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The Dow Jones Industrial Average could bounce back today with signs the COVID-19 coronavirus is being contained. Markets are poised to snap a three-day losing streak in the Dow today.
Plus: Look for big names set to deliver earnings reports today...
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 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
- On Wednesday, the coronavirus death toll surpassed 2,000 people. Chinese officials are now reportedly going door to door in an effort to contain the outbreak. Reports indicate that China may soon introduce additional stimulus to help support its weakening economy. Investors anticipate that Chinese GDP may fall under 5% in the first quarter due to the ongoing impact of coronavirus on consumer spending and its manufacturing supply chain.
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- Keep an eye on the central banks Wednesday. The U.S. Federal Reserve will release minutes from its most recent FOMC meeting. Meanwhile, the Peoples' Bank of China could provide additional easing measures to prevent additional damage to the economy. Reports indicate that the Chinese central bank could slash its interest rate and provide more mid-term lending for banks in the region. The nation may also inject cash into its struggling airlines.
- The U.S. talent shortage continues to get worse. According to Manpower Group, seven out of 10 companies have reported a talent shortage for 2019. That figure is more than three times the shortage figure experienced a decade ago. Even though there are 6.4 million job openings in the United States, the tight labor market continues to weigh on small businesses and firms looking to grow.
Stocks to Watch Today: FB, NKE, APRN, TSLA
- Shares of Facebook Inc. (NASDAQ: FB) are under pressure on news that the IRS has sued the company over its alleged offshoring of profits. The tax agency will attempt to convince a judge that the company owes $9 billion that it attempted to shift to Ireland. The IRS will call for several executives to testify over its royalty payment practices.
- Shares of Tesla Inc. (NASDAQ: TSLA) popped another 6.7% this morning after the electric vehicle giant received an upgrade from Piper Sandler. The research firm's analyst hiked its price target from $729 to $928 per share.
- Shares of Nike Corp. (NYSE: NKE) are on the move after the company shuffled its executive suite. The firm announced that its CFO, Andy Campion, will switch to COO. The firm's e-commerce chief will become president of the firm's consumer business.
- Blue Apron Holdings Inc. (NYSE: APRN) is exploring a sale of the company after another terrible fourth quarter. The firm fell short of financial expectations once again.
- Look for earnings reports from Dish Network Corp. (NASDAQ: DISH), Garmin Ltd. (NASDAQ: GRMN), Boston Beer Co. Inc. (NYSE: SAM), Williams Cos. Inc. (NYSE: WMB), Stamps.com Inc. (NASDAQ: STMP), and Energy Transfer LP (NYSE: ET).
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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.