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The Dow Jones today struggled to gain momentum in pre-market hours as investors awaited an announcement from the U.S. White House concerning the imposition of European tariffs. The Trump administration is expected to impose steel and aluminum tariffs on the European Union after failing to gain trade concessions from the European Parliament.
Following the Trump administration's announcement, shares of United States Steel Corp. (NYSE: X) added 4.3%. To learn more about how to play the steel market as steel tariffs begin to take full effect, click here...
Here are the numbers from Wednesday for the Dow, S&P 500, and Nasdaq:
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Now here's a closer look at today's Money Morning insight, the most important market events, and stocks to watch.
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Money Morning Insight of the Day
Oil prices remain under pressure thanks to renewed fears that OPEC and Russia are about to bring production levels into overdrive. That could have a serious impact on 99.9% of the global population at a time when oil is flirting with a four-year high.
Money Morning Technical Trading Strategist D.R. Barton, Jr., appeared on FOX Business Network's "Varney & Co." yesterday to explain the reason behind oil's precipitous drop... and why he doesn't expect it to recover any time soon. Here's what you need to know.
The Top Stock Market Stories for Thursday
- The Italian stock market has bounced back after a big day of losses. The global markets remain concerned about the nation's debt problems, even though the worst fears about the near-term future have subsided. EU officials are reportedly concerned that "Euroskeptics" could rise in the bloc's third-largest economy and promote political hostility toward the European Union.
- Shares of Sears Holding Corp. (Nasdaq: SHLD) plunged nearly 10% after the retail giant reported a big miss on quarterly earnings. Same-store sales fell by roughly 12%, fueling a report that the firm will close another 72 Sears and Kmart locations.
Four Stocks to Watch Today: DG, AMZN, BRK.A, MSFT
- Dollar General Corp. (NYSE: DG) slumped more than 7% after the discount retailer fell short of earnings expectations before the bell. The firm reported earnings per share of $1.36, slightly below the average forecast of $1.40. Revenue and same-store sales were also below expectations.
- Amazon.com Inc. (Nasdaq: AMZN) has expanded Prime discount benefits to 121 Whole Foods Market stores and all of its Whole Foods Market 365 stores. The expansion brings locations in California, Arkansas, and Oklahoma into the fold. Amazon stock is up more than 38% since the beginning of the year.
- According to various reports, Berkshire Hathaway Inc. (NYSE: BRK.A) is considering a proposal to invest in Uber, the world's largest ride-share company. Warren Buffett has said that he admires Uber CEO Dara Khasrowshahi, and the firm is debating the size of a possible stake. Bloomberg has reported that Berkshire had offered Uber a $3 billion investment deal in early 2018.
- Microsoft Corp. (Nasdaq: MSFT) is on the verge of cracking $100 per share. With this news, the software and cloud computing giant has also surpassed rival Alphabet Inc. (Nasdaq: GOOGL) in market capitalization. Markets now are speculating on whether Microsoft will beat Apple Inc. (Nasdaq: AAPL) in the race to a $1 trillion valuation.
- Look for additional earnings reports from Lululemon Athletica Inc. (Nasdaq: LULU), Costco Wholesale Corp. (Nasdaq: COST), VMWare Inc. (NYSE: VMW), GameStop Corp. (NYSE: GME), Ulta Beauty Inc. (Nasdaq: ULTA), Workday Inc. (Nasdaq: WDAY), Dollar Tree Inc. (Nasdaq: DLTR), Express Inc. (Nasdaq: EXPR), and American Eagle Outfitters (NYSE: AEO).
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.