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The Dow Jones today might see a triple-digit slip from the latest Brexit tension.
British Prime Minister Theresa May has asked for a deadline extension on Brexit, which will weigh heavily on the DJIA today. Stocks still fell yesterday despite the U.S. Federal Reserve announcing it wouldn't raise rates in 2019. That could be sign of a bearish sentiment taking hold, and with today's Brexit news, the market could tumble again.
More below on what's impacting the Dow today, and see how Levi Strauss & Co. (NYSE: LEVI) is valued for its first time on the market in 34 years.
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.
The Top Stock Market Stories for Thursday
- Investors are still digesting news that the Federal Reserve will be dovish on monetary policy for the rest of the year. Yesterday, Federal Reserve Chair Jerome Powell said the U.S. central bank doesn't expect any interest rate hikes for 2019. That decision is a reversal of its earlier forecast calling for two hikes. It will also be the first year without a rate hike since 2014.
Don't Miss Out: The Treasury is sitting on an $11.1 billion cash pile, and a loophole entitles Americans to a sizable portion. Some are collecting $1,795, $3,000, or $5,000 every month thanks to this powerful investment…
- Although rate hikes are in focus, the bigger news is happening across the Atlantic Ocean. The British pound is slumping as England continues to stare deep into the abyss on its looming Brexit. The British currency continues to decline as Prime Minister Theresa May heads to Brussels, Belgium, to ask EU leaders for more time. May would like until at least June 30 to reach a new agreement with British leadership. Without approval from all 27 members of the world's largest economic bloc, Britain could crash out of the EU on March 29. It's more than 1,000 days after British voters approved a referendum to leave the EU, and their government is still no closer to a deal.
- Nike Inc. (NYSE: NKE) will lead a busy day of earnings reports. The firm expects that its year-over-year sales will have increased by 7%. The company's stock slumped in February after Duke basketball player Zion Williamson was hurt blowing out his sneaker in the first minute of a major contest against North Carolina. Expect analysts to ask a lot of questions about Nike's expectations for global economic growth and its exposure to a weakening Chinese economy.
Stocks to Watch Today: BIIB, BA, LEVI
- Shares of Biogen Inc. (NASDAQ: BIIB) plunged more than 25% after the company announced a major setback for a key Alzheimer's drug. The biotech giant announced that its experimental drug "aducanumab" is unlikely to be effective for mass deployment and that it will halt its research. One analyst described this as a "transformative failure for Biogen's pipeline." This is a massive setback for one of the top biotech companies in the world.
- Shares of Boeing Co. (NYSE: BA) are off again Thursday on news that the investigation into its 737 Max jets has expanded. According to reports, the FBI has now joined a federal investigation into the certification process for the jet. The Department of Transportation launched an audit of the Federal Aviation Administration's approval of the jet, which received certification two years ago. Boeing and the FAA have faced global scrutiny over two fatal crashes involving the 737 Max jet series and news of previous pilot complaints about the planes.
- Levi Strauss & Co. (NYSE: LEVI) will return to the public markets for the first time in 34 years. The iconic apparel company will launch its IPO today with a price of $17 per share. That would set the company's market capitalization at $6.6 billion.
- Look for other earnings reports from Canadian Solar Inc. (NASDAQ: CSIQ), Cintas Corp. (NASDAQ: CTAS), CNOOC Ltd. (NYSE: CEO), Conagra Brands Inc. (NYSE: CAG), Darden Restaurants Inc. (NYSE: DRI), and Lands' End Inc. (NYSE: LE).
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