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The Dow Jones Industrial Average today is tethered by the brewing drama in Washington and plans for trade discussions in two weeks.
Plus: Oil prices continue to slump as negative economic pressures outweigh geopolitical factors around the globe. More on these DJIA developments below.
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
- Once again, the impeachment swell is gripping Washington. On Thursday, The New York Times reported that the whistleblower responsible for disclosing the call between U.S. President Donald Trump and Ukraine's leader was a member of the Central Intelligence Agency. Readers are furious at the newspaper for the disclosure. Democrats are looking to complete a quick impeachment inquiry over the whistleblower complaint. That said, the ongoing story around Democratic primary candidate Joe Biden's role in Ukraine could also sink his campaign.
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- The European Commission's monthly economic sentiment indicator fell to its lowest point since 2015. Germany's economic slowdown is hindering performance. So, what's the solution? Well, try the same thing over and over again. ECB Chief Economist Philip Lane believes that the central bank could cut rates again. He described the recent stimulus package as "not such a big package." What is the definition of insanity again?
- The United States and China will resume trade talks on Oct. 10 in Washington. Chinese Vice Premier Liu He will lead the Chinese delegation. This is a reversal of Liu's responsibilities after China stripped him of his following a visit earlier this year. Beijing was reportedly upset that he made a series of trade concessions without consent of the Party.
Stocks to Watch Today: DAL, AAL, PTON
- In deal news, Delta Air Lines Inc. (NYSE: DAL) will purchase 20% of LATAM, the largest airline in Latin America, for $1.9 billion. The deal effectively ends the Chilean carrier's relationship with Delta rival American Airlines Group Inc. (NASDAQ: AAL). It will give Delta an expanded global footprint to destinations in South America like Argentina, Brazil, Chile, and Peru.
- It was a terrible debut for Peloton Interactive Inc. (NASDAQ: PTON) Thursday after shares sank well below their IPO price. Shares opened yesterday for the first time ever at $27. This figure was already about 7% below its offer price. By the end of the day, shares sank 11.2%, one of the worst performances for an IPO since 2008. During its first day of trading, the firm erased about $900 million in shareholder wealth. CEO John Foley expressed optimism despite the weak opening trading session. However, Foley also made sure to take a shot at WeWork and the difficult IPO market.
- No major U.S. companies report earnings before the bell.
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.