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Investors seemed to shrug off North Korea's intercontinental ballistic missile test on Tuesday, as the Dow Jones today is set to continue its rally.
Dow Jones futures are up 84 points this morning despite the missile test escalating tensions between North Korea and the global security community. To get more details on the country's other security threats, and which defense stocks you should buy, click here...
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.
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The Five Top Stock Market Stories for Wednesday
- Yesterday, North Korea launched another missile after a month and a half of relative silence. The missile landed just off the coast of Japan and reignited concerns about the nation's ability to strike anywhere in the world. The recent launch is especially distressing, as South Korea prepares to host the Winter Olympics within the next 100 days. The launch could also have a dramatic impact on your money if tensions continue to accelerate in the months ahead. Here's what you need to know about North Korea and your money right now.
- The U.S. Department of Commerce released its second estimate of third-quarter GDP. The agency increased its estimate from 3.2% to 3.3% on news of improving business investment and spending on equipment. Those gains offset weaker-than-expected consumer spending.
- On Wednesday, Federal Reserve Chair Janet Yellen will make her final appearance before Congress's Joint Economic Committee. Yellen will testify on the health of the U.S. economy, valuation of assets in the markets, and more. The appearance comes a day after Yellen called on congress to adopt economic policies that will strengthen the U.S. economy and pull it out of the weak pattern investors and consumers have experienced since the recession.
- Crude oil prices are falling Wednesday morning. Traders remain uncertain about OPEC's ability to strike a deal to extend an agreement to cap excessive production beyond March 2018. The concerns come after the American Petroleum Institute announced an uptick in domestic inventory levels. The official inventory report from the Energy Information Administration arrives later this morning. The WTI crude oil price today fell 0.4%. Brent crude dipped 0.2%.
- Bitcoin prices continued to push higher. Last night, the price of Bitcoin surged to more than $11,000 as the massive rush of capital continues into the cryptocurrency sector. The entire cryptocurrency sector saw its market capitalization increase by more than 10% in the last 24 hours, while Bitcoin topped $18.5 billion. But some analysts believe this is just the beginning. Billionaire Bitcoin investor Mike Novogratz predicts that the total market capitalization will top $2 trillion next year. For more on where Bitcoin prices are heading next, check out our daily insights here at Money Morning.
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- Shares of AT&T Corp. (NYSE: T) are on the move as the company plans to challenge the Department of Justice's lawsuit to block its massive merger with Time Warner Inc. (NYSE: TWX). AT&T argues that the deal is "pro-competitive" and "pro-consumer."
- Marijuana investors are anxiously awaiting a colossal marijuana merger. Canada-based medical marijuana producer Aurora Cannabis Inc. (OTCMKTS: ACBFF) made an unsolicited, all-stock, hostile takeover bid for fellow medical marijuana company CanniMed Therapeutics (OTCMKTS: CMMDF). With a value just over $2 billion, this would be the largest marijuana merger in history if it comes to fruition. If investors want to make money on the national wave of legalization of marijuana in Canada and the United States, go here right now.
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- Tiffany & Co. (NYSE: TIF) reported earnings before the bell. The luxury retail giant reported earnings per share of $0.80, a figure that topped Wall Street expectations by four cents. The firm also topped revenue expectations and reported stronger-than-expected same-store sales. The firm reported strong sales in jewelry.
- Look for additional earnings reports from Workday Inc. (Nasdaq: WDAY), Box Inc. (NYSE: BOX), Jack in the Box Inc. (Nasdaq: JACK), PVH Corp. (NYSE: PVH), Photronics Inc. (Nasdaq: PLAB), Synopsys Inc. (Nasdaq: SNPS), Guidewire Software Inc. (NYSE: GWRE), La-Z-Boy Inc. (NYSE: LZB), and Semtech Corp. (NYSE: SMTC).
Wednesday's U.S. Economic Calendar (all times EST)
- MBA Mortgage Applications at 7 a.m.
- GDP at 8:30 a.m.
- New York Fed Bank President William Dudley Speaks at 8:30 a.m.
- Corporate Profits at 8:30 a.m.
- Federal Reserve Chair Janet Yellen Speaks at 10 a.m.
- Pending Home Sales Index at 10 a.m.
- EIA Petroleum Status Report at 10:30 a.m.
- John Williams Speaks at 1:50 p.m.
- Beige Book 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.