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.
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.
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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."
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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.
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About the Author
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.