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The Dow Jones Industrial Average is in record territory again after U.S. President Donald Trump announced that the United States and China are closing in on a phase one trade deal.
More on what's moving the Dow today, below. Plus: The Tesla Inc. (NASDAQ: TSLA) Cybertruck windows may have shattered at its unveiling, but that couldn't put a dent in its preorder numbers…
We'll get to that in a moment. But first, here are the numbers from Tuesday 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 Wednesday
- This morning, investors cheered after the U.S. Commerce Department announced that U.S. GDP in the second quarter hit 2.1%. That figure beat consensus expectations of 1.9% and proved the ongoing resiliency of the American economy. That said, the agency suggested that the U.S. economy has been cooling since it topped 3.1% in the first quarter. Some economists worry that the fourth quarter could slow to the point of a sub-1% annual rate. Economists have argued that the ongoing trade dispute between the United States and China has fueled a large reduction in business investment and inventory levels.
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- Trade continues to lead headlines on Wednesday. President Trump said this morning that the United States and China are in the "final throes" of completing a "phase one" trade deal. The president said in an interview with Bill O'Reilly that he has been holding up a deal to ensure that it favors the United States. Trump says that the country needs a pro-America trade deal "because we have to catch up." With that in mind, U.S. economic growth is slowing, as is domestic growth in China. The latter nation's industrial profitability fell to its lowest levels in eight months in October.
- Finally, Trump will be in the news yet again Wednesday. This time, it centers around the ongoing impeachment circus in Washington. The House Judiciary Committee announced it will host a hearing on the constitutional basis for removing Trump from office. The hearing will take place next Wednesday. A letter to the White House from the committee informed Trump that he or his counsel must tell them if they plan to attend the hearing or want to question witnesses.
Stocks to Watch Today: TSLA, BOX, BA
- Tesla Inc. (NASDAQ: TSLA) continues to generate buzz over its Cybertruck. Even though the company's demo experienced shattered windows during its unveiling, customers continue to preorder the futuristic (by 1980s standards) truck. CEO Elon Musk said Wednesday that his company has received more than 250,000 preorders for the vehicle.
- Shares of Box Inc. (NYSE: BOX) reported earnings after the bell Thursday. The company's stock added 3.6% after the firm reported a small loss of $0.01 per share. That figure was in line with Wall Street expectations. The cloud computing company also hiked its full-year revenue target thanks to a larger customer base.
- Boeing Co. (NYSE: BA) are on the move after a major announcement around its 737 Max jet. The Federal Aviation Administration announced that it would take sole responsibility for the inspection and approval of all newly manufactured jets produced by the company. Though this decision doesn't impact planes already in commercial use, it could help Boeing get its production running again and expedite getting the 737 Max back in the sky.
- Look for an earnings report from Deere & Co. (NYSE: DE).
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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.