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The Dow Jones Industrial Average jumped 39 points in pre-market hours ahead of a busy day of economic announcements and statements by central banking leaders. This morning, look for key updates on trade figures, U.S. manufacturing output, and consumer sentiment about the U.S. economy.
The Dow closed yesterday above 26,000 for the first time ever in the month of September. Traders are energized by reports that the United States is working to jump-start trade negotiations with China. Market optimism received a dose of cold water after U.S. President Donald Trump said that there was no pressure to strike a deal with China, which limited the rally's upside.
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 Money Morning insight, the most important market events, and stocks to watch.
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The Top Stock Market Stories for Friday
- Amazon.com Inc. (NASDAQ: AMZN) will announce the location of its second headquarters by the end of 2018, according to CEO Jeff Bezos. The statement came during an interview at the Economic Club in Washington, D.C. The list of finalists currently sits at 20. The announcement came on the same evening that Bezos provided additional details on his new $2 billion philanthropic fund designed to assist homeless families and to establish new preschools. He also claimed during the interview that he had launched Amazon in Washington state thanks to the influence of Microsoft Corp. (NASDAQ: MSFT).
- Tomorrow is the 10th anniversary since the collapse of Lehman Brothers. The event was the flash point of the 2008 financial crisis from which the U.S. economy is still recovering. Following the bankruptcy of the iconic investment bank, markets tanked and bottomed out in March 2009. At that time, Congress authorized a massive stimulus package, while no executives at any major financial institution were indicted or found responsible for their firms' roles in the worst crisis since the Great Depression.
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Four Stocks to Watch Today: ADBE, NIO, SHLD, PLAY
- Adobe Systems Inc. (NASDAQ: ADBE) is generating buzz after the firm reported earnings after the bell Thursday. Shares were off 2% after the firm reported EPS of $1.73, a figure that beat Wall Street expectations by $0.04. The producer of Photoshop announced that its third-quarter revenue increased by 24% and set a new quarterly record.
- Shares of electric car manufacturer NIO Ltd. (NYSE: NIO) are rallying again on up another 15% in pre-market hours. The Shanghai-based rival to Tesla Inc. (NASDAQ: TSLA) popped another 76% on Thursday and pushed its market capitalization well above $12 billion.
- Shares of Sears Holding Corp. (NASDAQ: SHLD) are rallying after a difficult day on Thursday turned into a positive earnings report after the bell. The company had initially delayed its earnings report, causing the stock to plunge by 9% during the trading session. But the stock has rallied more than 16% after Sears reported its smallest drop in same-store sales in three years. The firm did report a large loss of $4.68 per share, while revenue came in at $3.18.
- Look for an earnings report from Dave & Buster's Entertainment Inc. (NASDAQ: PLAY) today. The entertainment giant is expected to report earnings per share of $0.84, a figure that topped estimates by $0.20. Its $319.9 million in revenue also surpassed Wall Street analysts' expectations by $10 million. The company is benefiting from an uptick in consumer confidence and spending as wages rise and the unemployment rate declines.
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.