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The Dow Jones Industrial Average is tethered by lackluster earnings reports from Caterpillar Inc. (NYSE: CAT) and Boeing Co. (NYSE: BA) today.
I'll discuss the factors behind this below.
But before we get to that, 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 most important market events and stocks.
The Top Stock Market Stories for Wednesday
- This morning, global investors are eyeing the latest updates on Prime Minister Boris Johnson's Brexit plan in Europe. Lawmakers in the U.K. voted in favor of Johnson's plan. But they turned down his efforts to fast-track a bill that would drive Britain out of the European Union by the end of October. Now, markets anticipate that the European Union will approve yet another delay for the U.K. to depart the world's largest economic trade bloc.
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- Boeing Co. (NYSE: BA) delivered its earnings report this morning. In the third quarter, Boeing missed Wall Street expectations by a very wide margin. Revenue fell 21% year over year, and profit fell 51%. The company remains stuck in a difficult environment due to ongoing worries about its 737 Max jet.
- Finally, Facebook Inc. (NASDAQ: FB) CEO Mark Zuckerberg is set to testify before Congress today about the company's plans to launch Libra, a cryptocurrency, across its platforms. Zuckerberg will testify before the House Financial Services Committee. The social media giant said that Zuckerberg will tell Congress about Libra's potential to "extend America's financial leadership as well as our democratic values and oversight around the world."
Stocks to Watch Today: CAT, BX, TSLA
- Shares of Caterpillar Inc. (NYSE: CAT) were off 2.1% after the company fell short of earnings expectations before the bell. The global industrial manufacturer slashed its forward guidance due to ongoing concerns about the stability of the global economy. This morning, the firm reported earnings per share of $2.66. That figure was well short of expectations of $2.88. In addition, revenue was off by nearly $750 million from analysts' expectations.
- Shares of Blackstone Group Inc. (NYSE: BX) added 0.5% this morning after the private equity giant reported earnings before the bell. The company topped both earnings and revenue expectations, thanks to a boost in both fee earnings and assets under management.
- Look for earnings reports from Tesla Inc. (NASDAQ: TSLA), Microsoft Corp. (NASDAQ: MSFT), PayPal Holdings Inc. (NASDAQ: PYPL), eBay Inc. (NASDAQ: EBAY), ServiceNow Inc. (NYSE: NOW), and Ford Motor Co. (NYSE: F).
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.
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