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The Dow Jones Industrial Average fell over 180 points after the Trump administration announced plans to impose 25% tariffs on roughly $50 billion in Chinese goods. The development raises concerns that China will retaliate by placing tariffs on U.S. exports, specifically targeting U.S. farmers.
Despite increasing global trade tensions, there is still plenty of profit to be found in markets. In fact, we recently identified a steel stock that's perfectly positioned to steer clear of politics and stick to profits. Check it out here…
Here are the numbers from Thursday 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.
You Must Act Now: America is headed for an economic disaster bigger than anything since the Great Depression. If you lost out when the markets crashed in 2008, then you are going to want to see this special presentation…
Money Morning Insight of the Day
Following the June FOMC meeting, silver prices are hovering at very attractive price levels. With interest rates heading higher, it's going to be a very good time for silver hounds to buy on the dip and deliver incredible profits in the months ahead. Learn more right here.
The Top Stock Market Stories for Friday
- The euro fell more than 2% in pre-market hours after the European Central Bank announced it will end its massive stimulus package in December 2018. The $2.9 trillion program has been critical in restoring confidence in the world's largest economic bloc. However, systemic concerns about the financial systems of Germany and Italy remain. Speaking of central banking, here's what you need to know about the U.S. Federal Reserve.
- U.S. President Donald Trump may offer a very unusual and controversial pardon. According to a report from Bloomberg, Trump's advisors are supporting a deal that would offer a pardon to former "junk bond king" Michael Milken. The report indicates the financier, who received a 10-year prison sentence while at Drexel Burnham Lampert, has support from advisors including U.S. Treasury Secretary Steven Mnuchin and Jared Kushner.
Four Stocks to Watch Today: T, TWX, ADBE, BABA
- Shares of AT&T Inc. (NYSE: T) were up slightly as markets digested the significance of its deal to purchase Time Warner Inc. (NYSE: TWX). The U.S. government elected not to seek a stay after a federal judge permitted the deal. But keep an eye open later today. Rumors have emerged that the U.S. Justice Department may appeal the ruling.
- Shares of Adobe Systems Inc. (Nasdaq: ADBE) fell more than 3.3% after the company announced earnings after the bell Thursday. The firm reported quarterly earnings of $1.66 per share, topping expectations of $1.54 per share. The firm easily beat Wall Street earnings expectations and said its digital media arm is getting stronger from a financial perspective.
- Alibaba Group Holding Ltd. (NYSE: BABA) is one of our favorite stocks at Money Morning, but buying shares of BABA isn't the only way to make money from the Internet giant. We've uncovered a secret profit play that could climb roughly 70% in the next 12 months. Here's how you should play this incredible e-commerce giant.
- No major U.S. companies report earnings on Friday.