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In Dow Jones news, the Dow fell 21 points Wednesday as investors pored over a new tax plan by President Donald Trump.
Let's look at the numbers from Wednesday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 20,975.09; -21.03; -0.10%
S&P 500: 2,387.45; -1.16; -0.05%
Nasdaq: 6,025.23; -0.27; 0.00%
Today's market highlights:
- President Trump called for the corporate tax rate to fall from 35% to 15% for all U.S. businesses.
- Congress may soon vote on a new healthcare law to replace the Affordable Care Act.
- The CBOE Volatility Index – largely considered the markets' fear gauge – fell another 0.2% on the day.
Now, here's a look at today's most important market events and stocks, plus a preview of Thursday's economic calendar.
DJIA Today: Dow Falls Despite Optimism Over Trump Tax Reform
- The Dow dropped 21 points after the Trump administration unveiled what it considers to be the largest tax cuts in the nation's history. The president is advocating for a steep drop in the corporate tax rate, from 35% to 15%. He also wants a break for companies that have a steep pile of cash sitting overseas. The top 50 U.S. companies, a list that includes firms like Apple Inc. (Nasdaq: AAPL), have a combined $1.4 trillion sitting offshore.
- In other Washington news, Congress may soon vote on a new bill to replace the Affordable Care Act. Today, the House Freedom Caucus said that its members would support a new replacement bill.
- Crude oil prices were down after the Energy Information Administration announced a large draw in U.S. oil inventory levels. The WTI crude oil price today dropped 0.54%, while Brent crude dipped 1.04%. Brent prices remained low due to increasing concerns that OPEC members and non-members, like Russia, may not extend a deal to reduce excessive production. Russia announced Tuesday that its production levels would hit a 30-year high if the global oil cartel fails to extend the agreement.
Stock Market News and Top Stocks to Watch Today: April 26, 2017
- Shares of Twitter Inc. (NYSE: TWTR) rallied nearly 8% Wednesday after the company reported a huge surge in user growth and an uptick in quarterly profits. The firm reported a yearly growth of 6% in its total monthly users. Over the previous quarter, the microblogging giant added 9 million new monthly users. Despite the uptick, the firm still reported a net loss.
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- In other earnings news, shares of Boeing Inc. (NYSE: BA) fell 0.9% after the company reported a decline in quarterly revenue. Despite today's small decline, BA is presenting investors with a buying opportunity. Money Morning Executive Editor Bill Patalon has called Boeing the "ultimate Rocky Balboa stock." In a short video, he explains why you should buy BA stock and keep buying it whenever it dips. Watch it, right here.
- Alphabet Inc. (Nasdaq: GOOGL) could be looking at a potential split in the near future, thanks to overzealous government regulators and Uncle Sam's incessant desire to meddle with the private sector. Here's why the government is considering a deal to break up the company and what it means for shareholders.
- Other top stocks to watch Wednesday included Chipotle Mexican Grill Inc. (NYSE: CMG) and Northrop Grumman Corp. (NYSE: NOC). Here's more on why these stocks were generating headlines.
Thursday's U.S. Economic Calendar (all times EDT)
- Durable Goods Orders at 8:30 a.m.
- International Trade in Goods at 8:30 a.m.
- Jobless Claims at 8:30 a.m.
- Retail Inventories at 8:30 a.m.
- Wholesale Inventories at 8:30 a.m.
- Bloomberg Consumer Comfort Index at 9:45 a.m.
- Pending Home Sales Index at 10 a.m.
- EIA Natural Gas Report at 10:30 a.m.
- Kansas City Fed Manufacturing Index at 11 a.m.
- Three-Month Bill Announcement at 11 a.m.
- Six-Month Bill Announcement at 11 a.m.
- Seven-Year Note Auction at 1 p.m.
- Farm Prices at 3 p.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.