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The Dow Jones today could close at an all-time high for a third consecutive day today, but futures are falling this morning…
Dow Jones futures are down 24 points this morning after the Dow closed at a record 22,641.67 yesterday. News out of Europe could be weighing down stocks today as the EU pushes to collect taxes from Amazon.com Inc. (Nasdaq: AMZN) and Apple Inc. (Nasdaq: AAPL). Here's the smart way to take advantage of rising markets…
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
- Amazon.com Inc. is back in the news, but it's not for a good reason. The European Union has ordered the small nation of Luxembourg to collect roughly $300 million in taxes from the global e-commerce giant. The EU claims that the country gave Jeff Bezos' company illegal tax breaks going all the way back to 2003. This isn't the first time that the EU has tackled a technology giant over its taxes. The commission has hit Apple Inc. with a similar case in the past, and it's still pursuing taxes from the iPhone maker.
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- U.S. President Donald Trump said Tuesday that Puerto Rico's staggering debt levels will have to be eliminated. In a conversation with Geraldo Rivera on Fox News, the president suggested that debts owed to Wall Street would need to be eliminated in the wake of Hurricane Maria. Trump visited Puerto Rico Tuesday, two weeks after the hurricane hit the island. The island has struggled to get back online due to the lack of electricity and natural resources.
- Things aren't going well over at the State Department. Last week, President Trump said that Secretary of State Rex Tillerson was wasting his time negotiating with North Korea to reduce geopolitical tensions. Apparently, Tillerson and Trump have been engaged in a fight for a few months, if reports are true. According to CNBC, Tillerson called Trump a "moron" and had planned to resign in July.
- Congress will continue to grill executives over the massive Equifax Inc. (NYSE: EFX) data breach today. CEO Richard Smith will return to Congress to discuss the massive cybersecurity breach that affected more than 145 million Americans this summer. Officials are trying to determine what went wrong and aim to dig into reports that senior executives engaged in insider trading before the breach was announced.
- Crude oil prices were still falling as traders continue to take profits off the table. Markets are expecting less demand in the fourth quarter thanks to the end of the U.S. driving season. The WTI crude oil price today fell 0.2%. Brent crude dipped 0.2%.
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- Shares of PepsiCo Inc. (NYSE: PEP) were off nearly 2% in premarket hours after the company fell short of Wall Street revenue expectations. Wall Street expected that the company would report earnings per share (EPS) of $1.42 on top of $16.47 billion in revenue. The firm reported an EPS win, coming in at $1.48 per share. However, the revenue number was on the low end. The company fell short due to a decline in beverage sales in North America.
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- Verizon Communications Inc. (NYSE: VZ) is generating headlines after its Yahoo acquisition generated some additional public relations problems. According to reports, every single Yahoo account – roughly 3 billion in total – was affected by a 2013 cybersecurity breach. This number triples the initial estimate of 1 billion hacked accounts.
- Shares of Monsanto Co. (NYSE: MON) were up 2.4% in premarket hours as the company prepares to report quarterly earnings. Wall Street expects the global agricultural giant to report losses of -$0.38 per share. The firm reported a loss off -$0.25 on top of $2.686 billion.
- Look for additional earnings reports from Acuity Brands Inc. (NYSE: AYI), RPM International Inc. (NYSE: RPM), Resources Connection Inc. (Nasdaq: RECN), and 8point3 Energy Partners LP (Nasdaq: CAFD).
Wednesday's U.S. Economic Calendar (all times EDT)
- BA Mortgage Applications at 7 a.m.
- ADP Employment Report at 8:15 a.m.
- PMI Services Index at 9:45 a.m.
- ISM Non-Manufacturing Index at 10 a.m.
- EIA Petroleum Status Report at 10:30 a.m.
- Louis Fed Bank President James Bullard speaks at 3 p.m.
- Federal Reserve Chair Janet Yellen speaks at 3:15 p.m.
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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.