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The Dow Jones Industrial Average jumped 20 points in pre-market hours as the markets continued to build on their record close Thursday. Yesterday's new high was the Dow's first record since January. Investors continue to shrug off ongoing trade disputes between the United States and China, which house the two largest economies in the world. However, it doesn't look like gains will be slowing down anytime soon...
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Here are the numbers from Thursday for the Dow, S&P 500, and Nasdaq:
|Index||Previous Close||Point Change||Percentage Change|
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
- The markets continue to shrug off concerns about the ongoing trade dispute between the United States and China. However, one major retailer sounded the alarm this week. Executives at Walmart Inc. (NYSE: WMT) sent a letter to U.S. Trade Representative Robert Lighthizer. According to Reuters, the letter detailed how the retail giant may need to raise prices as a result of tariffs on Chinese imports.
- In deal news, Adobe Systems Inc. (NASDAQ: ADBE) announced it will purchase marketing firm Marketo from a private equity firm for roughly $4.75 billion. The deal will make private equity investors at Vista Equity Partners quite happy, and Adobe will get one of the fastest-growing marketing platforms to add to its digital marketing business.
- Crude oil prices were on the rise ahead of a major meeting between members and non-members of OPEC. The meeting is expected to focus on production hikes in the wake of U.S. sanctions restricting Iranian exports. With oil prices hovering near $80 per barrel, U.S. President Donald Trump has criticized OPEC's "monopoly" and said that Middle Eastern producers push prices lower. Trump has even hinted that he is considering a reduction in U.S. military in the region should prices fail to decline.
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Three Stocks to Watch Today: AAPL, MU, MCD
- Apple Inc. (NASDAQ: AAPL) will lead today's headlines. The company's latest iPhone models will hit stores, and investors will be watching the sales register for clues of what's ahead of the stock. The company has launched the 5.8-inch iPhone XS (starting at $999) and the iPhone XS Max (starting at $1099). The less expensive iPhone XR ($749) doesn't hit U.S. stores until October.
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- Shares of Micron Technology Inc. (NASDAQ: MU) fell more than 4.2% in pre-market hours despite news that the Chinese semiconductor giant topped earnings expectations after the bell. Although the firm reported EPS of $3.53, which beat consensus expectations by $0.19, the market turned bearish on the stock after its executives issued a dire warning. The stock erased gains after the firm said that U.S. tariffs would impact the company's bottom line for up to one year.
- Shares of McDonald's Corp. (NYSE: MCD) are in focus after the company hiked its dividend by 15%. The fast food empire raised its quarterly payout from $1.01 to $1.16, marking the 42nd straight year that it has increased its dividend. If you're looking for other great income stocks, we've got you covered. We've just unveiled our list of the best three income stocks to own in September. You can read it for free right here.
- No major U.S. companies report earnings on Friday.
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.