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The Dow Jones Industrial Average today is dropping again thanks to retail stocks and anxiety over Congress's tax plan…
Dow Jones futures are down 19 points in pre-market hours after retail earnings reports weighed down the stock market yesterday. But traders are also losing patience with Congress over delays to the corporate tax cuts.
Here are the numbers from Thursday 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 Friday's economic calendar.
The Top Stock Market Stories for Friday
- Investors are starting to panic a little over the progress of tax reform in Washington. Retailer woes played some role in yesterday's 100-point downturn, but the bulk of the selling was fueled by expectations that the U.S. Senate will aim to delay corporate tax cuts. The worries about tax reform rattled Wall Street so much that the CBOE Volatility Index (VIX) surged as much as 20% on Thursday. The VIX is back above its 10-point level, which has been a rare occurrence in recent months.
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- We will see a light day of earnings reports Friday. The only firm that will attract widespread interest is J.C. Penney Co. (NYSE: JCP). We will find out whether or not the firm's efforts to compete in a world dominated by e-commerce are futile. Wall Street doesn't have high hopes for the firm, which was been one of the biggest victims of the "Retail Ice Age."
- The price of Bitcoin slumped under $6,800 this morning. Money has been pouring into alternative coins as investors worry that the bubble is bursting. Here is our latest insight on the cryptocurrency shakeup.
- Crude oil prices ticked higher this morning as investors weighed the latest news from OPEC. The world's largest oil cartel is likely to commit to an extension in the coming weeks to its deal to cap excessive production. WTI crude oil price today added 0.1%, while Brent crude added 0.4%. .
Stocks to Watch Today: NVDA, ROKU, DIS
- Shares of NVIDIA Corp. (Nasdaq: NVDA) were up nearly 2.5% after the company reported earnings after the bell Thursday. The processing giant has been one of the biggest beneficiaries of the global Bitcoin and cryptocurrency mining boom. NVDA reported earnings per share (EPS) of $1.33 on top of $2.636 billion. Wall Street anticipated a paltry $1.01 on top of $2.408 billion.
- Is it time to take Roku Inc. (Nasdaq: ROKU) seriously? The video-streaming giant saw its stock surge roughly 55% Thursday after the firm reported an incredible earnings report. The thing most notable about its report was that it was the first one they every issued since becoming a public firm.
- Shares of Walt Disney Co. (NYSE: DIS) added nearly 1% despite news that the firm fell slightly short of Wall Street earnings expectations after the bell. The firm reported EPS of $1.07 on top of $12.78 billion in revenue. Those figures were well below expectations of $1.12 on top of $13.15 billion. Investors are still very worried about the current status of the balance sheet at its subsidiaries ESPN, Freeform, and its other Disney-owned networks. Cable-cutting by American consumers continues to weigh on profitability.
- Additional companies reporting earnings on Friday include Super Micro Computer Inc. (Nasdaq: SMCI), Eros International Plc. (Nasdaq: EROS), Bitauto Holdings Ltd. (Nasdaq: BITA), and Calumet Specialty Products LP (Nasdaq: CLMT).
Friday's U.S. Economic Calendar (all times EST)
- Consumer Sentiment at 10 a.m.
- Baker-Hughes Rig Count at 1 p.m.
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