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The Dow Jones Industrial Average will rally Wednesday as investors continue to monitor the latest round of earnings reports.
Read on to see who's due to report. Plus: It's the start of the second day of the World Economic Forum in Davos, Switzerland. More on how this will affect the Dow today as well...
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 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, the Dow pushed higher thanks to a better-than-expected earnings report from International Business Machines Corp. (NYSE: IBM) on Tuesday. IBM stunned Wall Street by reporting an uptick in revenue after five straight quarters of year-over-year declines. Big Blue beat earnings expectations and also lifted its 2020 full-year guidance forecast.
- The World Economic Forum will continue into Day 2 in Davos this week. Yesterday, President Donald Trump boasted about the U.S. economy, unemployment, and the impact of his economic policies over the last three years. Trump also said that despite disagreements with Chinese President Xi Jinping, trust exists between both parties.
- Finally, Jamie Dimon has a serious concern: negative interest rates. The head of JPMorgan Chase said that negative rates are the only concern he has about the current run in the financial markets. "It's kind of one of the great experiments of all time, and we still don't know what the ultimate outcome is," Dimon said in an interview with CNBC. Interest rates have been negative in Japan, Switzerland, and many places in Europe for an extended period. The result has dramatically hurt banking institutions that are suffering consequences in their lending businesses.
Stocks to Watch Today: NFLX, MRNA, BA
- Shares of Netflix Inc. (NASDAQ: NFLX) were flat this morning after the streaming giant reported stronger revenue numbers than forecasts and topped international subscription forecasts. The streaming giant fell short of domestic subscription numbers and announced it had altered the way it tabulates views from members. The slick uptick in stock is a positive development for the firm given it is now a short target from famed hedge fund manager David Einhorn.
- Shares of Moderna Inc. (NASDAQ: MRNA) are up more than 8.5% after the biotech company announced it is working on a possible vaccine for the Coronavirus that has killed nine people and stricken hundreds more across China. The CDC announced the first U.S. case yesterday.
- Shares of Boeing Inc. (NYSE: BA) are off another 3% after the airline giant reported that it won't see its 737 MAX Jet return to the skies until at least mid-2020. The FAA has grounded the plane after two deadly crashes in 2019 and a new investigation into corporate practices around the jet's development.
- Look for earnings reports from Johnson & Johnson (NYSE: JNJ), Texas Instruments Inc. (NYSE: TXN), Kinder Morgan Inc. (NYSE: KMI), Las Vegas Sands Corp. (NYSE: LVS), Abbott Laboratories (NYSE: ABT), and Baker Hughes Co. (NYSE: BKR).
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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.