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In Dow Jones news today, stocks climbed before the UK snap election. However, markets are still on edge ahead of former FBI Director James Comey's testimony tomorrow.
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 Thursday's economic calendar.
The Five Top Stock Market Stories for Wednesday
- Despite today's gains, the markets remained in a holding pattern. Thursday's busy schedule includes the British elections and the testimony of former FBI Director James Comey. Investors are concerned that Comey's testimony could erode any remaining optimism that the Trump administration could enact tax reform, infrastructure spending, and healthcare legislation this year.
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- President Trump has nominated Christopher Wray for the position of FBI director. Wray is best known for leading a task force that investigated the financial collapse of Enron from 2003 to 2005.
- Markets are waiting for British voters to hit the voting booth to decide the fate of Prime Minister Theresa May's party. Voters will decide whether the nation will experience a hard or soft departure from the European Union.
- Crude oil prices cratered Wednesday after the Energy Information Administration reported a surge in U.S. crude inventory levels. The government agency reported that U.S. crude stocks increased by 3.3 million barrels last week, stunning traders who had expected a decline after the American Petroleum Institute reported a fall in inventories on Tuesday. The news raises serious concerns about a global supply glut at a time that Arab nations have experienced a breakdown in diplomacy. WTI crude oil price today fell 5.1%, and Brent crude dipped 4%.
- Finally, the U.S. Federal Reserve was back in focus after former Minneapolis Federal Reserve President Narayana Kocherlakota suggested that the central bank should delay tightening monetary policy in order to bolster job growth. Kocherlakota said that he doesn't believe that the U.S. job market is near full employment and said that the central bank should be less concerned about weak inflation levels. The statement comes shortly before the Fed plans to meet in June. This upcoming meeting is presenting an opportunity for investors.
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- Shares of Ford Motor Co. (NYSE: F) fell more than 0.4% after the company received a negative stock prediction from Morgan Stanley (NYSE: MS). The investment firm expects that Ford's earnings outlook could require a new projection that equates to a 50% decline in the next 18 to 24 months. The automotive sector continues to experience a series of problems after several years of record sales.
- It was another brutal day for Snap Inc. (NYSE: SNAP), the parent company of social media giant Snapchat. Shares fell another 3.9% after analysts at Nomura suggested that user growth could slide again this quarter.
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- Apple Inc. (Nasdaq: AAPL) has introduced its new HomePod. The product is a voice-driven speaker that will compete with Amazon's Echo. Here's what you need to know about Apple stock and the HomePod.
- Shares of Advanced Micro Devices Inc. (Nasdaq: AMD) added to its already stunning gains this week after Apple and a speaker at a technology conference pumped confidence into the stock. Shares climbed 2.9% today and are up 197.6% over the last 12 months.
- Look for earnings reports from Tailored Brands Inc. (NYSE: TLRD), Verint Systems Inc. (Nasdaq: VRNT), ABM Industries Inc. (NYSE: ABM), Greif Inc. (NYSE: GEF), and Organavo Holdings Inc. (Nasdaq: ONVO).
Thursday's U.S. Economic Calendar (all times EDT)
- Jobless Claims at 8:30 a.m.
- Bloomberg Consumer Comfort Index at 9:45 a.m.
- Quarterly Services Survey at 10 a.m.
- EIA Natural Gas Report at 10:30 a.m.
- Three-Month Bill Announcement at 11 a.m.
- Six-Month Bill Announcement at 11 a.m.
- Three-Year Note Announcement at 11 a.m.
- 10-Year Note Announcement at 11 a.m.
- 30-Year Bond Announcement at 11 a.m.
- Fed Balance Sheet at 4:30 p.m.
- Money Supply at 4:30 p.m.