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The Dow Jones now is up on a positive report over the status of trade between the United States and China.
Last night, White House trade adviser Peter Navarro said that the deal between the world's two largest economies was over. Navarro backtracked after other White House officials contradicted his earlier claims. But that's not all carrying the Dow today. Let's get into the report…
First, the numbers from Monday for the Dow, S&P 500, and Nasdaq:
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Here are the most important market events and the stories that I'm following right now.
The Top Stock Market Stories for Tuesday
- On Monday, the Dow bounced back from a nearly 400-point drop overnight after White House trade adviser Peter Navarro said that his statement on a trade deal's future was taken "wildly out of context." However, last night Navarro appeared on Fox News and said "it's over" when asked by Martha MacCallum about the deal's status. Navarro had said there was a "turning point" in relations when the U.S. learned about the spread of COVID-19 after the signing of the phase-one deal. President Trump this morning said that the trade deal is still fully intact.
- This morning, the number of COVID-19 cases topped 2.31 million, while globally we have 9.11 million cases, according to Johns Hopkins University. This morning, Dr. Anthony Fauci and other top health officials will testify before Congress on the state of the pandemic. We'll also be looking for updates on the progress of two drug trials by AstraZeneca Plc. (NYSE: AZN). The company's new vaccine showed positive results in a trial of pigs.
- Meanwhile, Silicon Valley is criticizing the Trump administration after the White House temporarily blocked certain foreign workers from coming to the United States. The freeze of H-1B visas for foreign skilled employees aims to free up jobs for Americans. The unemployment rate currently sits at 14.7%. Companies like Alphabet Inc. (NASDAQ: GOOGL), Apple Inc. (NASDAQ: AAPL), Tesla Inc. (NASDAQ: TSLA), and Salesforce.com Inc. (NYSE: CRM) have all criticized Trump's decision.
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Stocks to Watch Today: SBUX, TMUS, INTU
- Shares of Starbucks Corp. (NASDAQ: SBUX) are on the move after the company announced the launch of its "Impossible Breakfast Sandwich." The new sandwich hits stores Tuesday in addition to two new coffee drinks. Pay close attention to how the news impacts Impossible Foods' competitor Beyond Meat Inc. (NASDAQ: BYND).
- Shares of T-Mobile US Inc. (NYSE: TMUS) will generate a lot of buzz this morning after Japanese conglomerate Softbank announced plans to sell $21 billion shares of the mobile operator. Softbank wants to raise money for a $41 billion plan to cut debt and increase stock buybacks.
- Shares of Intuit Inc. (NASDAQ: INTU) are in focus after the company announced plans to slash 715 jobs. The job cuts are part of a broader corporate strategy to overhaul its technology and software development.
Why Startups Can Have an Edge During a Recession
Uber, Airbnb, Slack, Pinterest, and Venmo have something big in common – something other than their big names.
These startups were founded during the last recession. And now, some of the most iconic companies of our time could launch into Fortune 500s during days like today.
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.