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The Dow Jones today will take a nosedive after U.S. President Donald Trump threatened to hit Mexico with a 5% tariff on all goods entering the United States. One American industry is especially hurting from these developments.
Also moving the Dow: Oil prices continue to sink, and so do 10-year Treasuries. Details below.
Here are the numbers from Thursday 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 Friday
- The 10-year Treasury bond fell below 2% this morning as concerns about global trade have investors fleeing to safety. This is the lowest level the 10-year has hit since February 2018, and an inverted yield curve has analysts concerned about approaching recession. But a growing trend could make the technology sector impervious to these kinds of shocks. Investors are scrambling to get in on the ground floor of a world-changing innovation before the market erupts. More on this story right here.
- Trump said that the United States plans to impose a 5% tariff on Mexican imports starting June 10, as a punishment for allowing migrants to cross the southwestern border. The administration has also raised last-minute objections over lower labor costs in Mexico. Automotive stocks took a hit - shares of General Motors Co. (NYSE: GM), which has 14 plants in Mexico, fell 5.5% in pre-market hours. Ford Motor Co. (NYSE: F) stock was off 3.9% before the bell. The White House plans to increase tariffs by increments of five percentage points each month through October until it reaches 25%. The Mexican peso was off 2% this morning against the U.S. dollar.
- Oil prices fell again Friday as markets continued to react to ongoing global trade tensions. WTI crude was off 2.1% this morning, while Brent crude slumped more than 2.8%. Despite concerns about a tight oil market and ongoing cuts from OPEC, the prospect of a trade war between the United States and China continues to rattle the markets.
Stocks to Watch Today: BIG, UBER, AMZN, S, TMUS
- Shares of Big Lots Inc. (NYSE: BIG) popped more than 10% in pre-market hours after the retailer topped Wall Street earnings expectations. The discount retailer said that earnings per share came in at $0.92, well above consensus forecasts of $0.70. In addition to topping revenue expectations, the firm also increased its full-year outlook.
- Shares of Uber Technologies Inc. (NYSE: UBER) were up 2.7% after the ride-sharing tech giant reported earnings after the bell Thursday. It turns out investors aren't too concerned about the fact that the firm reported a $1 billion loss in revenue during its first quarter as a public company. That's because the revenue loss was 20% better than what Wall Street analysts had projected. Shares are still below their IPO price from earlier this month.
- In deal news, Amazon.com Inc. (NASDAQ: AMZN) is reportedly interested in purchasing Boost Mobile. The discount prepaid mobile operator is reportedly on the block as Sprint Corp. (NYSE: S) looks to sell in order to curry favor with regulators over a proposed merger with T-Mobile US Inc. (NYSE: TMUS).
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