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The Dow Jones today will make up for yesterday's losses after the U.S. Labor Department reported a stronger jobs report than economists had anticipated.
In addition, investors continue to digest positive earnings reports and a busy round of economic data. More on what's moving the Dow today, below.
Here are the numbers from Thursday for the Dow, S&P 500, and Nasdaq:
|Index||Previous Close||Point Change||Percentage Change|
Now let's take a look at what I consider to be the most important market events to start your day.
The Top Stock Market Stories for Friday
The U.S. Labor Department reported that the American economy added 128,000 jobs last month. That figure topped estimates even in the face of a crippling strike by members of the United Auto Union. Economists expected the economy to add roughly 100,000 new positions. There was more good news in the report. The agency revised its estimates upward for both August and September. The U.S. unemployment rate now sits at 3.6%, the lowest level in 50 years.
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- This morning, a lot of people are scratching their heads about statements from Senator Elizabeth Warren (D-MA). Warren has promised a plan to institute "Medicare for All," or universal healthcare for citizens. The campaign says that the plan will cost about $52 trillion over the next decade. How will Warren pay for it? The candidate says that she will raise taxes on the wealthiest Americans and not raise taxes on the middle class. That latter factor – not raising taxes on the middle class – seems impossible, given the enormous fiscal costs. Warren's campaign unveiled a new proposal the same day that famed money manager Leon Cooperman ripped her proposals in an open letter.
- Earnings season continues on Friday. About 70% of S&P 500 companies have reported earnings so far, and three-quarters of those firms have topped Wall Street earnings expectations. Today, Exxon Mobil Corp. (NYSE: XOM) leads a busy day of earnings. Shares of XOM added 1.3% after the firm reported earnings per share of $0.75. That figure beat expectations by $0.08. The firm also beat revenue expectations. CEO Darren Woods commented this morning that the firm is making strong progress on its growth plan.
Stocks to Watch Today: AAPL, DIS, NWL, WYNN, LVS
- Shares of Newell Brands Inc. (NYSE: NWL) added nearly 4% after the producer of Sharpie, Mr. Coffee, and other brands topped earnings expectations. The firm reported earnings per share of $0.73, topping Wall Street expectations by $0.17. In addition to beating revenue figures, the company also announced it is done selling off brands as part of a wider divestiture program.
- Apple Inc. (NASDAQ: AAPL) will generate headlines this morning. The company released its Apple TV Plus product despite its limited roster of original programming. The tech giant creates a very crowded field in the streaming industry. Apple is giving away the streaming service to buyers of new devices like an iPhone or iPad. Otherwise, it costs $4.99 per month for up to six family members. The launch comes weeks before the start of Walt Disney Co.'s (NYSE: DIS) Disney Plus service.
- Gambling stocks are under pressure this morning. Both Las Vegas Sands Corp. (NYSE: LVS) and Wynn Resorts Ltd. (NASDAQ: WYNN) are in the red after China released gaming data from Macau. The country said that Macau gaming revenue fell 3.2% in October, signaling a sharp pullback in spending and gaming among residents and tourists. While analysts blamed the ongoing protests in Hong Kong for some of the decline, it's clear that slowing economic growth in China is weighing on the sector.
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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.