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The Dow Jones now is pointed down ahead of today's U.S. Federal Reserve meeting. Stay with me for more on what they're planning…
Shares of Apple Inc. (NASDAQ: AAPL) and Amazon.com Inc. (NASDAQ: AMZN) pushed the Nasdaq over 10,000 on Wednesday as the frenzy continues. Where's the tech sector going? More on this below. Here's everything moving the Dow 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 financial 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 waiting for the plan from Federal Reserve Chair Jerome Powell. Yesterday, the Dow shed 300 points after profit-taking ahead of today's press conference and announcement on monetary policy. The market broadly expects that the Fed will keep interest rates at their near-zero levels and discuss the impact of COVID-19 on the U.S. economy. The Fed will also offer its first forecasts for the economy and expectations on interest rates for the first time in 2020.
- Johns Hopkins University reports that California and 20 other states have experienced an uptick in COVID-19 cases. The number of cases in Arizona alone have increased by 115% since mid-May, and some health officials are warning that new stay-at-home orders or field hospitals may be necessary. We are also still waiting to see if mass protests in cities across the country will fuel an uptick in the virus' spread. The number of cases in the United States is on the verge of topping 2 million. At least 112,000 people have died in America from COVID-19 in 2020.
- Meanwhile, AT&T Inc. (NYSE: T) will get plenty of attention today. Its new HBO Max streaming service has announced it is temporarily removing the Oscar-winning film "Gone with the Wind" from its streaming platform. The company said in a statement it plans to bring it back at a later date with a discussion of its historical context and a denouncement of those very depictions. The decision comes among calls denouncing racism and for greater police reform in the wake of George Floyd's death. John Ridley, the Oscar-winning screenwriter of "12 Years a Slave" requested Monday that HBO take the film off its platform for minimizing the horrors of slavery.
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Stocks to Watch Today: AMZN, GS, AMC, RRGB
- In deal news, Amazon.com and Goldman Sachs Group Inc. (NYSE: GS) have announced plans for a new small business credit program. The Silicon Valley-Wall Street connection would bring Goldman's Marcus brand to business owners and Amazon merchants with credit lines that offered a fixed annual rate of 6.99% to 20.99%. Shares of AMZN topped $2,600 for the first time on Tuesday.
- Shares of AMC Entertainment Holdings Inc. (NYSE: AMC) popped nearly 14% after the company announced plans to reopen its movie theaters in July. The company said it will have a limited capacity and will block certain seats to meet social distancing guidelines. The firm had shut all of its theaters in March as the COVID-19 pandemic started.
- Shares of Red Robin Gourmet Burgers Inc. (NASDAQ: RRGB) plunged more than 6.4% this morning (a day after falling about 12%). Shares slumped after the company announced it experienced a quarterly loss per share of $6.66. That figure was immensely higher than the consensus expectation for a loss of $1.10. Revenue was also well below expectations – as same-store sales fell about 21%.
- Wednesday will be a busy day for earnings reports. Look for reports from Unified Natural Foods Inc. (NASDAQ: UNFI), Guess? Inc. (NYSE: GES), Chico's FAS Inc. (NYSE: CHS), Oxford Industries Inc. (NYSE: OXM), and Graham Corp. (NYSE: GHM).
Six-Figure Payday Opportunity Opens After the FCC Launches $10 Billion Initiative
Working from home, telemedicine, and even online grocery shopping are trends that've been here for years without causing any problems… until February.
The 88 most populous cities across the United States are now seeing their Internet speeds tumble by 44% (and this could just be the start).
That's why the FCC had to step in – and its $10 billion initiative could translate to a huge payout because of it.
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.