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The Dow Jones today could slip into the red as investors await the release of a redacted report on President Trump's suspected collusion with Russia.
Other items holding the Dow back: American Express Co. (NYSE: AXP) shares are slightly off after the company disappointed on earnings. But big news from the cannabis industry is lining some investors' pockets. More details on that below.
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
- American Express Co. (NYSE: AXP) leads a busy day of earnings reports. Shares were off slightly after the global financial services giant fell short on revenue expectations for the first quarter. American Express did report a quarterly profit of $2.01 per share, topping forecasts by $0.02. Though it fell short on revenue, the company did reaffirm its forward guidance for 2019.
- In deal news, cannabis giant Canopy Growth Corp. (NYSE: CGC) is reportedly on the verge of purchasing Acreage Holdings Inc. (OTCMKTS: ACRGF). Canopy shares jumped 5.6% after rumors of the deal emerged late Wednesday afternoon. Acreage is a large, vertically integrated cannabis producer that is tied to former Speaker of the House John Boehner, who is a director at the company. Here's more on how investors are scoring in the cannabis industry.
- Finally, Attorney General William Barr will hold a press conference on the Mueller report as the market opens this morning. Barr is set to release a redacted version of the Mueller report after the press conference. The Mueller report failed to demonstrate any collusion between President Donald Trump and the Kremlin during the 2016 election. Investors don't believe today's report will impact Trump's reelection campaign.
Stocks to Watch Today: PINS, AMZN, ZM
- Amazon.com Inc. (NASDAQ: AMZN) announced it will shut down its marketplace operations in China. The e-commerce giant faced tall odds against established e-commerce rivals in the country, including Alibaba Group Holding Ltd. (NYSE: BABA) and JD.com Inc. (NASDAQ: JD). The decision to shut its marketplace will prevent U.S. consumers from being able to purchase goods from Chinese merchants on the platform.
ELECTION UPDATE: Michigan just legalized adult-use marijuana. Three stocks to watch now.
- Pinterest has set the terms of its initial public offering. Shares of the online platform will begin trading today at $19 per share, a figure that is higher than the initial range of $15 to $17 per share. Expect a lot of activity on this stock. Pinterest is coming to the public markets with a lot of momentum – last year, revenue jumped by 60% to hit $756 million, and it is moving closer and closer to profitability. The firm will trade under the ticker "PINS."
- Pinterest isn't the only company making its debut on Thursday. Zoom, a video conferencing company, will arrive today with its shares priced at $36. The company will trade under the ticker ZM.
- Look for earnings reports from Ally Financial Inc. (NYSE: ALLY), BB&T Corp. (NYSE: BBT), Blackstone Group LP (NYSE: BX), Citizens Financial Group Inc. (NYSE: CFG), Dover Corp. (NYSE: DOV), Genuine Parts Co. (NYSE: GPC), Honeywell International Inc. (NYSE: HON), Intuitive Surgical Inc. (NASDAQ: ISRG), KeyCorp (NYSE: KEY), Philip Morris International Inc. (NYSE: PM), Schlumberger Ltd. (NYSE: SLB), Skechers USA Inc. (NYSE: SKX), Snap-On Inc. (NYSE: SNA), SunTrust Banks Inc. (NYSE: STI), Synchrony Financial (NYSE: SYF), Travelers Co. (NYSE: TRV), Unilever NV (NYSE: UN), and Union Pacific Corp. (NYSE: UNP).
Did You See John Boehner's SHOCKING Marijuana Prediction?
At the American Cannabis Summit – the first-ever nationwide event for cannabis investors – former Speaker of the House John Boehner revealed why he's going ALL IN on marijuana… and exactly how ordinary Americans can make a fortune from this hundred-billion-dollar industry. To see a special rebroadcast of this historic event, click here.
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.