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The Dow Jones today could be trending into the green thanks to an attack on an oil tanker in the Gulf of Oman. Brent crude popped 4% in the wake of the news.
More on the Dow: The trade war is far from over as U.S. President Donald Trump levies more threats against China. Read on for more, plus the top stocks to watch today.
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
- Oil prices rallied this morning on news of a suspected attack on a tanker on the Gulf of Oman. WTI crude prices popped 3.4%, a day after oil prices hit a five-month low thanks to rising domestic stockpiles. Meanwhile, OPEC oil production hit a five-year low as the global energy cartel raised concerns about falling global demand and concerns about a possible international recession on the horizon.
- This morning, market watchers are losing hope a trade deal between the United States and China will be completed by the end of the month. President Trump has repeatedly made threats that he will hit China with tariffs on another $300 billion in goods if President Xi Jinping doesn't meet with him at the G-20 conference later this month.
- This morning, the U.S. Labor Department reported an unexpected jump in layoffs and Americans seeking unemployment benefits. A total of 222,000 Americans were seeking unemployment benefits thanks to a spike in California and New Jersey.
Money Morning Insight of the Day
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Stock to Watch Today: RH, CRWD, LULU
- Shares of Restoration Hardware Holdings Inc. (NYSE: RH) popped more than 22% after the firm beat earnings expectations before the bell Thursday. The big news is that the furniture company announced plans to shift manufacturing operations out of China due to concerns about tariffs.
- Shares of CrowdStrike Holdings Inc. (NASDAQ: CRWD) popped another 5% in pre-market hours as the cybersecurity stock continued to rally in the wake of its IPO. The cybersecurity giant utilizes cloud-based technology to prevent and analyze security breaches.
- Shares of Lululemon Athletica Inc. (NASDAQ: LULU) popped 5% after the bell Thursday thanks to a stronger-than-expected earnings report. The yoga apparel producer easily beat earnings expectations and raised its forward guidance. Shares are now trading at an all-time high.
- Look for additional earnings reports from Broadcom Inc. (NASDAQ: AVGO), Francesca's Holdings Corp. (NASDAQ: FRAN), and Fred's Inc. (NASDAQ: FRED).
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