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The Dow Jones Industrial Average was up nearly 100 points at the open today after investors cheered this week's wave of earnings reports and updates on a trade deal between the United States and China.
The Dow is now on track for its seventh weekly gain in the last eight weeks.
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 to watch...
The Top Stories Moving the Dow Jones Industrial Average Today
- U.S. President Donald Trump has decided to declare a national emergency on illegal immigration. The emergency announcement will complement his signature on a spending bill that will prevent another government shutdown. The Senate passed the House spending bill by an 83-16 vote. According to reports, Trump was mad about the spending bill and its limited capital allocated toward a border wall. House Majority Leader Nancy Pelosi (D-CA) scolded the president's decision Thursday afternoon. "It's not an emergency, what's happening at the border," she said. "It's a humanitarian challenge."
- Amazon.com Inc. (NASDAQ: AMZN) has pulled the plug on its HQ2 headquarters in Long Island City, New York. After a wealth of outrage among progressives in New York City over subsidies Amazon would have received, the company will find a new destination for its spending on infrastructure and the 25,000 new jobs it planned. Democratic Socialist Alexandra Ocasio-Cortez, who represents the district where Amazon planned to open its offices, said that "everyday New Yorkers" defeated corporate greed.
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- Finally, China and the United States are deadlocked in trade negotiations due to disagreements over forced technology transfers. China's latest proposals for a trade deal do not discuss the technology issue or the nation's subsidization of its domestic industries. The United States wants Chinese leadership to limit subsidies only to state-owned companies. However, China appears to be pressing forward with an uptick in technology adoption as President Xi Jinping recently called for a "robot revolution" to bolster the nation's productivity. While China isn't conceding on those two issues, it has committed to purchase roughly $200 billion in U.S. semiconductors over six years.
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Six Stocks to Watch Today: PEP, BRKA, AAPL, TRUE, RHT, ORCL
- Shares of PepsiCo Inc. (NYSE: PEP) are on the move after the snack and beverage company reported earnings before the bell. Shares topped $114 after the firm's report came in line with Wall Street earnings expectations of $1.49. However, the firm did offer a weaker profit outlook thanks to higher CAPEX and a stronger U.S. dollar.
- Warren Buffett is back at it again. According to SEC filings, Buffett's Berkshire Hathaway Inc. (NYSE: BRK.A) bought a large stake in cyber giant Red Hat Inc. (NYSE: RHT). The firm cut its holdings in Apple Inc. (NASDAQ: AAPL) and completely sold off its position in Oracle Corp. (NYSE: ORCL).
- TrueCar Inc. (NASDAQ: TRUE) shares plunged more than 17% after the company fell well short of earnings and revenue expectations after the bell yesterday. The firm also issued weak quarterly and full-year guidance. TrueCar reported earnings per share of $0.03, missing expectations by $0.02. Revenue of $91.1 million missed consensus expectations of $95.7 million. Ongoing weakness in the auto industry and global macroeconomic factors are hurting TrueCar and its competitors.
- On Friday, look for earnings reports from Deere & Co. (NYSE: DE), Moody's Corp. (NYSE: MCO), Newell Brands Inc. (NYSE: NWL), and Royal Bank of Scotland Group Plc. (NYSE: RBS).
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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.