Dow Jones News Today: Futures Tick Higher Despite Weak Q1 GDP Report

The big Dow Jones news today (Friday, April 28) is the index moving higher in pre-market hours after the U.S. Commerce Department reported a weaker than expected first quarter GDP figure.

Here are the numbers from yesterday (Thursday, April 27) for the Dow, S&P 500, and Nasdaq:

Now here's a closer look at today's most important market events and stocks, plus Friday's economic calendar.

The Five Top Stock Market Stories for Friday

• The Dow Jones projected a 15-point gain after the U.S. Commerce Department announced that first-quarter GDP registered at 0.7%. That figure is nearly half of what economists expected and a sign the U.S. economy continues to struggle despite all of the optimism fueled by Donald Trump's election in November 2016. The Q1 GDP figure is the weakest in three years, one fueled by lackluster consumer spending. Analysts blamed warm winter weather, which drove down the cost of utility bills across the nation.

Energy Breakthrough: One gallon of this new "crystal fuel" could get you from New York to L.A. and back... seven times! Read more...

• • On the geopolitical front, President Donald Trump said he would like South Korea to compensate the United States for deploying a $1 billion missile defense system to the country. The president also warned the U.S. could soon engage North Korea in "major, major conflict" but said he hopes for peace. North Korean leader Kim Jong Un has recently made a series of threats to fire nuclear missiles at the United States and its allies. China has said it will impose additional economic sanctions on the Hermit Kingdom if it continues its nuclear testing.

• Energy stocks are in focus today as Exxon Mobile Corp. (NYSE: XOM) and Chevron Corp. (NYSE: CVX) both report fiscal first-quarter earnings. Both companies have been engaged in a serious effort to cut costs in the face of falling oil prices. XOM shares were up 1.1%, while CVX stock added 0.8%.
• Crude oil prices were bouncing off a one-month low as investors hoped OPEC members will extend their six-month deal to cap excessive production. Failure to unite cartel members like Saudi Arabia and non-members like Russia could lead to another massive supply glut that would likely pull crude prices down significantly. Oil traders will be keeping a close eye on the weekly Baker Hughes Inc. (NYSE: BHI) rig count to determine the pace of U.S. crude production, which has dampened OPEC's ability to drive crude prices higher. The WTI crude oil price today added 1.0%, while Brent crude gained 0.7%.
• In the marijuana industry, there are more ways to cash in on the $6.7 billion market than just selling cannabis. Everyone from yoga instructors to new consumer goods companies are cashing in on this budding industry, and new jobs and opportunities are growing each day. One of the top entrepreneurs in the space is Jeanine Moss, the founder of AnnaBis Style. This week, we sat down with Moss to discuss her business and her outlook for the cannabis industry. Read our interview and start profiting today.

4 Stocks to Watch Today: AMZN, GM, CVNA, TIME

• • Amazon.com Inc. (Nasdaq: AMZN) added more than 3.6% in pre-market hours after the e-commerce giant topped Wall Street earnings expectations after the bell Thursday. The company announced a huge surge in cloud and e-commerce sales. The firm reported that its net income increased from $523 million to $724 million from the same period in 2016. It was the eighth straight quarter that the firm reported a net profit. Money Morning projects that Amazon is on the verge of more than just traditional retail dominance. Here's where AMZN stock is heading next.

[mmcallout type="video" align="right"]Why Ford Is Our No. 1 Auto Stock for 2017[/mmcallout]

• General Motors Co. (NYSE: GM) easily beat Wall Street earnings expectations before the bell Friday. The auto giant reported EPS of $1.70, a figure that far outpaced the expected EPS of $1.46. The firm also announced that it produced $41.2 billion in revenue and saw its net income grow by 33.5%. The firm appears to be very optimistic about its ability to sell automobiles in North America and take on new competitors like Tesla Inc. (Nasdaq: TSLA).
• Staying in the automotive sector, shares of Carvana Co. (NYSE: CVNA) will begin trading on the New York Stock Exchange for the first time today. The used car dealer specializes in selling cars in very large vending machines. The Carvana IPO hopes to raise more than $275 million.
• Shares of Time Inc. (NYSE: TIME) plunged more than 19% in pre-market hours after the company announced that it will not sell itself. The company has decided it will instead engage in a strategic turnaround under the direction of its CEO Rich Battista. The publisher of magazines like Time and Sports Illustrated will now aim to bolster its digital properties and increase its revenue through new media initiatives.
• Look for additional earnings reports F Corp. (NYSE: VFC), Royal Caribbean Cruises Ltd. (NYSE: RCL), Spirit Airlines Inc. (Nasdaq: SAVE), Colgate-Palmolive Co. (NYSE: CL), Phillips 66 (NYSE: PSX), and Roper Technologies Inc. (NYSE: ROP).

Friday's U.S. Economic Calendar (all times EDT)

• GDP at 8:30 a.m.
• Employment Cost Index at 8:30 a.m.
• Chicago PMI at 9:45 a.m.
• Consumer Sentiment at 10 a.m.
• Baker Hughes Rig Count at 1 p.m.
• Federal Reserve Board of Governor Lael Brainard speaks at 1:15 p.m.
• Philadelphia Federal Reserve Bank President Patrick Harker speaks at 2:30 p.m.

Up Next: Grow Your Wealth Effortlessly with These Five High-Yield Stocks

Follow Money Morning on Facebook and Twitter.