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With earnings season now in full swing, positive reports continue to propel the broader market upward. However, a number of companies have warned about the U.S. trade war and other factors that might sour the outlook. Other factors moving the Dow today below.
First, here are the numbers from Wednesday 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 Thursday
- The Dow pushed higher after a positive earnings report from Microsoft Corp. (NASDAQ: MSFT). The firm reported earnings per share of $1.38, a figure that easily topped Wall Street forecasts. It also reported revenue of $33.06 billion, a figure fueled by strong performance from Azure, its cloud computing business.
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- In Washington, speculation over the Trump presidency has intensified. Two dozen House Republicans have delayed a deposition hearing over an inquiry into U.S. President Donald Trump's conduct with Ukrainian officials. Republicans crashed a scheduled interview by Democrats in a secure facility where the investigation has taken place outside of public view.
- Finally, oil prices were sliding this morning thanks to concerns about global demand. WTI crude and Brent crude were both off 0.2% this morning. The dip came despite a surprise decline in U.S. crude inventory levels. That said, OPEC announced its plans to make strategic cuts and support crude prices. Prices fell after Germany announced that it anticipates slower economic growth than previously expected.
Stock to Watch Today: TSLA, TWTR, FB
- Shares of Tesla Inc. (NASDAQ: TSLA) rallied more than 18% after the electric vehicle marker beat earnings expectations. CEO Elon Musk said that the company is ahead of schedule on its new factory in Shanghai. The firm reported earnings per share of $1.86, a figure that outperformed the $0.42 loss expected by analysts.
- Shares of Twitter Inc. (NYSE: TWTR) were off as much as 20% this morning after the firm fell short of earnings expectations.
- Facebook Inc. (NASDAQ: FB) continues to face regulatory challenges. House Financial Services Committee Chair Rep. Maxine Waters said that Sen. Elizabeth Warren (D-MA) has "opened up" the possibility that Congress could break up the social media giant. This story is slowly emerging as a potential campaign issue for Warren, who has pitched the idea of breaking up a number of Silicon Valley titans.
Look for additional earnings reports from Intel Corp. (NASDAQ: INTC), Amazon.com Inc. (NASDAQ: AMZN), Visa Inc. (NYSE: V), Comcast Corp. (NASDAQ: CMCSA), and American Airlines Group Inc. (NASDAQ: AAL).
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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.