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The Dow Jones today is pointed high as markets anticipate a limited trade deal between the United States and China. Tech and banking stocks rallied in pre-market hours as investors poured back into the market with renewed hope. More on this below.
Plus: I have the latest on the General Motors Co. (NYSE: GM) strike. It's not good.
First, 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
- This morning, investors are cheering the probability of a limited trade deal between the United States and China. U.S. President Donald Trump told reporters yesterday that negotiations between the two nations were going "really well." Trump is set to meet with Chinese Vice Premier Liu He later this afternoon. Trump's statements came shortly after China announced that financial firms entering the nation no longer require a Chinese investor. Both sides are also expected to avoid raising tariffs on one another in the weeks ahead.
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- Oil prices kicked higher again today after an uptick in geopolitical tensions – once again. Iran's state media announced that one of the nation's tankers was struck by missiles in the Red Sea. The attacked happened about 60 miles away from Jeddah, Saudi Arabia. WTI crude oil gained 1.5%, while Brent added 1.4% and was flirting with $60 per barrel.
- Finally, it's crunch time in Europe. The United Kingdom and the European Union have agreed to intensify discussions in order to move toward a deal on the Brexit. The two sides will accelerate the pace of discussions ahead of the Oct. 31 deadline. That is the day that England is set to depart the world's largest economic bloc. However, the country has as much of a plan today as it did when voters elected to depart the EU years ago. The two sides are attempting to resolve issues like a hard border on the island of Ireland and how to address capital flows between the two sides after the departure.
Stocks to Watch Today: GM, CGC, TLRY, WEN
- General Motors Co. (NYSE: GM) is still negotiating with the United Auto Workers to resolve a strike that has crippled the firm for weeks. GM is losing roughly $50 million to $100 million per day, and the strike has dramatically impacted the company's supply chain. The strike has fueled thousands of layoffs around the country while the two sides attempt to find a resolution in their "around the clock" negotiations.
- Shares of Canopy Growth Corp. (NYSE: CGC) and Tilray Inc. (NASDAQ: TLRY) are all under pressure after investment bank Jeffries slashed the price targets for marijuana stocks by an average of 50%. The bank worried about profitability at some of the world's top cannabis companies. Shares of TLRY stock were off 13.5% Thursday, while Canopy shares shed roughly 10.5%.
- Shares of Wendy's Co. (NASDAQ: WEN) popped more than 5.5% this morning after the company announced plans to expand its European operations and efforts to include breakfast.
- Look for earnings reports this morning from Fastenal Co. (NASDAQ: FAST) and Infosys Ltd. (NASDAQ: INFY) 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.