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The Dow Jones today is highlighted by a controversial rule change by the FCC that could change the Internet as we know it…
Shares of Comcast Corp. (Nasdaq: CMCSA) and Verizon Communications Inc. (NYSE: VZ) are trending up in pre-trading hours as the end of "net neutrality" could allow telecoms to charge more for access to different websites. As changes to Internet regulations roil tech stocks, cybersecurity continues to be an ever-present need. Check out the best cybersecurity stock to buy here…
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.
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The Five Top Stock Market Stories for Wednesday
- Telecom stocks are generating buzz as their lobbyists prepare to cash one heck of a check. According to The New York Times, the Federal Communications Commission (FCC) will move to repeal "net neutrality" regulations. Ajit Pai, chair of the FCC, said that his agency is dismantling rules that are designed to promote – but not necessarily guarantee – equal access to the Internet. "Under my proposal, the federal government will stop micromanaging the Internet," Pai said in a statement. Shares of Comcast Corp. (Nasdaq: CMCSA) added 0.2% in pre-market hours.
- The merger between AT&T Corp. (NYSE: T) and Time Warner Inc. (NYSE: TWX) is really on the rocks. A day after the U.S. Department of Justice sued to block the deal, U.S. President Donald Trump expressed his disapproval for the $85 billion deal. "Personally, I've always felt that that was a deal that's not good for the country. I think your pricing is going to go up," Trump said. "But I'm not going to get involved, it's litigation."
- Is Uber's potential IPO under threat? That is possible in the wake of news that the ride-sharing giant concealed a massive cyber breach that affected 57 million customers. CNN reports that Uber paid hackers $100,000 in order to retrieve stolen data on its customers. However, the firm failed to disclose the cyberattack. This is the latest corporate controversy to hit the world's largest ride-sharing company.
- Crude oil prices ticked higher thanks to news that Canadian oil imports through the Keystone XL pipeline are set to fall by 85% during the month of November. The news accompanied a report by American Petroleum Institute that said U.S. inventory levels had declined last week by 6.4 million barrels. The WTI crude oil price today added 1.8%. Brent crude gained 0.9%.
- The price of Bitcoin hovered around $8,250 a day after another massive cyberattack led to the theft of cryptocurrency. The rally came despite news that famed investor Jim Rogers said that he believed that Bitcoin was in a bubble. "It looks and smells like all the bubbles I have seen throughout history," he told Marketwatch. Here are the latest insights on what is driving Bitcoin prices higher and what's next for alternative coins like Litecoin.
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- Shares of Deere & Co. (NYSE: DE) are in focus after the agricultural manufacturing giant reported earnings before the bell. Shares jumped nearly 4.5% after the firm reported earnings per share of $1.57 on top of $7.09 billion in revenue. Wall Street had expected earnings of $1.46 per share on top of $6.91 billion in revenue.
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- Shares of Hewlett-Packard Enterprise (NYSE: HPE) fell more than 5.5% in pre-market hours on news that CEO Meg Whitman plans to step down from her role. The announcement came Tuesday. Whitman will depart the role on Feb. 1, but she does plan to remain a member on the board of directors. The firm said that company President Antonio Neri will take her place.
- The "Retail Ice Age" remains a major factor in the U.S. economy. More evidence was on display Tuesday when Guess Inc. (NYSE: GES) reported earnings after the bell. Shares plunged more than 10% after the firm topped profit expectations but saw its revenue levels fall well short of expectations. The firm reported a huge decline North American year-over-year, same-store sales. However, the "Retail Ice Age" is actually a new profit opportunity for investors…
- This week, Chinese social media giant Tencent Holdings Ltd. (OTCMKTS: TCHEY) surpassed Facebook Inc. (Nasdaq: FB) as the world's largest social media firm by market capitalization.
- Look for an additional earnings report from Chemical & Mining Co. (NYSE: SQM) and Ship Finance International Ltd. (NYSE: SFL).
Wednesday's U.S. Economic Calendar (all times EST)
- MBA Mortgage Applications at 7 a.m.
- Durable Goods Orders at 8:30 a.m.
- Jobless Claims at 8:30 a.m.
- Bloomberg Consumer Comfort Index at 9:45 a.m.
- Consumer Sentiment at 10 a.m.
- EIA Petroleum Status Report at 10:30 a.m.
- Three-Month Bill Announcement at 11 a.m.
- Six-Month Bill Announcement at 11 a.m.
- Two-Year Note Announcement at 11 a.m.
- Five-Year Note Announcement at 11 a.m.
- Seven-Year Note Announcement at 11 a.m.
- EIA Natural Gas Report at 12 p.m.
- FOMC Minutes at 2 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.