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Expect the Dow Jones today to rally thanks to a phenomenal Apple Inc. (NASDAQ: AAPL) earnings report. Investors will continue to eye a busy day of earnings reports with a keen focus on the technology sector.
Other news moving the DJIA: the largest U.S. jobs surge since July 2018, a presidential call to slash interest rates, and revolution in Venezuela. Read further to see how these will affect the Dow today.
Here are the numbers from Tuesday 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 Wednesday
- This morning, Automatic Data Processing announced that U.S. private payrolls surged by 275,000 positions in April. This was the largest surge in new jobs since July 2018 as businesses continue to struggle to fill positions. The services sector saw the most growth, while medium-sized businesses led the way in job creation compared to small and large firms. The report is a preview of Friday's main event, when the U.S. Labor Department will release the official unemployment numbers for April.
- U.S. President Donald Trump has called on the Federal Reserve to slash interest rates by 1% and provide another round of stimulus to the American economy. Will the Fed pay attention, given that it is an independent body?
- Oil prices are moving higher as investors eye ongoing revolutionary developments in Venezuela. However, a report from the American Petroleum Institute suggested that U.S. crude inventories ticked higher last month. The private firm reported that inventory levels ticked higher by 6.4 million barrels last week. That said, the United States is set to revoke waivers for nations still purchasing crude from Iran on Wednesday. In addition, ongoing concerns about the quality of Russian crude is tightening supply availability in Europe. Despite today's inventory report, look for crude prices to continue to tick higher this summer.
Stocks to Watch Today: AAPL, DIS, CVS
- Shares of Apple Inc. (NASDAQ: AAPL) popped more than 5%, and the firm is back on the verge of a $1 trillion valuation thanks to a stronger-than-expected earnings report after the bell Tuesday afternoon. Despite the second consecutive quarter of declining revenue, the tech giant topped earnings expectations by $0.10 per share. The firm reported a quarterly earnings figure of $2.46 per share.
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- Politics are taking a hold of "profits" ahead of the 2020 election. Democratic presidential contender Sen. Bernie Sanders (D-VT) has proposed that Walt Disney Co. (NYSE: DIS) should pay its workers higher wages after the success of the "Avengers" films. Disney has earned $1.3 billion on its "Avengers: Endgame" film.
- Shares of CVS Health Corp. (NYSE: CVS) popped more than 5.4% after the firm topped Wall Street earnings expectations before the bell Wednesday. The firm reported an adjusted EPS of $1.62, beating the consensus by $0.12. The firm hiked its full-year outlook and praised the benefits it has reaped from its recent buyout of health insurance giant Aetna.
- Today, look for more earnings reports from American Water Works Co. Inc. (NYSE: AWK), Apache Corp. (NYSE: APA), Avis Budget Group Inc. (NYSE: CAR), BP Plc. (NYSE: BP), Clorox Co. (NYSE: CLX), CVS Health Corp. (NYSE: CVS), Estee Lauder Co. Inc. (NYSE: EL), Fitbit Inc. (NYSE: FIT), Hilton Hotels Corp. (NYSE: HLT), Humana Inc. (NYSE: HUM), Hyatt Hotels Corp. (NYSE: H), Marathon Oil Corp. (NYSE: MRO), Molson Coors Brewing Co. (NYSE: TAP), Royal Caribbean Cruises Ltd. (NYSE: RCL), Southern Co. (NYSE: SO), Square Inc. (NYSE: SQ), Valvoline Inc. (NYSE: VVV), and Williams Co. Inc. (NYSE: WMB).
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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.