The Dow Jones today is expected to take a small dip after a lackluster earnings report from Walgreens Boots Alliance Inc. (NYSE: WBA). That's despite some upward momentum from Monday's rebound in the Chinese manufacturing sector.
Plus: Bitcoin might see a jump again. Details below.
Here are the numbers from Monday for the Dow, S&P 500, and Nasdaq:
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 Tuesday
- China isn't the only company to receive good news about its manufacturing sector. Data shows that the U.S. manufacturing level increased in March, a data point that helped offset concerns about a slowing U.S. economy. However, Moody's has warned that the global economy could soon sink into a recession unless the United States and China are able to strike a deal on trade.
- Analysts of Tesla Inc. (NASDAQ: TSLA) are warning that Elon Musk's electric vehicle business is about to report its sharpest sales decline in history. According to analyst estimates, Wall Street expects first-quarter sales to fall from the 90,700 orders reported in the previous three months. One reason Wall Street expects sales to fall is a fluke Tesla-buying rush that happened at the end of 2018. Customers were taking advantage of an expiring tax credit for electric vehicles. Now, TSLA shares are off more than 13% since the start of 2019.
- The price of Bitcoin is breaking out once again. The world's top cryptocurrency rallied to $4,793, a four-month high. Prices went as high as $5,000 on the Luxembourg-based exchange Bitstamp. The price of Ethereum and Litecoin both gained more than 6%. If you're looking for ways to make gains even bigger than today's 15% jump - and we're talking about unheard-of gains in the 10,000% range - check this out right now.
Stocks to Watch Today: LYFT, WBA, AMZN
- Shares of Walgreens Boots Alliance Inc. (NYSE: WBA) plunged more than 6.2% after the company reported a dismal earnings report and forward guidance before the bell. The sharp downturn is responsible for about 30 points of the drop in this morning's Dow Jones Industrial Average. This was just the second earnings miss for WBA in 19 quarters, and the firm lowered its forward guidance for 2019. Walgreens has been under pressure over the last year after the FDA put the pharmacy benefits giant on notice for selling more cigarettes to minors than any other company in the retail space.
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- Investors in Lyft Inc. (NASDAQ: LYFT) are fuming after the price of the ride-sharing giant's stock fell below the launch price of $72. Shares plunged almost 12% Monday, and they're now off sharply from the high of $86 that we saw on the first day of trading. Some Wall Street analysts suggest the fall in price is a signal that valuations of Unicorn companies like Lyft and Uber are too lofty in today's market. Today, we have to take a victory lap since we warned investors to avoid the Lyft IPO.
- Amazon.com Inc. (NASDAQ: AMZN) is about to make things far more difficult for its grocery store competition. In an effort to jump-start sales at Whole Foods, Amazon plans to slash prices Wednesday on more than 500 products, including produce and meat. Look for earnings reports from Dave & Buster's Entertainment Inc. (NASDAQ: PLAY), NovaGold Resources Inc. (NYSE: DG), and GameStop Corp. (NYSE: GME).
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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.