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The Dow Jones Industrial Average will soar today on news that China and the United States canceled existing trade tariffs in phases.
I've got more on this below. Plus: Investors are preparing for the latest update on jobless benefits and a decision by the Bank of England on interest rates. Read on for all things moving the Dow today.
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 and S&P 500 are on the rise this morning thanks to fleeting concerns about the state of U.S.-China trade relations. Reports indicate that the two nations are canceling tariffs between both parties in phases. That said, investors will need to wait until at least December before U.S. President Donald Trump and Chinese President Xi Jinping meet in person. The White House has said that both leaders are still working to determine a venue. Trump will visit London in December to meet with other leaders from NATO. A meeting with President Xi could occur before or after that meeting, according to CNBC.
THREE STOCKS: Any one of these cannabis companies could potentially deliver a 1,000% windfall. Click here to learn more...
- Senators Elizabeth Warren (D-MA) and Bernie Sanders (D-VT) just experienced a huge blow to their ambitions of universal healthcare. Three Democratic senators have now gone on the record stating they would not vote to nuke the filibuster if Democrats won the Senate majority in 2021. This means that Democrats will likely need to net at least seven gains in the Senate race next year. While that is not impossible, it would require seven new freshmen senators to not only support Medicare for All (thus ending private insurance), but also to end one of the key rules of the Senate.
- Today is a big day for Walt Disney Co. (NYSE: DIS). The global entertainment giant will report earnings Thursday night. Wall Street expects that the company will report earnings per share of $0.88. That figure would be well below the $1.48 it reported during the same period in 2018. That said, investors expect that earnings per share will be lower due to the company's uptick in marketing and infrastructure costs tied to the launch of its Disney Plus streaming service.
Stock to Watch Today: MCD, GOOGL, XRX, HPQ, UBER
- Just days after McDonald's Corp. (NYSE: MCD) saw its CEO step down over an inappropriate relationship with an employee, another high-profile investigation is underway. According to reports, the Board of Directors at Alphabet Inc. (NASDAQ: GOOGL) is investigating inappropriate relationships among executives at the company.
- In takeover news, Xerox Holdings Corp. (NYSE: XRX) is considering a bid for HP Inc. (NYSE: HPQ) that could create a much larger printer manufacturer. The offer is reportedly valued as high as $30 billion. Shares of HPQ popped more than 6% on the news, while XRX added another 3.5%.
- Shares of Uber Technologies Inc. (NYSE: UBER) fell to an all-time low after the stock's lockup period ended. The downturn came the same day SoftBank CEO Masayoshi Son reported a $6.5 billion loss from the ride sharing company. Uber stock is now trading at a 40% discount to its IPO price. The company has struggled with investors over its history of financial losses and questions about its Uber Eats business.
- Look for additional earnings reports from Activision Blizzard Inc. (NASDAQ: ATVI), Booking Holdings Inc. (NASDAQ: BKNG), Take-Two Interactive Inc. (NASDAQ: TTWO), Monster Beverage Corp. (NASDAQ: MNST), Trade Desk Inc. (NYSE: TTD) and Yelp Inc. (NASDAQ: YELP).
Illinois Becomes the 11th State to Legalize Cannabis (Making More People Rich)
Cannabis laws are being reformed en masse: Illinois has not only become the 11th - and second largest - state to legalize marijuana, but the first to do so by way of state legislation.
That means the medical, personal, and economic benefits of "America's Green Gold Rush" are appealing to Republicans and Democrats alike.
One cannabis research executive is hailing Illinois the "Marijuana Mecca of the Midwest," a hallmark of the rising uncapped profit potential ahead.
Once the feds end cannabis prohibition nationwide, all bets will be off - demand will boost share prices through the roof. But you can still get in on the ground floor, just in time for what could be the windfall of the century.
Illinois is already housing some of our top picks in the industry, so a few of our favorite stocks could get yet another boost.
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.