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The Dow Jones today will climb with continued optimism about a possible trade deal between the United States and China. See below for details.
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
- Investors cheered after the White House said new trade talks have been scheduled between the United States and China. The announcement came in response to China's recent decision not to retaliate on the latest round of tariffs from the Trump administration. China instead chose to say that it will aim to calmly resolve the ongoing dispute.
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- Hurricane Dorian is barreling toward the east coast of Florida. The Hurricane could make landfall as a Category 4 storm over the Labor Day weekend. The news sent orange juice futures prices to four-day highs. Keep an eye today on companies like Walt Disney Co. (NYSE: DIS), whose parks could face disruptions, and cruise lines like Carnival Corp. (NYSE: CCL), which may need to suspend operations for a few days.
- Oil prices slipped again Friday as markets continue to eye the threat of a global recession. WTI crude dipped 1% to $56.11 per barrel. Meanwhile, Brent crude dipped 0.3% and slipped under $61 per barrel. The decline is surprising this morning given the improved trade talks between the United States and China, a hurricane approaching Florida, and the recent dip in U.S. crude inventories. That said, recent surveys of analysts suggest very little upside to crude prices for the balance of the year given weak demand expectations.
Stocks to Watch Today: CPB, DIS, AMZN, SGBI, GRPN
- Shares of Campbell Soup Co. (NYSE: CPB) popped more than 4% after the firm topped Wall Street earnings expectations before the bell Friday. The firm reported EPS of $0.49, a figure that beat forecasts by $0.08. Though revenue lagged analysts' projections, the company said that it anticipates a recovery heading into fiscal 2020.
- Shares of Groupon Inc. (NASDAQ: GRPN) popped 2.8% on news that activists are targeting the company. Frustrated by years of lagging growth and stale returns, Chapman Capital is pushing the company to buy back stock, sell itself to another firm, or enter a strategic partnership.
- In deal news, Walt Disney Co. (NYSE: DIS) has sold its 80% stake in the YES Network for $3.5 billion. The new owners are a group that includes the New York Yankees, Amazon.com Inc. (NASDAQ: AMZN) and Sinclair Broadcast Group Inc. (NASDAQ: SBGI). The deal is part of a divestiture agreement that Disney received to purchase assets from Fox.
- Look for earnings reports from Big Lots Inc. (NYSE: BIG), JinkoSolar Holding Co. Ltd. (NYSE: JKS), and AAC Holdings Inc. (NYSE: AAC).
Illinois Becomes the 11th State to Legalize Cannabis (Making More People Rich)
Cannabis laws are being reformed en masse: Illinois has not only become the 11th - and second largest - state to legalize marijuana, but the first to do so by way of state legislation.
That means the medical, personal, and economic benefits of "America's Green Gold Rush" are appealing to Republicans and Democrats alike.
One cannabis research executive is hailing Illinois the "Marijuana Mecca of the Midwest," a hallmark of the rising uncapped profit potential ahead.
Once the Fed ends the cannabis prohibition nationwide, all bets will be off - demand will boost share prices through the roof. But you can still get in on the ground floor, just in time for what could be the windfall of the century.
Illinois is already housing some of our top picks in the industry, so a few of our favorite stocks could get yet another boost.