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
Dow Jones
25,742.65
+267.63
+1.05%
S&P 500
3,080.82
+25.09
+0.82
Nasdaq
9,608.37
+56.33
+0.59
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.
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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.
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Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.