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The Dow Jones today will get a light boost from the Treasury Secretary's comments on U.S.-China trade progress.
Steven Mnuchin said yesterday the two governments "pretty much agreed on an enforcement mechanism" for when both sides strike a deal.
But if the Dow today shows any restraint, it's because the U.S. Labor Department reported jobless claims fell to their lowest levels since 1969. Read further for more on this and other DJIA impacts.
Here are the numbers from Wednesday 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, plus Thursday's economic calendar.
The Top Stock Market Stories for Thursday
- Yesterday, the European Union granted an extension for England to leave the world's largest trade bloc. The new deadline for the Brexit is Oct. 31. With MPs in London deadlocked over a deal, the country is still no closer to a resolution than it was the day after the Brexit referendum more than 1,000 days ago. Prime Minister Theresa May said the government would continue to work toward a resolution and aim to depart from the EU as soon as possible.
- The price of Bitcoin fell 4% to nearly $5,000 after a failed breakout from its 2019 high. The world's largest cryptocurrency took on an impressive rally over the last few weeks. However, several positive factors are set to break Bitcoin out of its doldrums. CME Group reported a doubling of Bitcoin futures volume in March. Coinbase has released a new card that allows UK and EU citizens to spend Bitcoin like any other currency. And Money Morning Executive Editor Bill Patalon suggests there's even more upside.
- Finally, three GOP Senators announced their intention to vote against U.S. President Donald Trump's latest nominee to the Federal Reserve. Multiple Republicans have expressed concerns about Herman Cain, a former presidential candidate who once served as the president of the Kansas City Reserve.
Stocks to Watch Today: BBBY, LYFT, T, GOOGL
- Shares of Bed Bath & Beyond Inc. (NASDAQ: BBBY) plunged more than 10% in pre-market hours after the retail firm offered a brutal earnings report Wednesday. Although the company beat earnings estimates by $0.09 at $1.20, the firm reported its first unadjusted annual loss in three decades. The firm also saw a decline in same-store sales. And despite a positive 2019 outlook for the firm, Wall Street doesn't have much confidence in the stock moving forward.
- The cable business isn't easy. Alphabet Inc. (NASDAQ: GOOGL) has announced plans to hike the price of YouTube TV to roughly $50 per month. That new price would represent a 25% or $10 jump from previous levels. YouTube TV will add eight new channels within the next few weeks. YouTube TV launched in 2017 with prices starting at just $34.99 per month. However, the cost of competing for eyeballs has taken its toll. AT&T Inc. (NYSE: T) and Hulu have just increased their streaming service prices. And reports indicate that Netflix Inc. (NASDAQ: NFLX) is preparing another price hike in the coming months.
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- Shares of Lyft Inc. (NASDAQ: LYFT) plunged more than 10% yesterday. An analyst questioned the ride-sharing giant valuation ahead of the pending Uber IPO. Its rival aims to raise $10 billion, which would give it a valuation of around $100 billion. However, it's worth noting that both companies have been bleeding cash before their debuts on the public market. Lyft shares are now trading at $60.65, well below their March 29 launch price of $72. Uber is expected to file its IPO paperwork as soon as today.
- Look for earnings reports from Fastenal Co. (NASDAQ: FAST), Rite Aid Corp. (NYSE: RAD), and Apogee Enterprises Inc. (NASDAQ: APOG).
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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.