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The Dow Jones Industrial Average fell 60 points this morning as global markets monitored a sudden decline in emerging market currencies. The Argentine peso slumped to a new record low against the U.S. dollar on Thursday. The Argentine government is asking for the International Monetary Fund to expedite a $50 billion lifeline that was negotiated earlier this year.
It was the largest one-day decline since Argentina allowed its currency to float in 2015. A 7% slump in the peso yesterday extended pressure on currencies of other emerging markets like Turkey. However, investors shouldn't panic over Turkey's decline…
Here are the numbers from Wednesday 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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The Top Stock Market Stories for Thursday
- Trade is back in focus as markets grow increasingly optimistic that a new version of NAFTA could arrive as early as Friday. Just days after the United States and Mexico reached a bilateral deal on trade, Canadian officials returned to Washington to discuss the deal. President Trump has threatened to move ahead without Canada if the nation drags its feet. Canada ships 75% of its goods to the United States, and an uptick in tariffs would likely cause harm to its markets.
- Investors around the globe are concerned about trade relations between the United States and China as the latter has seen the impact of tariffs on its economy in recent weeks. A new report from Reuters showed that manufacturing activity in China cooled for the third consecutive month in August. And this is just a month before a new round of tariffs hits another $200 billion in Chinese goods.
Money Morning Insight of the Day
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Stocks to Watch Today: AMZN, CPB, ANF
- Amazon.com Inc. (Nasdaq: AMZN) is now sitting just shy of the $1 trillion market after the stock added 3% before the bell Thursday. The stock has doubled over the last year and is on the verge of cracking the $2,000-per-share level. The stock has rallied as it has pursued profitability at the expense of growth in recent quarters, a departure from its earlier years as an expanding, do-it-all e-commerce company.
- Shares of Campbell Soup Co. (NYSE: CPB) fell 1.2% in pre-market hours after the firm reported earnings and revenue before the bell. The consumer goods firm matched earnings per share expectations of $0.28 but fell short of the $2.243 billion in revenue forecast by Wall Street. The stock has been under significant pressure in 2018, falling 25%, while its CEO stepped down from the position in May. The firm said today that it plans to divest two international business divisions and its fresh foods business.
- Look for earnings reports from Abercrombie & Fitch Co. (NYSE: ANF), Dollar General Corp. (NYSE: DG), Dollar Tree Inc. (Nasdaq: DLTR), Michaels Co. Inc. (NYSE: MIK), American Outdoor Brands Corp. (Nasdaq: AOBC), and Lululemon Athletica Inc. (Nasdaq: LULU).