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In Dow Jones news today, the Dow hit an all-time intraday high before retreating slightly.
The uptick came despite concerns over falling oil prices and increasing geopolitical tensions. The top stocks to watch today included a clothing designer, an automobile manufacturer, and a fitness device provider.
Let's look at the numbers from Tuesday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 20,090.29; +37.87; +0.19%
S&P 500: 2,293.08; +0.52; +0.02%
Nasdaq: 5,674.22; +10.66; +0.19%
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 Today: Dow Pushes Higher Despite Downturn in Oil Prices
The Dow Jones gained more than 37 points despite a sharp downturn in crude oil prices and mixed earnings reports from some of the S&P 500's largest companies. Shares of Apple Inc. (Nasdaq: AAPL), Boeing Co. (NYSE: BA), and International Business Machines Corp. (NYSE: IBM) pushed the S&P 500 to a near-record high.
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Gold prices climbed more than 0.2% and neared three-month highs as concerns about the European political and economic landscape continue to rattle investor sentiment. While markets continue to eye the geopolitical impact of President Donald Trump's temporary travel ban, the markets are keeping a close watch across the Atlantic. In Germany, the country's manufacturing and construction sectors saw their largest production decline in nearly eight years. Meanwhile, the idea of a "Frexit" – or France's departure from the European Union – is gaining steam.
But geopolitics are just one reason that gold prices are set to push higher. This afternoon, Money Morning revealed the six catalysts driving our gold price forecast. These factors should easily push gold prices past their all-time high of $1,895 within the next few years. That's a 53% gain from the current gold price of $1,236 an ounce. Here's what you need to know.
Markets have been sliding in recent trading sessions as investors question when President Trump will proceed with tax cuts and cutting red tape for Wall Street. This accelerated Tuesday after former Congressman Barney Frank warned that killing the Dodd-Frank Act could accelerate a new financial "crisis."
So, why does repealing Dodd-Frank matter? Find out, right here.
Crude oil prices were down on concerns of falling gasoline demand, rising U.S. inventories, and a stronger U.S. dollar. U.S. gasoline stockpiles jumped by almost 21 million barrels during the first 27 days of the year, a massive jump in supply.
Must Read: Kent's 2017 Oil Price Forecast
The WTI crude oil price today dipped 1.6%. Meanwhile, Brent crude lost 1.09%.
But the big news today is General Motors Co. (NYSE: GM).
The auto company's stock slumped nearly 5% after the company reported a decline in Q4 net income. The company blamed the falling British pound for eating into its profits and later issued a weak 2017 forecast. Investors are also concerned about the company's rising number of vehicles that remain unsold and sitting in inventory in the United States.
Top Stocks to Watch Today: Feb. 7, 2017
- Meanwhile, shares of Michael Kors Holdings Ltd. (NYSE: KORS) plunged over 10% despite news that the fashion designer topped earnings per share (EPS) expectations and matched revenue forecasts. The company reported EPS of $1.64, beating Wall Street expectations by $0.02. The downturn came after the company's profit forecasts for the current quarter fell well below Wall Street's expectations. The downturn signals that the designer's turnaround effort is set to take much longer.
- After the bell, Walt Disney Co. (NYSE: DIS) will report earnings. Wall Street anticipates a small jump in revenue thanks in part to its latest animated film, "Moana." Still, investors have been raising concerns about falling advertising revenue at ESPN. Cord-cutting by cable owners has led to a sharp drop in ESPN subscribers.
- After the bell, look for additional earnings reports from Gilead Sciences Inc. (Nasdaq: GILD), Buffalo Wild Wings (Nasdaq: BWLD), Panera Bread Co. (Nasdaq: PNRA) and Take Two Interactive Software Inc. (Nasdaq: TTWO).
Wednesday's U.S. Economic Calendar (all times EST)
- MBA Mortgage Applications at 7 a.m.
- EIA Petroleum Status Report at 10:30 a.m.
- 10-Year Note Auction at 1 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.