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The Dow Jones today lost 98 points in pre-market trading as investors prepared for a tense meeting among the G7 nations. U.S. President Donald Trump is expected to face an icy welcome from member nations over recently introduced tariffs on imports. Safe-haven assets, like the Swiss franc, were pushing higher ahead of the meeting.
Despite global upheaval, tech stocks are rising at an astonishing pace - the Nasdaq established two now all-time highs in just the last week. In order to profit, we've identified a tech stock that's kept a low profile - but has huge profit potential. Check it out here...
Here are the numbers from Thursday for the Dow, S&P 500, and Nasdaq:
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Here's a closer look at today's Money Morning insight, the most important market events, and stocks to watch.
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The Top Stock Market Stories for Friday
- Today, President Trump will attend the annual summit and meet with officials from the United Kingdom, Canada, Italy, Germany, Japan, and France. Ahead of the event, President Trump attacked Canadian Prime Minister Justin Trudeau over tariffs slapped on the U.S. dairy sector. He also claimed that Canada has been "killing" the U.S. agricultural sector.
- Once again, Facebook Inc. (Nasdaq: FB) is dealing with another serious privacy scandal. According to reports, a bug in the company's privacy settings led to the sharing of posted user information that may not have been intended for broader dissemination. Over a 10-day period in May, the bug changed user settings for roughly 14 million users, automatically changing their posting settings to "public." This meant that messages that might have been meant for a more intimate audience were shared with everyone on the social media site.
- While most people are overly focused on the state of the U.S. economy, they're missing the fact that Americans' debt is rising at an exponential pace. In fact, U.S. student loan debt just hit a whopping $1.5 trillion. The American Association of University Women released a report this week that showed women hold nearly two-thirds (or $1 trillion) in student loan debt. Roughly 20% of all borrowers are behind on their payments.
Three Stocks to Watch Today: DOCU, SFIX, AAPL
- Shares of DocuSign Inc. (Nasdaq: DOCU) popped nearly 10% after the bell on Thursday. The electronic-signature firm topped Wall Street earnings in its first earnings report as a public company. The firm reported year-over-year revenue growth of 37%. Markets also cheered after the firm issued strong second-quarter and full-year guidance.
- Shares of Stitch Fix Inc. (Nasdaq: SFIX) added nearly 5.5% after the firm topped Wall Street earnings and revenue expectations after the bell. The firm reported earnings per share (EPS) of $0.09 on top of $316.7 million in revenue. Wall Street projected EPS of $0.03 on top of $306 million in revenue. The subscription shopping firm announced that its user base increased by 30% year over year.
- Shares of Apple Inc. (Nasdaq: AAPL) fell 2% in pre-market hours. The decline came after Japan's Nikkei news reported the tech giant may slash its orders for new iPhone parts. By how much? According to the report, Apple parts cuts could come in 20% lower during the first half of 2018 compared to the same period in 2017.
- No major U.S. companies report earnings on Friday.
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.