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The Dow Jones Industrial Average is flat after Iran responded to the U.S. killing of its military leader by firing missiles at a U.S. base in Iraq. But the damages are reportedly less than initially feared.
You can read more on how this affects the Dow today in our top market stories…
But before we get into this one, 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 most important market events and stocks. We'll also discuss the stories that slipped under the radar of the mainstream financial press on Wednesday.
The Top Stock Market Stories for Wednesday
- This morning, oil prices are pulling back after surging as much as 4% late Tuesday night. Oil reversed after Iran decided not to target energy supply chains with their rocket attacks last night. Brent crude fell 1.3%, while WTI crude slumped nearly 2%. Last night, U.S. President Donald Trump tweeted "All is well" in response to the attacks and said that the U.S. military was assessing damages caused by the attacks. The president canceled an address to the nation last night. He will reportedly speak to the nation today.
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- Meanwhile, the problems for Boeing Co. (NYSE: BA) continue to mount. A Boeing 737 plane bound for Kyiv, Ukraine, crashed just minutes after taking off from Tehran around 6 a.m. local time. A Ukrainian official said that none of the 167 passengers or nine crew members survived. It is important to note that this was a 737-800 Boeing plane and not the 737 MAX, which has been grounded by regulators around the world after two fatal crashes in five months. Investigators have suggested engine failure as the cause of the crash and said it was not related to terrorism. BA stock was off 1.4% this morning.
- Finally, the e-commerce wars are coming to Europe. According to reports, Alibaba Group Holding Ltd. (NYSE: BABA) is attempting to undercut rival Amazon.com Inc. (NASDAQ: AMZN) in the world's largest economic bloc. Reuters reports that Alibaba is offering lower fees to sellers on its platform. Retailers have responded favorably so far, but not enough to suggest a massive migration away from the Amazon platform.
Stocks to Watch Today: M, AAPL, CV
- Shares of Macy's Inc. (NYSE: M) rallied nearly 6.5% after the company announced same-store sales for the months of November and December. The firm reported a 0.6% decline for the holiday period compared to the previous season. The firm also announced plans to lay off more than 70 employees from its Bloomingdale's chain. That said, markets saw its comparable sales as an improvement, and buyers scooped up shares this morning.
- Shares of Apple Inc. (NASDAQ: AAPL) are back near $300 per share after the company reported solid sales in its App store during the holiday. The company said customers spent $368 million on New Year's in its store on Jan. 1, a 20% jump from the previous year. In addition, Apple reported a 16% spending jump in the week after Christmas.
- Walgreens Boots Alliance Inc. (NYSE: WBA) shares slumped more than 6% after the pharmacy benefits giant fell well short of earnings expectations before the bell. The firm reported earnings per share of $0.95, a figure well below the $1.18 it reported during the same time last year. The company is trying to boost partnerships with health and wellness brands for new business. However, increasing competitive pressures continue to weigh down the organization.
- Look for earnings reports from Bed Bath and Beyond Inc. (NASDAQ: BBBY), Constellation Brands Inc. (NYSE: STZ), Lennar Corp. (NYSE: LEN), UniFirst Corp. (NYSE: UNF), and RPM International Inc. (NYSE: RPM).
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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.