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The Dow Jones today will stay flat after the European Central Bank's refusal to cut interest rates. More on this below.
Plus: Thursday was a big day for earnings. See who came out on top.
Here are the numbers from Thursday for the Dow, S&P 500, and Nasdaq:
|Index||Previous Close||Point Change||Percentage Change|
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
- Shares of Amazon.com Inc. (NASDAQ: AMZN) are moving lower Friday after the global e-commerce giant fell short of Wall Street earnings expectations yesterday. The firm reported earnings per share of $5.22, well below analysts' expectations of $5.57. Revenue came in at $63.4 billion, topping forecasts by $900 million. The firm said it invested roughly $800 million during the second quarter to improve its warehouses and delivery infrastructure to bolster its Prime One-Day Delivery.
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- Markets are jittery with concerns about the Federal Reserve leading the headlines. Investors are increasingly uncertain that the U.S. central bank will cut interest rates during its meeting next week. Strong U.S. economic data and a reassurance from European Central Bank President Mario Draghi have many thinking the Fed might hold off on loosening monetary policy. Draghi said Thursday that the threat of a recession in Europe was overstated, and the ECB left interest rates unchanged. The ECB left the possibility of a rate cut on the table for later this year.
- Oil prices were ticking higher despite concerns about global economic growth. WTI crude added 0.3% to hit $56.18 per barrel. And Brent crude gained another 0.1% and reached $63.46 per barrel. Crude remains under pressure as investors worry about recessionary pressures around the globe. Investors remain highly concerned about the impact of the U.S.-China trade war and the state of the European banking system.
Stocks to Watch Today: GOOGL, SBUX, TSLA
- Shares of Alphabet Inc. (NASDAQ: GOOGL) popped more than 7.8% after the tech giant topped Wall Street earnings on Thursday. The Silicon Valley search firm reported EPS of $14.21, well above the consensus expectation of $11.30. Revenue came in at $38.94, topping Wall Street forecasts of $38.15 billion. The firm will now wait for the U.S. Justice Department to decide whether it will probe the tech giant over antitrust concerns.
- Shares of Starbucks Corp. (NASDAQ: SBUX) popped more than 6.5% in pre-market hours after the company easily topped earnings expectations and hiked its full-year guidance. The coffee chain benefited from stronger same-store sales in the United States and a huge pop in same-store sales in China. SBUX stock is now up more than 41% since the beginning of 2019.
- Tesla Inc. (NASDAQ: TSLA) stock plunged 13% Thursday after the company's earnings report this week fell short of expectations. But it's not just the numbers from the previous quarter that Wall Street didn't like. When reporting forward guidance, CEO Elon Musk reiterated that the firm plans to meet delivery expectations over the full year. That said, it's clear that analysts don't believe these estimates.
- Look for earnings reports from McDonald's Corp. (NYSE: MCD), AbbVie Inc. (NASDAQ: ABBV), Goodyear Tire & Rubber Co. (NYSE: GT), Charter Communications Inc. (NASDAQ: CHTR), Cabot Oil & Gas Corp. (NYSE: COG), and Lear Corp. (NYSE: LEA).
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