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The stock market news today is the Dow pushing higher a day after the U.S. Federal Reserve held its first meeting since Donald Trump became president and social media giant Facebook Inc. (Nasdaq: FB) easily topped Wall Street earnings and revenue expectations.
Facebook is on pace to open at an all-time high after yesterday's earnings release. The company saw a steady boost in mobile advertising revenue. The firm's report alleviated concerns about its lack of access to the Chinese market and its botched handling of "fake news" during the 2016 election. Shares of FB stock gained more than 3% in premarket hours.
Yesterday, the Dow added 26 points after another round of positive economic data showed increasing strength in the labor markets and the strongest manufacturing production growth in nearly two years. The Federal Reserve announced Wednesday that it would not increase interest rates during its first meeting during the presidency of Donald Trump.
Let's look at the numbers from Wednesday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 19,890.94; +26.85; +0.14%
S&P 500: 2,279.55; +0.68; +0.03%
Nasdaq: 5,642.65; +27.86; +0.50%
Here's a look at today's most important market events and stocks, plus a look at Thursday's economic calendar.
What's Ahead for the Dow Jones Industrial Average Today
The Dow Jones Industrial Average projected a 40-point gain as markets prepare for a very busy day of earnings reports and economic data.
Yesterday, the Federal Reserve provided a boost of optimism to the markets by painting an upbeat sentiment for the U.S. economy. The Fed decided to maintain interest rates at current levels, but suggested that its goals of three rate hikes by the end of the year were attainable. Janet Yellen's statement came on the same day that the Labor market indicated a remarkable uptick in private sector jobs and news that U.S. manufacturing growth expanded at its fastest pace in roughly two years. All eyes are on the January jobs report slated for release Friday.
Crude oil prices were on the rise as increased optimism over OPEC's planned cuts to curb excessive production outweighed concerns about rising crude supplies. On Wednesday, the Energy Information Administration reported a larger than expected increase in weekly crude inventories but also noted a decline at the key delivery point in Cushing, Okla.
The WTI crude oil price today added 0.6%. Brent crude gained 0.7%.
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But the big story is the ongoing executive order from President Donald Trump that aims to curb travel and immigration from seven countries. Trump's "travel ban" has generated an incredible amount of controversy over the last week. Among other rules, the executive order indefinitely bars Syrian refugees from entering the United States and suspends all refugee admissions for 120 days.
Now, Mark Cuban, the billionaire investor and owner of the Dallas Mavericks, has weighed in on Trump's policy.
His message: The executive action is "bad for business across the board."
But Cuban isn't the only big name in business to criticize Trump's executive order. Be sure to read the latest criticisms and the lawsuits related to Trump's travel ban.
Stocks to Watch Today, Feb. 2, 2017
- In earnings news, shares of Amazon.com Inc. (Nasdaq: AMZN) are generating buzz as the e-commerce giant prepares to report December-ending quarterly earnings. The firm is expected to report an uptick in revenue, but concerns have lingered about how much money the firm spent during the holiday season. The company shipped a whopping 1 billion packages during the quarter, and its success led to its announcement yesterday that it will open its own shipping hub in Kentucky. Check back later today for more updates on the company's quarterly performance and find out if its investments in Amazon Web Services have paid off.
- Shares of Polo Ralph Lauren (NYSE: RL) plunged more than 10% in pre-market hours after the company announced that its CEO Stefan Larsson will depart the company May 1.
- Keep an eye out for additional earnings reports from Visa Inc. (NYSE: V), GoPro Inc. (Nasdaq: GPRO), Chipotle Mexican Grill Inc. (NYSE: CMG), FireEye Inc. (Nasdaq: FEYE), Tableau Software Inc. (NYSE: DATA), Merck & Co. Inc. (NYSE: MRK), Phillip Morris International Inc. (NYSE: PM), ConocoPhillips (NYSE: COP), and Callaway Golf Co. (NYSE: ELY).
Today's U.S. Economic Calendar (all times EST)
- Challenger Job-Cut Report at 7:30 a.m.
- Jobless Claims at 8:30 a.m.
- Productivity and Costs at 8:30 a.m.
- Gallup Good Jobs Rate at 8:30 a.m.
- Bloomberg Consumer Comfort Index at 9:45 a.m.
- EIA Natural Gas Report at 10:30 a.m.
- 3-Month Bill Announcement at 11 a.m.
- 6-Month Bill Announcement at 11 a.m.
- Fed Balance Sheet at 4:30 p.m.
- Money Supply at 4:30 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.