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The Dow Jones Today jumped over sixty points this morning as U.S. and Chinese negotiators failed to make significant headway in an ongoing trade dispute. According to a statement from Lindsay Walters, a White House spokeswoman, the two delegations "exchanged views on how to achieve fairness, balance, and reciprocity in the economic relationship" but did not come to any agreement on new terms.
The parties also failed to negotiate a schedule for additional talks, suggesting that the trade impasse between the two nations is likely to continue for the foreseeable future. However, that doesn't mean there aren't any significant profit opportunities to be found. In fact, the trade dispute is setting up a tremendous play in the oil industry…
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 most important market events and stocks, plus Friday's economic calendar.
The Top Stock Market Stories for Friday
- On Friday, U.S. Federal Reserve Chair Jerome Powell will speak in Jackson Hole, Wyo. The Fed is hosting its annual symposium for central bankers around the globe. Keep an ear out for Powell's statements on the health of the U.S. economy and directions on interest rates and other key elements of monetary policy. Earlier this week, the Fed released minutes from its most recent meeting. The minutes noted that leaders at the U.S. central bank are concerned about the impact of tariffs and protectionism on the economy.
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- China is again in focus after it retaliated against the latest round of U.S. tariffs on its exports. On Thursday, the United States and China both slapped tariffs on roughly $16 billion worth of goods. This ongoing spat continues to weigh on the market and raises concerns about increasing consumer prices and long-term trade relations between the world's two largest economies.
- Finally, the 2018 midterm elections are back in focus, but not for the reason you might expect. Today, security leaders from the nation's top technology firms will meet in San Francisco to discuss cybersecurity issues. A recent study by the American Journal of Public Health showed that Russian influencers played a major role in the election and debates about public health online.
Money Morning Insight of the Day
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Three Stocks to Watch Today: FL, SSNLF, MSFT
- Shares of Foot Locker Inc. (NYSE: FL) popped 1% after the company reported earnings before the bell. The shoe retailer announced earnings per share of $0.75, a figure that topped Wall Street expectations by $0.05. The firm also topped revenue expectations. The primary drag from the report, however, was news that comparable-store sales fell slightly short of analysts' expectations.
- Today is a key day for Samsung Electronics Co. Ltd. (OTC: SSNLF). The company's Galaxy Note 9 will go on sale. The water-resistant phone provides wireless charging and an infinity display. The company is trying to move past design problems from its Galaxy 8, and the fallout from the Galaxy Note 7 that was discontinued due to incidents where they caught fire.
- Microsoft Corp. (Nasdaq: MSFT) is now under investigation by the U.S. Justice Department and the U.S. Securities and Exchange Commission. According to the Wall Street Journal, the U.S. agency is investigating claims that the company offered bribes and kickbacks to government officials in Hungary.
- Other firms reporting earnings include Hibbett Sports Inc. (Nasdaq: HIBB), Big Lots Inc. (NYSE: BIG), and Buckle Inc. (NYSE: BKE).
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.