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The Dow Jones Industrial Average will climb higher today after Chinese President Xi Jinping claimed his country wants to actively avoid a trade war.
Investors are cautiously optimistic that China's call for better communication with Washington, D.C., points to a trade agreement down the road. I've got more on what's moving the Dow today below.
But first, here are the numbers from Thursday for the Dow, S&P 500, and Nasdaq:
|Index||Previous Close||Point Change||Percentage Change|
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 just popped by their highest percentage points since the election of U.S. President Donald Trump. Rates pushed higher from 1.81% to 1.95% after the United States and China both agreed to remove existing tariffs on each other. 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.
Stocks to Watch Today: DIS
- Shares of the Walt Disney Co. (NYSE: DIS) popped more than 5.2% after the company topped Wall Street earnings and revenue expectations Thursday night. 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 it forecast for its upcoming launch of its Disney Plus streaming service. The firm also announced that its streaming service will be available on Amazon.com Inc.'s (NASDAQ: AMZN) Fire TV.
- 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.