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The Dow Jones today will continue on news that China and the United States are nearing a "phase one" deal. Interest rates also just had their biggest pop since the election of U.S. President Donald Trump.
More on this, and other factors moving the Dow today, below. Plus: Walt Disney Co. (NYSE: DIS) just had a big earnings win. Here's how much the stock popped.
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
- U.S. interest rates popped by their highest percentage since the election of President Trump. Rates pushed higher from 1.81% to 1.95% after the United States and China both agreed to remove existing tariffs on one another. The news pushed banking stocks like Bank of America Corp. (NYSE: BAC), Citigroup Inc. (NYSE: C), and JPMorgan Chase & Co. (NYSE: JPM) higher. According to reports, both the U.S. and China are moving closer to a "phase one" trade agreement after weeks of negotiation. That said, President Trump and Chinese President Xi Jinping will not be available to meet until at least December.
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- Next up, the Democratic primary contest is about to add itself another high-profile candidate. According to reports, Mike Bloomberg, a billionaire and former mayor of New York City, is about to enter the race. Bloomberg, 77, will reportedly enter a single primary race in the United States to test enthusiasm for his potential campaign. CNBC reports that Bloomberg is "troubled" by the current status of the Democratic field.
- Finally, investors will be looking at the latest round of economic data. This morning, the University of Michigan will release its November reading on consumer confidence. In October, consumer sentiment came in at a reading of 95.5, an uptick from the previous month. However, that October number came in lower than economists' expectations. Today, economists anticipate a downturn from October to 95.
Stocks to Watch Today: DIS, AMZN, ATVI, TTWO
- Shares of the Walt Disney Co. (NYSE: DIS) popped more than 5.2% after the company topped Wall Street earnings and revenue expectations Thursday. The company announced that stronger theme park revenue and big sales from the "Lion King" remake helped propel the stock higher. Meanwhile, the firm said that it spent less than forecast for the upcoming launch of its Disney Plus streaming service. The firm also announced that its streaming service will be available on Fire TV from Amazon.com Inc. (NASDAQ: AMZN).
- Shares of Gap Inc. (NYSE: GPS) slumped more than 10% on news that the company's president and CEO, Art Peck, announced plans to step down. The firm said that Robert Fisher – its non-executive board chair – will take over as interim CEO.
- It's been a tough morning for video game producers. Both Activision Blizzard Inc. (NASDAQ: ATVI) and Take-Two Interactive Software Inc. (NASDAQ: TTWO) slumped despite positive earnings reports before the bell.
- Look for additional earnings reports from Madison Square Garden Co. (NYSE: MSG), FLY Leasing Ltd. (NYSE: FLY), Ubiquiti Inc. (NYSE: UI), Duke Energy Corp. (NYSE: DUK), Enbridge Inc. (NYSE: ENB), Unit Corp. (NYSE: UNT), and Magna International Inc. (NYSE: MGA).
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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.