The Dow Jones Industrial Average fell another 100 points in pre-market trading as indexes continued to sell off in the face of unstable global markets. Yesterday marked the Dow's largest decline since April.
With European and Asian markets shedding value, U.S. stocks are likely to continue fall during Thursday's trading. As losses continue to mount, we're taking a close look at what's driving the decline - and how you can protect your investments. Check out our analysis here...
Here are the numbers from Wednesday for the Dow, S&P 500, and Nasdaq:
Index
Previous Close
Point Change
Percentage Change
Dow Jones
25,598.74
-831.83
-3.15%
S&P 500
2,785.68
-94.66
-3.29%
Nasdaq
7,422.05
-315.97
-4.08%
Now, here's a closer look at today's Money Morning insight, the most important market events, and stocks to watch.
The Top Stock Market Stories for Thursday
Markets are trying to make sense of statements about the U.S. Federal Reserve's policies on interest rates by President Donald Trump. Trump has stated the Fed is "making a mistake" by moving too quickly on rates and argued that inflation is not currently a threat to the U.S. economy. Meanwhile, the 10-year Treasury bond is hovering near its highest levels in seven years. Markets expect that the U.S. central bank will raise rates at least one more time in 2018.
Walgreens Boots Alliance Inc. (NYSE: WBA) leads a busy start to earnings season. The pharmacy benefits giant reported earnings per share of $1.48 on top of $33.44 billion in revenue. Wall Street expected earnings per share (EPS) of $1.44 on top of $33.64 billion in revenue. Shares of WBA stock were off 2.7% in pre-market hours.
Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk denied that 21st Century Fox Inc. (NYSE: FOX.A) CEO James Murdoch is the leading candidate to replace him as chair of the board. Musk tweeted, "This is incorrect" in response to a story by the Financial Times addressing the matter. The U.S. Securities and Exchange Commission has required that Musk relinquish his board leadership as part of a settlement related to Musk's recent tweets about taking the company private.
Stocks to Watch Today: DAL, SHLD, LNN
Delta Air Lines Inc. (NYSE: DAL) reported earnings before the bell Thursday. The airline giant reported earnings per share of $1.80, a figure that beat estimates by $0.04. The company also topped revenue expectations, and the company raised its full-year outlook. Wall Street had expected EPS of $1.76 on top of $11.95 billion in revenue. DAL stock popped 3.2% in pre-market hours.
Keep your eye on Sears Holdings Corp. (NASDAQ: SHLD) as the retail company prepares to file for bankruptcy. According to reports, the firm has begun skipping payments to its vendors. The firm owes hundreds of millions of dollars in debt on Monday, and The Wall Street Journal reports that CEO Edward Lampert will not lend the company money to meet its obligations. Other outlets report that Sears' lenders are pushing for the retail company to begin liquidating assets.
Look for an additional earnings report from Lindsay Corp. (NYSE: LNN). Trades anticipate that the firm will report EPS of $0.85 on top of $137.6 million in revenue.
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.