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The Dow Jones Industrial Average was up slightly this morning as investors reacted to U.S. President Donald Trump's State of the Union address.
Another busy day of earnings reports will see investors pouring through results and conference calls looking for guidance for the market in 2019. In addition, Federal Reserve Chair Jerome Powell will speak in Washington this evening.
Here are the numbers from Tuesday for the Dow, S&P 500, and Nasdaq:
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Now here's a closer look at today's most important market events and stocks, plus Wednesday's economic calendar.
The Top Stories Moving the Dow Jones Industrial Average Today
- President Trump delivered the annual State of the Union address before Congress last night. Trump called for a "great rebuilding of America's crumbling infrastructure," news that will offer a boost to stocks in the construction and utilities space. In addition, Trump took aim at pharmaceutical companies, saying that drug prices are too high for Americans. "This is wrong, unfair, and together, we can stop it," he said.
- While the State of the Union was generating headlines this morning, Democrats are pushing for higher taxes and changes to corporate policies that benefit wealthy taxpayers. Senator Bernie Sanders (D-VT) and Senator Chuck Schumer (D-NY) took to the pages of the New York Times on Monday calling for new requirements before a company can buy back its stock. In addition, the Democratic leaders are seeking a minimum wage of $15, stronger health benefits, and adequate pension plans. The op-ed comes at a time that more Americans are on board with higher taxes on top wage earners.
- The U.S. Supreme Court's decision to legalize sports gambling in the United States will unlock billions of dollars for investors, casino operators, and even restaurant chains looking to get in on the action. Today, we unveil a stock that could double your money thanks to the ongoing wave of mergers and acquisitions in the sports gambling sector. Here's what you need to know.
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Stocks to Watch Today: DIS, SNAP, CRON
- Shares of the Walt Disney Co. (NYSE: DIS) were up 0.5% in pre-market hours. The iconic entertainment giant reported earnings after the bell. The firm beat top- and bottom-line expectations thanks to stronger sales at ESPN and its theme parks. The firm said that its ESPN-plus platform now has more than 2 million paid subscribers.
- Shares of Snap Inc. (NYSE: SNAP) surged more than 21% after the social media giant topped Wall Street earnings expectations after the bell Thursday. The firm made big strides toward profitability with a quarterly loss of $0.04 per share. Wall Street expected a loss of $0.07 per share. The social media giant also said that its subscriber base has stabilized. The platform had 186 million daily active users for the second consecutive quarter. The firm also reported quarterly revenue of $390 million, a figure that also easily beat expectations.
- Shares of Cronos Group Inc. (NASDAQ: CRON) have been sliding since Tuesday morning after the marijuana producer received a downgrade from GMP Securities. Shares fell more than 6% during Tuesday trading and have fallen another 2.1% in pre-market hours. Shares of the stock have jumped by more than 100% since the start of the year, prompting concerns for a reversal. While GMP believes a short-term correction is called for, it has said that the firm's deal with Altria Group Inc. (NYSE: MO) is a "game changer."
- Today, look for more earnings reports from GoPro Inc. (NASDAQ: GPRO), Chipotle Mexican Grill Inc. (NYSE: CMG), FireEye Inc. (NASDAQ: FEYE), Spotify Technology SA (NASDAQ: SPOT), Take-Two Interactive Software Inc. (NASDAQ: TTWO), and Match Group Inc. (NASDAQ: MTCH).
About the Author
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.