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The Dow Jones Industrial Average opened only four points off from yesterday's close as British Prime Minister Theresa May's Brexit proposal threatened to derail parliamentary cooperation. The British pound fell sharply this morning after two key ministers resigned in protest over Wednesday's proposed deal to let Great Britain depart from the European Union.
With opposition among hard Brexiteers growing, investors anticipate a highly contentious debate in Parliament. The British pound was off nearly 2% this morning against the U.S. dollar.
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
- The problems for Uber continue to mount, even as the firm barrels toward its highly anticipated 2019 IPO. The company announced yesterday that it lost roughly $1.07 billion during the third quarter. That figure is an increase from its $891 million loss in the previous three months as it continues to spend money on new services like scooters and food-delivery services. The company aims to launch its highly anticipated IPO in 2019.
- Money Morning Capital Wave Strategist Shah Gilani has changed his tune. With oil at a one-year low, big tech stocks taking a beating, and with no end in sight to the market volatility, Shah is taking on entirely new moneymaking strategies right now. Shah just announced what he's doing with tech stocks, energy, and more in an appearance on FOX Business Network. Watch his interview right here.
Stocks to Watch Today: JPM, BRKA, ORCL, PCG, WMT
- JPMorgan Chase & Co. (NYSE: JPM) got a boost from news that Warren Buffett disclosed a big stake in the commercial bank. According to a 13-F filing, Buffett's team revealed a 35 million-share position in the bank. The position bolstered Buffett's exposure to the U.S. banking system, which is gaining steam thanks to rising interest rates. Buffett's Berkshire Hathaway Inc. (NYSE: BRK.A) also announced a 41.4 million share stake in Oracle Corp. (NYSE: ORCL).
- Walmart Inc. (NYSE: WMT) leads a busy day of earnings reports Thursday. Shares were up 0.6% after the iconic retailer released a half-mixed earnings report, but raised expectations for the upcoming holiday shopping season. The company also announced a 32% year-over-year jump in e-commerce sales as the firm continues to build out its digital platform to compete against rival Amazon.com Inc. (NASDAQ: AMZN).
- Shares of PG&E Corp. (NYSE: PCG) plunged more than 22% on speculation that the company may be at fault for the massive wildfires that spread across California. Yesterday's downturn was its worst one-day return in 16 years. The company said that its insurance company would not cover the cost of the wildfires if regulators determine that it is responsible for the fire. The firm admitted that it had turned in an "electric incident report" just a few days before the fires began. Shares are off 46% this week.
- Look for earnings reports from Applied Materials Inc. (NASDAQ: AMAT), Canadian Solar Inc. (NASDAQ: CSIQ), J.C. Penney Co. Inc. (NYSE: JCP), Manchester United Plc. (NASDAQ: MANU), Nordstrom Inc. (NYSE: JWN), Shoe Carnival Inc. (NASDAQ: SCVL), and Teekay Corp. (NYSE: TK).
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.