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The Dow Jones news today features more testimony from Fed Chair Janet Yellen and President Donald Trump's latest trip to Paris. Dow Jones futures are up eight points after Yellen's testimony yesterday indicated no major shakeup to the central bank's plans to unwind its balance sheet and raise interest rates in the second half of 2017.
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 Thursday
- U.S. Federal Reserve Chair Janet Yellen will make her second straight appearance on Capitol Hill today. On Wednesday, Yellen spoke to the House Financial Services Committee and offered a timeline for the central bank's plans to unwind its massive balance sheet and tighten monetary policy.
- On the global front, U.S. President Donald Trump is traveling to Paris today to speak with French President Emmanuel Macron. The two leaders have little in common in terms of global priorities and political views. That said, the news comes at a time that the White House is facing pressure over revelations that Trump's son, Donald Trump, Jr., had corresponded with someone he believed to be an attorney with connections to the Russian government during the 2016 election season. The contact had promised Trump Jr. that she had information that would be damaging to the campaign of rival Hillary Clinton.
- Crude oil prices were falling in premarket hours after the International Energy Agency said OPEC members are not complying with the production cap as much as before. Despite news that U.S. crude inventory levels plunged last week, traders remain highly concerned about the possibility of a global supply glut. The WTI crude oil price today fell 1.2%. Brent crude dipped 1.0%.
- In Washington, the battle is brewing over a proposal to repeal and replace the Affordable Care Act. But the real battle is the deal Republicans are seeking to fund President Trump's proposed border wall along the U.S.-Mexico border. Yesterday, U.S. Rep. Steve King (R-IA) rustled feathers when he proposed a radical way to fund President Donald Trump's promised border wall. You're not going to believe what he said next…
- Finally, the financial media has been raving about the latest initial coin offerings (ICOs) as a digital get-rich-quick strategy. Despite all of hype, the reality is that other ICOs have largely disappointed this year. We break down what the media has been saying and why it's so important to know the real truth. Read more here.
Three Stocks to Watch Today: TGT, DAL, AMZN
- Shares of Target Corp. (NYSE: TGT) rallied more than 5.5% in premarket hours after the company updated its second-quarter guidance and same-store sales expectations. The retailer also said that it also has seen positive early results from its home-delivery service, Target Restock, which has been in a testing phase in the Minneapolis area. Target has been engaged in a significant financial overhaul to take on Amazon.com Inc. (Nasdaq: AMZN) and Wal-Mart Stores Inc. (NYSE: WMT).
- Amazon.com Inc. is in focus after the company announced plans to unveil a new Echo product that will have an improved speaker. The company is attempting to temper growing adoption of its rival Apple Inc.'s (Nasdaq: AAPL) HomePod. The company said that its new Echo will be shorter and slimmer and will turn away from its traditional plastic shell in favor of a cloth covering.
Where Is the Dow Headed Next?
- In earnings news, shares of Delta Air Lines Inc. (NYSE: DAL) were off more than 1.4% after the company fell a bit short of Wall Street expectations. Wall Street anticipated earnings per share (EPS) of $1.66 on top of $10.83 billion in revenue. Instead, the company reported EPS of $1.64 on top of $10.79 billion in revenue.
- Look for additional earnings reports from Omnicom Group Inc. (NYSE: OMC), ClubCorp Holdings Inc. (Nasdaq: MYCC), National Beverage Corp. (Nasdaq: FIZZ), and Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) (NYSE: TSM).
Thursday's U.S. Economic Calendar (all times EDT)
- Jobless Claims at 8:30 a.m.
- PPI-FD at 8:30 a.m.
- Bloomberg Consumer Comfort Index at 9:45 a.m.
- Fed Chair Janet Yellen speaks 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.
- 52-Week Bill Announcement at 11 a.m.
- Ten-Year TIPS Announcement at 11 a.m.
- Chicago Federal Reserve Bank President Charles Evans speaks at 11:30 a.m.
- Federal Reserve Governor Lael Brainard speaks at 1 p.m.
- 30-Year Bond Auction at 1 p.m.
- Treasury Budget at 2 p.m.
- Fed Balance Sheet at 4:30 p.m.
- Money Supply at 4:30 p.m.