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The Dow Jones Industrial Average is reeling after a massive two-day sell-off that wiped away $1.7 trillion from the domestic stock market's value.
With earnings season in full swing, investors will take any value they can find to combat the uncertainty.
More on what's moving the Dow below. And be sure to check out our Money Morning insight of the day…
Before we get into this story and more, 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 focus is back on the COVID-19 coronavirus. Greece has confirmed its first case, while France reported its second death linked to the virus. Royal Caribbean Cruises Ltd. (NYSE: RCL) has canceled 30 cruises in Southeast Asia. A top U.S. health official has suggested that a global pandemic is likely. And they're now even talking about canceling the Olympics. U.S. President Donald Trump said he plans to speak on the subject later this evening. He is reportedly very upset that the markets are falling due to concerns about a potential global pandemic.
- Panic in the market has pushed interest rates even lower as capital continues to pour into safe-haven assets. The U.S. 10-year yield slipped to 1.36%. Markets now increasingly expect that the U.S. Federal Reserve will cut interest rates yet again by April. The odds of a rate cut jumped above 50% earlier this week, according to CME FedWatch.
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Stocks to Watch Today: DIS, SJM, GE
- Shares of Walt Disney Co. (NYSE: DIS) slumped more than 3.4% after CEO Bob Iger retired on Tuesday. The company has appointed Bob Chapek, who has experience running the company's parks, to take Iger's position immediately.
- In earnings news, J.M. Smucker Co. (NYSE: SJM) reported earnings before the bell. The firm reported EPS of $2.35, a figure that topped expectations by $0.12. The firm said that it saw stronger sales in its coffee, peanut butter, and Uncrustables brands. However, revenue dipped from slowing sales in premium pet food.
- General Electric Co. (NYSE: GE) has seen shares rally over the last six months. However, the rally has come at the expense of the company's headcount. According to GE figures, the company had employed roughly 313,000 people in late 2017. Now, that figure has declined by 108,000 in just two years.
- Look for earnings reports from Square Inc. (NASDAQ: SQ), 3D Systems Corp. (NYSE: DDD), Box Inc. (NYSE: BOX), Wendy's Co. (NYSE: WEN), Etsy Inc. (NASDAQ: ETSY), Marriott International Inc. (NYSE: MAR), and L Brands Inc. (NYSE: LB).
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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.