Start the conversation
The Dow Jones gained more than 200 points at the starting bell with the reopening of the economy in focus. But it's still a question of how the day will end…
Coronavirus numbers continue to rise, and social unrest persists. Here's everything moving the Dow today.
First, let's see the numbers from Tuesday for the Dow, S&P 500, and Nasdaq:
|Index||Previous Close||Point Change||Percentage Change|
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
- Today, investors are keeping a close eye on the private payroll report from ADP. Investors are anticipating that the payroll report will show a drop of roughly 8.8 million jobs last month. That figure would compound the 20.2 million jobs lost in April. The report comes just two days before the official May unemployment numbers released by the Department of Labor. Economists broadly expect that the Labor Department will announce a national unemployment rate topping 20%. Meanwhile, look for significant damage to the U.S. economy due to COVID-19. The Atlanta Federal Reserve now projects that the U.S. economy will experience a 53% contraction in GDP growth in the second quarter.
- Johns Hopkins University reports that the number of U.S. coronavirus cases topped 1.83 million with the death toll coming in at more than 106,000. The uptick in cases comes at a time that White House health advisor Dr. Anthony Fauci said he is concerned about the "durability" of any COVID-19 vaccine. Meanwhile, FDA Commissioner Scott Gottlieb said that he expects any vaccine to be seasonal, meaning that Americans would likely need to take it every year to prevent contracting the virus.
- Meanwhile, oil prices slid on concerns that OPEC and its allies may not hold a meeting this week to consider extending production cuts through the summer. That said, Platts reports that both Saudi Arabia and Russia have agreed in principle to extend cuts by at least one month. Currently, OPEC producers and their allies have agreed to cut daily production by 9.7 million barrels, a figure that represents about 10% of global output.
Unstoppable: Our new Premium Stock Pick kept climbing while the rest of the market tanked. And as a leader in a new billion-dollar market, the gains are just getting started. Don't miss out – get this pick for free here…
Stocks to Watch Today: CPB, TIF, AMZN
- Shares of Campbell Soup Co. (NYSE: CPB) gained more than 1% after the company reported earnings this morning. The firm reported EPS of $0.84, a figure that topped expectations by $0.09. The firm topped revenue expectations and hiked its full-year guidance. The company also said that demand has been rising due to COVID-19.
- Shares of Tiffany & Co. (NYSE: TIF) were flat this morning after a sharp decline on Tuesday. Shares fell nearly 9% yesterday on news that a takeover of the jewelry company by French firm LVMH may fall through. The ongoing slump in the U.S. economy combined with rising unrest and protests are reportedly creating second thoughts about the deal.
- Amazon.com Inc. (NASDAQ: AMZN) announced plans for a "Summer Sale" set for around June 22. The event aims to help sellers impacted by the pandemic and the e-commerce giant's postponement of its annual Prime Day. Shares of AMZN were up 0.3% today.
5G Companies Were Sitting Silent… so the FCC Launched a Multibillion-Dollar Initiative to Wake Them Up
5G isn't just an Internet upgrade anymore. The FCC just injected an unprecedented amount of money to roll it out faster than 1G, 2G, 3G, and 4G combined.
But this isn't just a positive sign for the roughly 162 million Americans who've recently experienced slowing Internet. If our projections hold, you could net a huge payout by year's end.
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.