Dow Jones News Today: Stocks Rise After May Loses Majority in UK Election

Garrett Baldwin

The Dow Jones news today features stocks rising again after UK's parliamentary election ends Prime Minister Theresa May's majority. Former FBI Director James Comey also testified in front of Congress yesterday over his firing by President Trump.

Here are the numbers from Thursday 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

• Dow Jones futures are up 35 points ahead of trading after a massive political upset Thursday. UK Prime Minister Theresa May's Conservative Party lost its majority in Parliament, which could dramatically impact negotiations surrounding Brexit. May is facing pressure to resign after the elections produced no single party with a majority to lead the Brexit deal. The British pound is down sharply against other currencies this morning.

Must-See: This Great Depression-Era "Secret" Helped Transform Two Teachers into Millionaires. Read more...

• During his appearance before the U.S. Senate yesterday, former FBI Director James Comey produced no smoking gun about the possibility of collusion between the Russian government and the Trump presidential election team. Markets are showing renewed confidence that the Trump administration can obtain the votes for tax reform, infrastructure spending, or other pro-growth policies later this year.

• Crude oil prices were slightly down in pre-market hours as concerns over a global glut in crude oil continue. This week, the Energy Information Administration (EIA) offered new evidence that U.S. inventory levels are rising at a time that OPEC is trying to cap excessive production. Markets are concerned that rising geopolitical uncertainty in the Middle East could affect OPEC's deal in the future. The WTI crude oil price today fell 0.1%. Brent crude fell 0.04%. Keep an eye out for an update on the production rig count later this morning.

• The world has largely moved on from President Trump's decision last week to exit the United States from the Paris Climate Accord. The United States is only one of three nations to remain out of the deal after Trump cited concerns about the voluntary terms issued by former President Barack Obama. While global leaders argue over the decision, it's time for you to profit. Money Morning Global Energy Strategist Dr. Kent Moors offers his favorite two stocks to profit off the Paris Accord. Read them here.

• Finally, it seems like it was just yesterday that we were raising concerns about North Korea and its nuclear arsenal. However, markets have largely dismissed worries about the Hermit Kingdom and its threat to the global order. This is a mistake. This week, the nation launched SCUD missiles, adding an ominous new threat to the ongoing chaos surrounding the peninsula: unanticipated weapons advancements from Pyongyang. Here's what you need to know and how to profit from this story...

Four Stocks to Watch Today: PAY, VZ, SFTBF, P

• In earnings news, shares of Verifone Systems Inc. (NYSE: PAY) were flat after the company topped Wall Street profit and revenue expectations. The payment-processing giant reported earnings per share (EPS) of $0.30 on top of $473.9 million in revenue. Consensus expectations called for EPS of $0.29 on $471.9 million in revenue.

• Verizon Communications Inc. (NYSE: VZ) will lay off roughly 2,000 employees as they prepare to purchase the core businesses of Yahoo! Inc. (Nasdaq: YHOO). Verizon is also generating headlines on news that it will be launching its own online streaming service.

• Shares of SoftBank Group Corp. (OTCMKTS: SFTBF) were on the rise after the company announced plans to purchase robotics giant Boston Dynamics from Alphabet Inc. (Nasdaq: GOOGL). Details of the deal have not been disclosed, but SoftBank said that it is pressing into "paradigm-shifting technologies and its vision of catalyzing the next wave of smart robotics."

• Taylor Swift announced that her entire music catalog will return to all streaming platforms, including Spotify, Pandora Media Inc. (NYSE: P), and Apple Inc. (Nasdaq: AAPL). Her five albums will return after a three-year hiatus from all platforms except Apple's. Swift has been a major critic of the way that companies pay royalties to musicians and songwriters.

• Look for additional earnings reports from Ferrellgas Partners LP (NYSE: FGP)

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

• Wholesale Trade at 10 a.m.
• Baker Hughes Rig Count at 1 p.m.

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Garrett Baldwin

About the Author

Browse Garrett's articles | View Garrett's research services

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.

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