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The Dow Jones Industrial Average is pointing down after Apple Inc. warned about the ongoing spread of the novel coronavirus across China. The tech giant downwardly revised its quarterly revenue forecast, citing weak Chinese demand and stalled production of its top gadgets.
More on this story below. Plus, see what else is moving the Dow Jones today.
Here are the numbers from Monday for the Dow, S&P 500, and Nasdaq:
|Index||Previous Close||Point Change||Percentage Change|
Now, here are the most important market events and stocks I'm following today.
The Top Stock Market Stories for Tuesday
- Apple Inc. (NASDAQ: AAPL) is sounding the coronavirus alarm. The firm said it won't meet expected revenue levels given the fact that it has struggled to bring a large amount of production online in China. Delays due to worker shortages and factory closures could also impact other products. The firm also said that demand in China has plunged due to the ongoing outbreak. China reported another 98 deaths Tuesday and 1,886 new cases.
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- The U.S. Federal Reserve's easing activity registered at $18.9 billion last Wednesday. It was the 15th of 16 straight weeks that the Fed has pumped more than $246.6 billion into the markets since September. Ongoing efforts by the Fed and the U.S. Treasury Department are now starting to create headaches for regulators as U.S. deficits continue to surge. The Fed might not be able to prevent a rise in volatility if it doesn't stabilize reserves.
- Finally, oil prices were falling yet again thanks to delays among OPEC leaders to reach an agreement on further production cuts. In addition, the ongoing outbreak of the coronavirus has weakened demand for crude in China and other key Asian markets. This morning, WTI crude prices fell another 1.92% to settle just above $51 per barrel. Meanwhile, Brent crude was off 2.1% and sitting near $56.50 per barrel.
Stocks to Watch Today: WMT, HSBC, BEN, LM
- In earnings news, shares of Walmart Inc. (NYSE: WMT) added 1% this morning after the company reported earnings. Its quarterly earnings of $1.38 was short of expectations by $0.05. Revenue was also light in terms of expectations. The stock is likely getting a small bounce because the firm announced a 1.9% increase to its dividend.
- Meanwhile, HSBC Holdings Plc. (NYSE: HSBC) – a bank notorious for money laundering schemes and other serious violations of public trust – is preparing to let go of 35,000 employees. The job cuts will take place over the next three years as part of a broader plan to shed about $100 billion in assets. HSBC stock was off 4.8% in pre-market hours.
- Franklin Resources Inc. (NYSE: BEN) and Legg Mason Inc. (NYSE: LM) have both been looking for ways to operate in a world where investors have increasingly shifted away from active management. The solution: a $4.5 billion deal that marries the two firms. Shares of LM stock popped more than 24% this morning, while BEN shares added 13.7%.
Look for earnings reports from Medtronic Plc. (NYSE: MDT), Bloomin Brands Inc. (NASDAQ: BLMN), Agilent Technologies Inc. (NYSE: A), Devon Energy Corp. (NYSE: DVN), Choice Hotels International Inc. (NYSE: CHH), and Enphase Energy Inc. (NASDAQ: ENPH).
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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.