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The Dow Jones today will keep on winning as the United States and China near a trade deal.
Asian stocks hit a six-month high this week, as new details emerged on the negotiation process.
More on how this will impact the DJIA today below, and why billionaire Carl Icahn sold his stake in Lyft.
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
- Today, investors will continue to watch developments on the trade front between the United States and China. U.S. President Donald Trump plans to meet with Chinese Vice Premier Liu He later today. According to reports, China has conceded to the U.S. position on technology transfers and the theft of intellectual property. The current parameters of the deal would require China to meet obligations on commodity purchases until 2025. It will allow U.S. companies to own enterprises in the world's second-largest economy, according to Bloomberg.
- The Trump administration is back under pressure with Democrats in the House. According to reports, House Democrats have asked the IRS to give them six years of the president's personal tax returns and corporate returns. Massachusetts Rep. Richard Neal, the head of the leader of the House Ways and Means Committee, has made the first request for tax returns of a sitting U.S. president in 45 years. The IRS has reportedly not replied to Neal's demand, which has a set deadline of April 10. The request is likely set to unleash a legal battle between Democrats and the White House through 2020.
- Investors must pay close attention to a more important development. Last Friday (March 29), H.R. 1595, better known as the Secure and Fair Enforcement (SAFE) Banking Act, passed the House Committee on Financial Services in a 45-15 vote. The bill will now head to the floor of the House of Representatives, where it is widely expected to pass. Turns out, everyone in Congress wants to be involved. The bill now has a staggering 152 cosponsors. You couldn't even get 152 congressmen to agree on a bill that endorses sunshine. Now, investors are poised to make huge gains on this development. Money Morning Director of Cannabis Investing Research Greg Miller tells you how to profit today.
Stocks to Watch Today: STZ, TSLA, LYFT
- Shares of Constellation Brands Inc. (NYSE: STZ) are on the move as investors digest the firm's earnings report. The earnings report comes just as the company announced plans to sell roughly 30 wine brands to Gallo in a deal worth about $1.7 billion. Don't expect analysts to spend too much time exploring the fine ink on that deal. Instead, expect a lot of focus on the firm's recent shift into the cannabis business and questions about its profit growth.
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- Tesla Inc. (NASDAQ: TSLA) shares are falling on news that the company's first-quarter shipments fell short of Wall Street expectations. According to reports, the firm delivered just 63,000 vehicles for the quarter, well below the 76,000 expected by analysts. The firm also cut full-year guidance for deliveries this year, thanks in part to slumping demand for its high-end products and the loss of federal tax credits for energy efficiency.
- Shares of Lyft Inc. (NASDAQ: LYFT) are under pressure on news that one of its most important investors sold ahead of the ride-sharing giant's IPO last week. Billionaire Carl Icahn sold off his roughly 2.7% stake in the firm and was reportedly worth $550 million at the IPO price. Now, Lyft stock is back under its IPO price. And Money Morning's Shah Gilani has issued an autopsy report on the IPO that he told our readers to avoid weeks ago. Here's more.
- Look for earnings reports from Duluth Holdings Inc. (NASDAQ: DLTH) and International Speedway Corp. (NASDAQ: ISCA).
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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.