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The Dow Jones today is projecting a 14-point drop in premarket trading, but we still know some of the best investing opportunities others are missing...
Stocks are flat today as investors appear prepared to take some profits off the table after a two-day rally. Markets have been on a run after Hurricane Irma turned out to be less destructive than many analysts had expected.
Here are the numbers from Tuesday for the Dow, S&P 500, and Nasdaq:
|Index||Previous Close||Point Change||Percentage Change|
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 Wednesday
- Silver prices hit $18.00 per ounce this morning as investors eye ongoing geopolitical uncertainty and a weaker U.S. dollar. And the outlook for silver continues to grow stronger, says Money Morning Resource Specialist Peter Krauth, who offers his bullish outlook for precious metals this year. Read Peter's latest insight, right here.
- In deal news, shares of Nordstrom Inc. (NYSE: JWN) rallied more than 10% on news that the company may soon be taken private by equity firm Leonard Green & Partners and the family that owns the firm. The Nordstrom family owns a little more than 30% of the stock. According to CNN, the private equity company would offer about $1 billion in a deal to buy out the firm. The company continues to struggle against e-commerce giant Amazon.com Inc. (Nasdaq: AMZN).
Must See: This Great Depression-Era "Secret" Helped Transform Two Teachers into Millionaires. Read more...
- Traders continue to monitor events on the ground in North Korea. Earlier this week, the United Nations issued new sanctions on the rogue nation over recent nuclear weapons tests. The sanctions include embargoes on oil exports, the freezing of financial assets, and more. However, global leaders have to be careful about these sanctions. As we explained Tuesday, these sanctions are doomed to fail if North Korea is forced to do one thing. And this one factor could lead to significant geopolitical turmoil if it happens. Learn more, here.
- Crude oil prices were on the rise this morning after the International Energy Agency (IEA) released a bullish report for the global markets. The global energy group said that demand was set to rise while global oil supplies were set to decline. The WTI crude oil price today added 0.9%. Brent crude gained 0.8%. Markets will look for more good news when the U.S. Energy Information Agency (EIA) releases its weekly update on domestic crude inventories later this morning.
What Is Bitcoin?
- Cryptocurrency prices are collapsing this morning after China announced plans to suspend over-the-counter trading of Bitcoin and Bitcoin Cash. The price of Bitcoin is off more than 10% on Wednesday morning, while Ethereum is off even more. The decision comes just days after news broke that China planned to ban initial coin offerings and to close local exchanges of Bitcoin and other cryptocurrencies. The decision is a major blow to cryptocurrencies, which have been on a huge run in 2017.
Three Stocks to Watch Today: AAPL, DIS, CBRL
- Shares of Apple Inc. (Nasdaq: AAPL) are falling after the company unveiled its newest iterations of its iPhone. The new devices include the iPhone X, the iPhone 8, and the iPhone 8 Plus. The question that everyone wants to know is whether customers will pony up $999 for a phone. The company also unveiled a new version of the iWatch and Apple TV.
- Shares of Walt Disney Co. (NYSE: DIS) were up 0.1% in premarket hours despite bearish news. The global entertainment giant reported that its film "Star Wars: Episode IX" will face a seven-month delay. The project is already off to a rocky start after it was announced that director Colin Trevorrow has left the project. J.J. Abrams will direct and write the film, according to multiple reports.
- Shares of Cracker Barrel Old Country Store Inc. (Nasdaq: CBRL) added more than 2.4% in premarket hours after the company topped Wall Street earnings expectations. The company reported earnings per share of $2.23 on top of $743.53 million in revenue. The firm topped profit expectations, but fell slightly short of revenue expectations of $750.35.
Wednesday's U.S. Economic Calendar (all times EDT)
- MBA Mortgage Applications at 7 a.m.
- PPI-FD at 8:30 a.m.
- EIA Petroleum Status Report at 10:30 a.m.
- 30-Yr Bond Auction at 1 p.m.
- Treasury Budget at 2 p.m.
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.