The Dow Jones Today Will Add over 200 Points on Potential China Resolution

The Dow Jones today will rip upward on news that China is looking to resolve its trade war with the United States with a "calm attitude." More on this below.

Here are the numbers from Wednesday for the Dow, S&P 500, and Nasdaq:

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, Chinese trade officials hinted their willingness to resolve the ongoing trade dispute with the United States. China said that it will not immediately respond to the newest round of tariffs introduced by the Trump administration. The statements were welcome by traders, who continue to worry about the prospect of a global recession. The statements helped boost shares of Boeing Co. (NYSE: BA), Caterpillar Inc. (NYSE: CAT), and Micron Technology Inc. (NYSE: MU).
• On Thursday, global investors chattered about the looming Brexit for the United Kingdom. Prime Minister Boris Johnson asked the Queen of England to suspend Parliament just days before it was set to reconvene after summer recess. The suspension - called a "coup" by some detractors - will give MPs even less time to block any hard departure from the European Union. A "no deal" exit could create tremendous volatility in the market and bring trade between Britain and the EU to a standstill.

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• Oil prices remained mixed on broader concerns about the U.S. economy. WTI crude added 0.8% this morning to top $56 per barrel, while Brent crude slipped 0.1% to hit $60.42 per barrel. Markets will pay very close attention to the looming threat of Hurricane Dorian, which could hit Florida or tack into the Gulf of Mexico later this week. A shift toward the Gulf would likely lead to the shuttering of rigs across the region and impact refining operations.

Stock to Watch Today: BBY, ANF

• Shares of Best Buy Co. Inc. (NYSE: BBY) slumped 6.3% in pre-market hours after the firm missed on revenue and same-store sales for its most recent quarter. The firm did top profit expectations by $0.09. However, it also reported a miss on same-store sales and revenue. Best Buy did hike its full-year earnings outlook.
• Shares of Abercrombie & Fitch Co. (NYSE: ANF) fell more than 10% in pre-market hours after the retailer fell short of revenue and same-store sales. The firm also reported an earnings per share loss (EPS) of $0.48. That was slightly better than the loss expected by Wall Street analysts.
• Look for additional earnings reports from Workday Inc. (NASDAQ: WDAY), Ambarella Inc. (NASDAQ: AMBA), Yext Inc. (NASDAQ: YEXT), Ulta Beauty Inc. (NASDAQ: ULTA), American Outdoor Brands Inc. (NASDAQ: AOBC), Dollar Tree Inc. (NASDAQ: DLTR), and Designer Brands Inc. (NYSE: DBI).

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