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The Dow Jones today is poised to rise on strong bank earnings results bolstered by the tax reform bill, which reduced the corporate tax rate from 35% to 21%.
Dow futures are up 63 points this morning as JPMorgan Chase & Co. (NYSE: JPM) CEO Jamie Dimon said tax reform is a significant positive outcome for the United States that will ultimately benefit all Americans. Here's why we think these tax cuts will make investors extremely bullish on stocks in 2018...
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.
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The Top Stock Market Stories for Friday
- Yesterday, New York Federal Reserve Bank President William Dudley offered his thoughts on the impact of recent tax reform. Dudley said the change in tax policy could offer a short-term boost to the U.S. economy. However, he suggested that it is possible that the change could overheat the U.S. economy. Should that happen, the Fed would likely increase its pace of interest rate hikes in the year ahead.
- Gold prices are pushing higher thanks to a decline in the U.S. dollar. The first month of the year is shaping up to be a great buying opportunity for investors thanks to the wave of geopolitical tensions around the globe. The price of gold hit $1,330 per ounce, a level that investors haven't seen in quite some time. Read this to find out why you should buy gold now, before it really takes off...
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- Crude oil prices dipped this morning. The price of oil is sitting at levels we haven't seen since 2014 thanks to OPEC's efforts to cap excessive production. This afternoon, we're keeping an eye on the latest update regarding U.S. production. Baker Hughes will release its latest report on the number of U.S. oil rigs in operation. WTI crude oil price today dipped 0.8%, while Brent crude added 0.4%.
- The price of Bitcoin added more than 2% this morning. Bitcoin sat at roughly $14,190 as investors shook off concerns about new regulations in South Korea. Reports had indicated that South Korean officials were considering a permanent ban on the trading of Bitcoin and other cryptocurrencies. However, this appears to have been an overreaction.
Stocks to Watch Today: JPM, BLK, FB
- Shares of JPMorgan Chase are on the move after the investment bank topped Wall Street earnings expectations. Shares slipped nearly 0.4% after the firm reported earnings per share (EPS) of $1.74 on top of $25.45 billion in revenue. Wall Street had expected EPS of $1.69 on top of $24.98 billion. Markets were reacting to news that JPM lost about $143 million last quarter to an unidentified client.
- Shares of BlackRock Inc. (NYSE: BLK) added nearly 2% after the firm reported earnings before the bell. The company reported strong profits thanks to its ETC business. The firm reported EPS of $6.24 on top of $3.47 billion in revenue. Wall Street expected EPS of $6.07 on top of $3.35 billion.
- Shares of Facebook Inc. (Nasdaq: FB) plunged more than 5% this morning. The social media giant reported that it will alter the way it filters posts on its news feed after recent speculation about Russian interference during the 2016 election season.
- Additional companies reporting earnings on Friday include Wells Fargo & Co. (NYSE: WFC), PNC Financial Services Group Inc. (NYSE: PNC), and Infosys Ltd. (Nasdaq: INFY).
Friday's U.S. Economic Calendar (all times EST)
- Consumer Price Index at 8:30 a.m.
- Retail Sale at 8:30 a.m.
- Business Inventories at 10 a.m.
- Baker-Hughes Rig Count at 1 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.