In Dow Jones news today, stocks were down as investors wait to see what former FBI Director James Comey will say in his testimony to the Senate on Thursday, June 8.
Here are the numbers from Tuesday for the Dow, S&P 500, and Nasdaq:
| Index | Closing | Point Change | Percentage Change |
| Dow Jones | 21,136.23 | -47.81 | -0.23% |
| S&P 500 | 2,429.33 | -6.77 | -0.28% |
| Nasdaq | 6,275.06 | -20.63 | -0.33% |
Now here's a closer look at today's most important market events and stocks, plus Wednesday's economic calendar.
The Five Top Stock Market Stories for Tuesday
- Investors turned to safe-haven assets before the British elections. Investors are also waiting to see what Comey will say on his investigation into potential collusion between Russia and the Trump presidential campaign before he was fired. Investors are concerned that his testimony could damage any remaining optimism over tax reform, infrastructure spending, or healthcare reform. Gold prices are now back within striking distance of $1,300 per ounce.
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- Markets are growing increasingly pessimistic about the possibility of an infrastructure deal on Capitol Hill. New reports from Washington indicate that Democrats are losing their appetite to strike a deal with President Trump on one of his key campaign promises. According to The Hill, Republicans will likely have to go it alone without any Democrat votes should they wish to implement a deal. The newspaper says that Trump's falling approval ratings, his polarizing presence here and abroad, and ongoing investigations into his administration have fueled the Democrats' reversal of good will.
- Crude oil prices were rebounding Tuesday despite recent concerns about the political isolation of Qatar. On Monday, six Arab nations cut diplomatic ties with Qatar and accused it of funding terrorism around the globe. The small country on the Persian Gulf denied the charges. Such geopolitical instability raises concerns about a global glut at a time that we are about to see last week's inventory reports in the United States. The WTI crude oil price today added 1.9%. Brent crude gained 1.5%.
- It was another terrible day for the Affordable Care Act. Health insurance giant Anthem Inc. (NYSE: ANTM) announced that it will drop out of the Ohio Obamacare market in 2018 and could leave several other states. The company blamed ongoing "volatility" in the individual health insurance markets and expressed uncertainty that the Trump administration and Congress will continue to reimburse companies in the form of subsidies. The decision means that up to 18 Ohio counties may have no options for health insurance next year unless another company decides to enter these markets.
- The "Retail Ice Age" claimed more victims during a busy day of earnings reports Tuesday. Michaels Cos. (Nasdaq: MIK) and Lands' End Inc. (Nasdaq: LE) both fell short of Wall Street earnings expectations.
Four Stocks to Watch Tuesday: GIII, AMZN, AAPL, GM
- In earnings news, shares of Calvin Klein owner G-III Apparel Group Ltd. (Nasdaq: GIII) reported an earnings per share (EPS) loss of $0.18. But that figure was much better than the EPS loss of $0.40 that had been predicted on Wall Street. Shares rallied more than 16% after the company said that its cost-cutting goals are on track.
- Amazon.com Inc. (Nasdaq: AMZN) pushed to a new all-time high after the company announced plans to introduce a Prime Discount to welfare and food stamp recipients. The company will offer its $10.99 monthly subscription for $5.99, and it will offer shipping and the streaming of television and movies to individuals on government assistance.
- Markets were hanging on every word at Apple Inc.'s (Nasdaq: AAPL) WWDC 2017 event. Yesterday, the company announced a series of new products and service launches. In addition, the firm has partnered with Green Dot Corp. (NYSE: GDOT) on the Apple Pay card program. Shares of AAPL stock were up 0.5% on the day.
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- Shares of General Motors Co. (NYSE: GM) were flat after shareholders rejected several proposals by hedge fund manager David Einhorn to create a dual-class structure of the company's stock and shake up its board of directors. It was a big win for CEO Mary Barra, who is attempting to bolster the company's stock.
- Look for earnings reports from Dave & Buster's Entertainment Inc. (Nasdaq: PLAY), United Natural Foods Inc. (Nasdaq: UNFI), Francesca's Holdings Corp. (Nasdaq: FRAN), Conns Inc. (Nasdaq: CONN), and Canadian Solar Inc. (Nasdaq: CSIQ).
Wednesday's U.S. Economic Calendar (all times EDT)
- MBA Mortgage Applications at 7 a.m.
- Gallup U.S. Job Creation Index at 8:30 a.m.
- EIA Petroleum Status Report at 10:30 a.m.
- Consumer Credit at 3 p.m.
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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.