Dow Jones Today Opens Flat as Fed Doubles Down on Interest Rate Hikes

The Dow Jones today opened flat as the nation's central bankers gathered in Jackson Hole, Wyo., for an annual economy symposium. Kansas City Federal Reserve President Ester George stated this morning that she believed two additional interest rate hikes would be appropriate in 2018, rebuffing calls from the White House to ease the pace of interest rate increases.

George also stated that she believes "several more" rate hikes would be appropriate next year. Tomorrow, U.S. Federal Reserve Chair Jerome Powell will address attendees in a speech. The meeting comes just a day after the U.S. stock market celebrated its longest bull run in U.S. history.

Here are the numbers from Wednesday for the Dow, S&P 500, and Nasdaq:

Now here's a closer look at today's Money Morning insight, the most important market events, and stocks to watch.

"Federal Rent Checks": Thanks to an obscure law, over 100 government agencies are required to pay rent. By following a simple investment strategy, you could receive checks of up to $1,795 every month. Read more…

Money Morning Insight of the Day

Earnings season is well underway. And if you're looking to make real money, the time to get started is now. Money Morning Quantitative Specialist Chris Johnson argues that the markets are at a tipping point. And with just a few smart plays in today's classic stock picker's market… you can pull in triple-digit gains with just a small investment. Read those picks right here.

The Top Stock Market Stories for Thursday

• Trade tensions deepened this morning after the United States hit China with tariffs on another 279 products, including semiconductors, chemicals, plastics, and electric scooters. China has retaliated with its own set of tariffs on $16 billion in U.S. imports. The list of U.S. products that will face additional levies include petroleum products, steel products, and medical equipment. U.S. President Donald Trump recently said that he did not "anticipate much" progress in the country's effort to resolve trade tensions with China.
• President Trump is pushing back against threats of impeachment. In an interview with a FOX News morning program, Trump said that impeachment would fuel a sharp downturn in the U.S. markets, one that would lead to everybody potentially being "very poor." The statement comes as legal issues surround Trump's former lawyer Michael Cohen and his former campaign manager Paul Manafort.
• Bitcoin prices have been sliding in 2018. Even though the price of Bitcoin has dropped 52%, from $14,112 on Jan. 1 to $6,671 today (Aug. 22), we aren't worried. In fact, we're projecting a huge turnaround. We're talking 1,399% gains if you buy in right now. Let's talk why we expect Bitcoin prices to soar and what you can do right now to get your share of these returns. Go here now.

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Stocks to Watch Today: BABA, HPQ, VMW, SPLK

• We kick off this morning with an earnings report from Alibaba Group Holding Ltd. (NYSE: BABA). The Chinese e-commerce giant reported adjusted earnings per share of $1.22, a figure that fell short of Wall Street expectations by $0.07. The company was also short of revenue expectations. That said, BABA stock still popped more than 4.2%.
• Shares of Hewlett-Packard Co. (NYSE: HPQ) are part of a busy day of earnings reports. The California-based firm will report its numbers after the bell Thursday. Wall Street analysts project that the firm will report EPS of $0.50 on top of $14.11 billion.
• Today, we're bringing you a healthcare stock to buy that could more than double your money in the next two years. Money Morning Defense and Tech Specialist Michael A. Robinson says this the stock what will help people reduce their healthcare costs and investors score huge profits. Here's how you can double your money…
• Look for additional earnings reports from VMware Inc. (NYSE: VMW), Splunk Inc. (Nasdaq: SPLK), Gap Inc. (NYSE: GPS), Intuit Inc. (Nasdaq: INTU), Ross Stores Inc. (Nasdaq: ROST), Autodesk Inc. (Nasdaq: ADSK), and Hormel Foods Corp. (NYSE: HRL).

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Garrett Baldwin

About the Author

Browse Garrett's articles | View Garrett's research services

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.

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