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The Dow Jones today is up after news that China is open to a "partial deal" with the U.S. on trade.
While details remain vague about China's trade attitude, this is a welcome shift as the two nations prepare for face-to-face meetings this week in Washington. More on this below.
First, here are the numbers from Tuesday 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.
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The Top Stock Market Stories for Wednesday
- Bloomberg reports this morning that China is open to a partial deal with the United States, so long as U.S. President Donald Trump doesn't impose new tariffs on the world's second largest economy. China appears ready to offer concessions in lesser issues like buying agricultural products. However, the nation doesn't appear ready to address bigger issues like intellectual property theft.
- Oil prices ticked higher Tuesday as investors continue to eye trade discussions and ongoing supply pressures around the globe. WTI crude added 1.2% this morning to hit $53.26 per barrel. Brent crude gained 1.1% and approached $59 per barrel. The uptick came despite a report from the International Monetary Fund that suggested a larger economic slowdown than investors had expected. In addition, the Energy Information Administration announced that U.S. crude production is expected to hit a record $12.26 million barrels per day.
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- Speaking of oil prices, the long-awaited IPO of Aramco could generate some buzz later this month. Reports indicate that Saudi Arabia is prepared to float 5% of the world's largest energy firm – a company whose market cap could easily top $2 trillion. Various outlets report that the company will release a prospectus by the end of the month.
Stocks to Watch Today: DIS, JPM, AAL, BA
- Shares of the Walt Disney Co. (NYSE: DIS) were flat after JPMorgan Chase & Co. (NYSE: JPM) cut earnings expectations for the entertainment giant. The investment bank also warned that other financial institutions may provide similar warnings about the firm's bottom line.
- American Airlines Group Inc. (NASDAQ: AAL) is in focus after the airline released a regulatory filing on Wednesday. The company reported that the cancellations due to the grounding of the Boeing 737 MAX jet cost the company $140 million. Earlier this week, the Southwest airlines pilot union sued Boeing Co. (NYSE: BA) for lost wages and accusations that the manufacturer underestimated safety issues.
- No major U.S. companies report earnings today.
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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.