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The Dow Jones today is falling in pre-trading hours after the IEA forecasts weakened oil demand next year, sending oil prices into a slump.
Dow Jones futures are down 115 points already, as WTI crude oil prices are down 1.17% already, falling from 2017 highs. As usual, traders are overreacting. Here's why we're still bullish on oil prices – and how you can profit…
Here are the numbers from Tuesday 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 Wednesday's economic calendar.
The Five Top Stock Market Stories for Wednesday
- Crude oil prices fell Wednesday morning after the Energy Information Administration slashed its global demand expectations for 2018. The global oil watchdog reduced expectations by 100,000 barrels per day. The WTI crude oil price today fell 0.7%. Brent crude dipped 0.7%.
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- The wealthiest 1% of all people in the world now own 50% of the assets. All told, this small group in terms of total population now owns a combined $140 trillion thanks to a 6% jump in global wealth over the last year. Stimulus efforts around the globe have fueled most of these gains. Global inequality continues to emerge as a very serious geopolitical threat now and in the future as destabilizing political movements are growing.
- Investors are turning their attention back to Washington, D.C., this morning. The U.S. Senate has unveiled its version of tax reform. The Senate's plan would eliminate the tax penalties for not owning health insurance and would phase out most individual tax cuts by 2025. The bill would effectively revert back to current tax levels in that year; the only major change to the individual tax code would alter inflation measurements and effectively push more families into higher tax brackets in the future.
- Warren Buffett is back in the news after the co-founder of Berkshire Hathaway Inc. (NYSE: BRK.A) filed his 13D report. In the third quarter, Buffett's firm added shares of Apple Inc. (Nasdaq: AAPL) and slashed holdings of International Business Machines Corp. (NYSE: IBM) by one-third. Berkshire also added to its stake in Monsanto Co. (NYSE: MON) and Synchrony Financial (NYSE: SYF), while slashing its holdings in scandal-plagued financial giant Wells Fargo & Co. (NYSE: WFC).
- Shares of Target Corp. (NYSE: TGT) lead a busy day of earnings reports. The stock fell by more than 4.4% after the firm released its report in pre-market hours. Wall Street anticipated that the retailer would report earnings per share (EPS) of $0.85 on top of $16.52 billion in revenue – figures that the retailer topped. However, the firm unveiled a cautious forecast for the upcoming holiday season.
Three Stocks to Watch Today: CSCO, GE, EADSF
- Shares of Cisco Systems Inc. (Nasdaq: CSCO) will be in focus Wednesday as the tech giant prepares to report earnings after the bell. Wall Street analysts project EPS of $0.60 on top of $12.14 billion in revenue.
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- Will things go from bad to worse for General Electric Co. (NYSE: GE)? Shares fell under $18 and hit a 52-week low Tuesday as investors walk away from the iconic U.S. manufacturing company. Earlier this week, the firm slashed its dividend and announced its turnaround strategy. However, investors don't appear too optimistic about the future. Just this week, shares are off more than 12%. Shares are at a six-year low.
- Today's big winner appears to be global aviation giant Airbus (OTCMKTS: EADSF). Shares of the firm added more than 1.2% after the firm announced plans to sell 430 jets to a private equity buyer called Indigo Partners. The private equity firm plans to ship the jets to a number of low-cost airlines across the world, including Frontier Airlines.
- Look for additional earnings reports from L Brands Inc. (NYSE: LB), NetApp Inc. (Nasdaq: NTAP), JA Solar Holdings Co. Ltd. (Nasdaq: JASO), Sally Beauty Holdings Inc. (NYSE: SBH), and Meritor Inc. (Nasdaq: MTOR).
Wednesday's U.S. Economic Calendar (all times EST)
- Chicago Federal Reserve Bank President Charles Evans speaks at 3 a.m.
- MBA Mortgage Applications at 7 a.m.
- Consumer Price Index at 8:30 a.m.
- Retail Sales at 8:30 a.m.
- Empire State Manufacturing Survey at 8:30 a.m.
- Atlanta Fed Business Inflation Expectations at 10 a.m.
- Business Inventories at 10 a.m.
- EIA Petroleum Status Report at 10:30 a.m.
- Treasury International Capital at 4 p.m.
- Boston Federal Reserve Bank President Eric Rosengren speaks at 4 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.