crude prices, shares of Exxon Mobil Corp. (NYSE: XOM) fell 1.4% after the company's latest earnings report fell short of Wall Street expectations.
But the big stock market news today involved President Donald Trump (again).
Today, President Trump turned his attention to the U.S. pharmaceutical industry. During a meeting with pharmaceutical executives at the White House, Trump called on U.S. drug companies to manufacturer products in the United States and to reduce the cost of their products. Trump also said he was committed to reducing regulatory burdens in the industry to help the manufacturers bring products to market with less red tape.
Today's Stock Market News: Jan. 31, 2017
- In earnings news, shares of Under Armour Inc. (NYSE: UAA) plunged more than 23% after the company reported a rare quarterly miss on Wall Street expectations.
- Snap Inc., the owner of the popular messaging service Snapchat, selected Intercontinental Exchange Inc.'s (NYSE: ICE) New York Stock Exchange (NYSE) to handle its initial public offering (IPO), according to Reuters. Here's how to play the Snapchat IPO.
- After the bell, watch for additional earnings reports from Arconic Inc. (NYSE: ARNC), Advanced Micro Devices Inc. (Nasdaq: AMD), Illumina Inc. (Nasdaq: ILMN), and United States Steel Corp. (NYSE: X).
Wednesday's U.S. Economic Calendar (all times EST)
- MBA Mortgage Applications at 7 a.m.
- ADP Employment Report at 8:15 a.m.
- Gallup U.S. Job Creation Index at 8:30 a.m.
- Three-Year Note Announcement at 8:30 a.m.
- 10-Year Note Announcement at 8:30 a.m.
- 30-Year Bond Announcement at 8:30 a.m.
- Treasury Refunding Announcement at 8:30 a.m.
- PMI Manufacturing Index at 9:45 a.m.
- ISM Manufacturing Index at 10 a.m.
- Construction Spending at 10 a.m.
- EIA Petroleum Status Report at 10:30 a.m.
- FOMC Meeting Announcement at 2 p.m.
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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.