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The Dow Jones today jumped over 100 points in pre-market hours after Google parent company Alphabet Inc. (Nasdaq: GOOGL) significantly beat earnings expectations. The firm reported earnings per share (EPS) of $11.75 – Wall Street analysts had expected the firm to report earnings of $9.59 per share.
Quarterly revenue jumped by 25% from the same period last year, thanks largely to a big jump in pay-per-click advertising. GOOGL shares were up 4.5% in pre-market hours. Alphabet's success has investors cheering the tech sector and eyeing more gains as we move deeper into earnings season.
Here are the numbers from Monday 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.
Money Morning Insight of the Day
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The Top Stock Market Stories for Tuesday
- Global markets are moving higher after the Chinese government announced plans to inject additional stimuli into its economy. The yuan fell to its lowest level against the U.S. dollar in roughly 12 months after the State Council said it should be "more proactive" on fiscal policy. The People's Bank of China will provide one-year loans valued up to $74 billion to banks around the country. This is the largest injection of capital into the economy since 2014.
- ScottsMiracle-Gro Co. (NYSE: SMG) is one of the top providers of lawn-care products. It sells grass-seed products, fertilizers, and solutions for outdoor pest control. But it's also tapping into one of the most incredible investing trends in the history of this country. In fact, it's one of three stocks we've uncovered that could make you a millionaire by tapping into the wave of marijuana legalization. Read about the other two right here.
Three Stocks to Watch Today: MMM, VZ, HOG
- Shares of 3M Co. (NYSE: MMM) added 0.6% after the company topped earnings estimates by a penny. The consumer and industrial products giant reported adjusted EPS of $2.59. The firm also beat revenue expectations and hiked its full-year forecast.
- Shares of Verizon Communications Inc. (NYSE: VZ) are on the move after the mobile giant reported earnings before the bell. Wall Street had expected that the firm would report EPS of $1.14 on top of $31.6 billion in revenue. The firm reported EPS of $1.20.
- Shares of Harley-Davidson Inc. (NYSE: HOG) are generating a lot of buzz as investors wait for the motorcycle manufacturer to report earnings. Investors have been paying a lot of attention to the company's bottom line after it initially announced plans to move some of its operations abroad in order to avoid U.S. President Donald Trump's steel tariffs.
- Look for additional earnings reports from Texas Instruments Inc. (Nasdaq: TXN), Lockheed Martin Corp. (NYSE: LMT), JetBlue Airways Corp. (Nasdaq: JBLU), Biogen Inc. (Nasdaq: BIIB), United Technologies Corp. (NYSE: UTX), 3M Co. (NYSE: MMM), Eli Lilly & Co. (NYSE: LLY), and iRobot Corp. (Nasdaq: IRBT).
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.