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The Dow Jones today opened lower on Friday morning following the imposition of $34 billion worth of tariffs on Chinese exports overnight. China responded to the new trade restrictions with tariffs of its own and accused the United States of fostering a potentially catastrophic trade conflict.
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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.
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Money Morning Insight of the Day
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The Top Stock Market Stories for Friday
- Following the U.S. tariffs on $34 billion in Chinese goods, the economic rival hit back. China returned with its own list of American products totaling $34 billion, including soybeans, pork, and electric vehicles. Many analysts anticipate that the conflict will continue to escalate. Tariffs on another $16 billion in Chinese goods are expected to go into effect in a few weeks. U.S. President Donald Trump has threatened to impose tariffs on another $500 billion in Chinese goods should there be further retaliation.
- This morning, the U.S. Department of Labor announced that the nation's unemployment rate increased to 4%. The U.S. economy added 213,000 new jobs in June, a figure that topped expectations. The report also showed a 2.7% uptick in hourly earnings year over year. The report indicates a tightening U.S. market that continues to face shortages of talent. There are currently more open position in the United States than people looking for work.
- Shares of CVS Health Corp. (NYSE: CVS) have slumped nearly 7.9% over the last week thanks to the Amazon.com Inc. (Nasdaq: AMZN) takeover of online pharmacy PillPack last week. The conventional wisdom is that Amazon is poised to massively disrupt the pharmaceutical retail space the same way it has dismantled the brick-and-mortar retail and grocery industries. But the consensus has it wrong, and following the herd could cost you a lot of money…
Three Stocks to Watch Today: F, TSLA, BIIB
- Shares of Ford Motor Co. (NYSE: F) were flat despite dismal news out of China. This morning, the company reported a 38% slump in Chinese sales during the month of June. It was a terrible first six months for the iconic vehicle manufacturer. The company said that its Chinese operations saw a 25% slide in sales over the first half of the year. That was the largest six-month decline since launching its Chinese operations in 2001.
- Shares of Tesla Inc. (Nasdaq: TSLA) are off more than 1% after California regulators announced a new probe into the company. The probe was announced following a safety complaint filed with the Occupational Safety and Health Administration. The agency has not provided any details on the case.
- Shares of Biogen Inc. (Nasdaq: BIIB) popped more than 14% after the company announced positive results from a trial for an Alzheimer's drug. The phase 2 study examined BAN2401, an anti-amyloid beta protofibril antibody. It was tested on 856 patients with early stages of Alzheimer's disease. In a research note, JPMorgan Chase & Co. (NYSE: JPM) announced that the results would be positive for Biogen's drug pipeline.
- Look for an earnings report Friday from InnerWorkings Inc. (Nasdaq: INWK). Wall Street projects that the company will report earnings per share of $0.09 on top of $284.9 million in revenue.