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In Dow Jones news today, stock prices dropped as news broke that former FBI Director James Comey plans to testify against President Donald Trump. Comey will testify before the Senate next week that President Trump pressured him to end his investigation into a top aide, according to CNN.
Here are the numbers from Wednesday for the Dow, S&P 500, and Nasdaq:
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Now here's a closer look at today's most important market events and stocks, plus Wednesday's economic calendar.
The Four Top Stock Market Stories for Wednesday
- It was a rough day for financial stocks after executives at JPMorgan Chase & Co. (NYSE: JPM) and Bank of America Corp. (NYSE: BAC) both warned that second-quarter revenue figures will likely fail to meet Wall Street expectations. JPM stock fell more than 1% after CEO Marianne Lake said quarterly revenue is down 15% from last year. Meanwhile, BAC stock dropped more than 1% after its CEO said that lower-than-expected interest rates and a decline in trading revenue will affect its Q2 earnings report. Other rivals in the financial sector like Morgan Stanley (NYSE: MS) and Goldman Sachs Group Inc. (NYSE: GS) saw shares decline on the day as well.
- Crude oil prices hit a three-week low over concerns regarding a global glut in crude supply. Concerns about rising Libyan production emerged just days after OPEC members and several non-members agreed to extend their deal to cap excessive production by at least another nine months. However, analysts are concerned that the global oil cartel is doing little else to stave off price competition and supply gluts from its main rival in U.S. shale producers. The WTI crude oil price today fell 2.9%. Brent crude dipped 2.95%.
- President Trump is expected to pull out of the Paris Climate Agreement, according to a report from Axios. Diplomats from around the globe expressed concern over President Trump's pending decision. Meanwhile, Tesla Inc. (Nasdaq: TSLA) founder and CEO Elon Musk has said that he will withdraw from President Trump's business advisory council should the United States withdraw from the agreement.
- But that wasn't the only climate news today. There was another battle at the Exxon Mobil Corp. (NYSE: XOM) annual shareholders' meeting Shareholders passed a resolution that will force the company to offer a deep analysis into the impact of strict greenhouse-gas limits on its operations. Both the California Public Employees' Retirement System (CALPERS) and the Church of England's investment fund pushed for the resolution to pass, and 62.3% of shareholders voted in favor of the measure.
Three Stocks to Watch Thursday: KORS, AMZN, PRGO
- Shares of Michael Kors Holdings Ltd. (NYSE: KORS) fell more than 8% after the retailer reported a huge decline in comparable store sales. The firm reported that comparable store sales fell by 14.1% year over year and offered a weak outlook for the current quarter. Those two items offset any optimism over news that the company did top adjusted earnings per share (EPS) and quarterly revenue expectations. The company also announced that it will close roughly 100 to 125 stores in the near future as it attempts to cut costs in a challenging retail environment.
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- It was a rare day of weakness for shares of Amazon.com Inc. (Nasdaq: AMZN). The stock fell 0.21% a day after hitting all all-time high of $1,001.20. The e-commerce giant continues to crush its competitors in the brick-and-mortar retail space.
- Biotech stocks pushed higher thanks to a strong earnings report from Perrigo Co. (NYSE: PRGO). The firm reported EPS of $1.05, a figure that topped expectations by six cents. Its revenue total fell in line with Wall Street estimates. The firm also offered a positive growth outlook for 2018.
- Look for additional earnings reports from Palo Alto Networks Inc. (NYSE: PANW), Box Inc. (NYSE: BOX), and Hewlett Packard Enterprises Co. (NYSE: HPE).
Thursday's U.S. Economic Calendar (all times EDT)
- Challenger Job-Cut Report at 7:30 a.m.
- ADP Employment Report at 8:15 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.
- PMI Manufacturing Index at 9:45 a.m.
- Bloomberg Consumer Comfort Index at 9:45 a.m.
- ISM Manufacturing Index at 10 a.m.
- Construction Spending at 10 a.m.
- EIA Natural Gas Report at 10:30 a.m.
- EIA Petroleum Status Report at 11 a.m.
- Three-Month Bill Announcement at 11 a.m.
- Six-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.