The Dow Jones Industrial Average is getting a pop after concerns about China's currency dissipated overnight. Treasury yields are bouncing back after hitting a three-year low prior to yesterday's rebound. Details further down.
And don't miss the earnings report from Activision Blizzard Inc. (NASDAQ: ATVI) today. More on that below as well.
Here are the numbers from Wednesday 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 Thursday
- This morning, China set the midpoint on its currency just above 7 yuan per U.S. dollar. That is the lowest midpoint level since April 2008. China's state media reported this morning, "It will not take long before the rate returns toward 7." In addition, China's July exports unexpectedly increased by 3.3% from a year ago. However, imports decreased by 5.6% during the same time frame.
Watch Now: Serial entrepreneur Neil Patel reveals how to achieve the American Dream... for as little as $50. Click here...
- Goldman Sachs Group Inc. (NYSE: GS) has raised alarm bells over the U.S.-China trade war. The investment bank slashed the price target for Caterpillar Inc. (NYSE: CAT) from $156 to $130 on weakened expectations for the firm's operating profit growth. The downgrade comes a week after U.S. President Donald Trump imposed 10% tariffs on $300 billion in Chinese goods starting on Sept. 1. CAT stock has declined by 8% since the announcement.
- Oil prices are trying to break out of a bear market. Brent crude is off more than 20% from its April peak with concerns about the global economy and the ongoing trade war. Economic worries continue to outweigh speculation about tensions in the Middle East, tensions in Venezuela, and the possibility of more cuts by OPEC. WTI crude oil prices ticked up 1.7% to $52 per barrel. Brent crude added 1.1% to fall just short of $57 per barrel.
Stock to Watch Today: SYMC, ATVI, EA, TTWO, LB, QCOM
- Shares of Symantec Corp. (NASDAQ: SYMC) popped 13% this morning after The Wall Street Journal reported plans by the cybersecurity firm to sell its enterprise business to Qualcomm Inc. (NASDAQ: QCOM). Various sources indicate that a deal could be worth more than $10 billion.
- Activision Blizzard Inc. (NASDAQ: ATVI) will lead a busy day of earnings reports. The gaming software giant will look to follow in the footsteps of positive earnings bumps from rivals Take-Two Interactive Software Inc. (NASDAQ: TTWO) and Electronic Arts Inc. (NASDAQ: EA). ATVI stock is off more than 30% over the last year as investors remain timid over recent gaming releases and user engagement.
- L Brands Inc. (NYSE: LB) stock continues to slide after the departure of its chief marketing officer. Edward Razek resigned this week following the ongoing scandal surrounding Jeffrey Epstein, struggling sales at the organization, and ongoing brand issues within chains like Victoria's Secret. Now, CEO Leslie Wexner is making headlines after a report by The New York Times. Wexner - who had a professional relationship with Epstein - announced that the jailed financier misappropriated "vast sums of money" from the founder of L Brands. LB stock was off another 0.5% this morning.
- Look for additional earnings reports from Trade Desk Inc. (NYSE: TTD), UBER Technologies Inc. (NASDAQ: UBER), Yelp Inc. (NASDAQ: YELP), Viacom Inc. (NASDAQ: VIAB), AMC Entertainment Holdings Inc. (NYSE: AMC), and CBS Corp. (NYSE: CBS).
Famous Angel Investor Shares His "1,000x Formula" for Finding Unicorn Startups
Neil Patel is one of the most successful angel investors on the planet.
Today, he's walking everyone through his "1,000x formula" for finding the most successful startup investments - the ones with unicorn potential.
With this formula at your disposal... investing in startups is about to get a whole lot easier. (In fact, you can act now with as little as $50.)
Here Are 10 “One-Click” Ways to Earn 10% or Better on Your Money Every Quarter
Appreciation is great, but it’s possible to get even more out of the shares you own. A lot more: you can easily beat inflation and collect regular income to spare. There are no complicated trades to put on, no high-level options clearances necessary. In fact, you can do this with a couple of mouse clicks – passive income redefined. Click here for the report…