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The Dow Jones today projected a 150-point decline as Turkey's ongoing currency crisis continued to escalate. Yesterday, Turkey retaliated against new U.S. trade restrictions by placing tariffs on a range of American imports, including alcohol and automobiles.
While Turkey's escalation is shaking up American markets, there is a "golden" lining, as Money Morning Resource Specialist Peter Krauth explains. Gold prices are sitting at rock bottom right now, and this geopolitical crisis could be the catalyst that fuels a massive breakout for the metal. Here's how Peter sees this profit play unfolding...
Here are the numbers from Tuesday 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
Earnings season is well underway. And if you're looking to make real money, it's not too late to get started. Money Morning Quantitative Specialist Chris Johnson argues the markets are at a tipping point.
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The Top Stock Market Stories for Wednesday
- Shares of Canopy Growth Corp. (NYSE: CGC) popped a stunning 48% this morning after Constellation Brands Inc. (NYSE: STZ) - the spirits producer behind the Corona brand - increased its stake in the Canadian marijuana company to 38%. Constellation exercised warrants that it holds, and the new position is worth $4 billion. The spirits producer is part of a growing movement of alcohol companies that foresee a dynamic shift in demand for cannabis as the legalization movement picks up steam in North America.
- Is the recent housing boom coming to a close? The Mortgage Bankers Association said that weekly mortgage applications declined again last week. The trade group said that application volumes were off 2% for the week but 19% down from the same period last year. Even though interest rates ticked lower, buyers appear to be priced out of the market thanks to rising home prices and the lack of supply across the country.
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Three Stocks to Watch Today: CSCO, M, BLK
- The earnings report calendar is headlined today by Cisco Systems Inc. (Nasdaq: CSCO). The tech giant will report fiscal fourth-quarter earnings after the bell. Wall Street expects that the firm will report earnings per share (EPS) of $0.69 on top of $12.77 billion in revenue.
- Shares of Macy's Inc. (NYSE: M) are on the move after the company reported earnings before the bell. The iconic retailer reported adjusted EPS of $0.70 on top of $5.57 billion in revenue. Wall Street had expected EPS of $0.49 on top of $5.61 billion in revenue. Shares of Macy's stock were off 5.3% in premarket hours.
- George Soros' firm Soros Fund Management increased its stake in shares of Blackrock Inc. (NYSE: BLK) by a whopping 60% in the second quarter, according to a U.S. Securities and Exchange Commission (SEC) filing. If you were using Money Morning's proprietary Stock VQScore™, you'd have known that Blackrock was sitting in the "Buy Zone" before the SEC filing was made public. The global asset manager has a perfect 4.75 score, and it will look to blast off now that other investors start to follow Soros and other institutional investors that love this stock. To learn more about the Money Morning Stock VQScore, go here right now.
- Look for additional earnings reports from NetApp Inc. (Nasdaq: NTAP), MSG Networks Inc. (NYSE: MSGN), CACI International Inc. (NYSE: CACI), Briggs & Stratton Corp. (NYSE: BGG), SpartanNash Co. (Nasdaq: SPTN), and Luxoft Holding Inc. (NYSE: LXFT).
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.