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The Dow Jones today is off after the U.S. Department of Labor reported weaker-than-expected job data in the weekly benefits report. Weekly jobless claims came in at 1.3 million for the week, slightly higher than the consensus forecast of 1.25 million.
Coronavirus cases have topped 13.2 million cases worldwide. Here's everything moving the Dow today.
Before we dive into the latest stories and more, here are the numbers from Wednesday for the Dow, S&P 500, and Nasdaq:
|Index||Previous Close||Point Change||Percentage Change|
Now here's a closer look at what I'm following today. These are the most important market events and stocks.
The Top Stock Market Stories for Thursday
- On Thursday morning, markets are paying close attention to macroeconomic news around the world. China announced that its economy grew by 3.2% during the second quarter. That figure topped expectations and showed that the economy had rebounded from its large contraction during the first quarter. The consensus forecast for economic growth was 2.5%, according to Reuters. China's economy had contracted by 6.8% during Q1 in the wake of the COVID-19 outbreak.
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- Johns Hopkins University reports that global COVID-19 cases topped 13.2 million, with more than 3.4 million happening in the United States. At the moment, U.S. retail companies are increasingly pressing customers to wear masks. This week, Walmart Inc. (NYSE: WMT), Best Buy Co. Inc. (NYSE: BBY), and Kroger Co. (NYSE: KR) said they will require customers entering their stores to wear a mask or face covering to prevent the spread of COVID-19. Meanwhile, shutdowns continue to restart across the country, with San Francisco now pausing the reopening of bars, restaurants, and hair salons.
- Finally, investors are starting to pay close attention to the 2020 election polls. According to NBC News and The Wall Street Journal, Democratic nominee Joe Biden has opened up an 11-point lead on U.S. President Donald Trump.
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Stock to Watch Today: BAC, JPM, GS, DPZ, TWTR
- Shares of Bank of America Corp. (NYSE: BAC) were off nearly 3% this morning after the massive U.S. bank beat earnings and revenue expectations for the second quarter. The stock fell after the company announced it has set aside roughly $4 billion for COVID-19 related losses. The company's trading division did very well for the quarter, much like its rivals in JPMorgan Chase & Co. (NYSE: JPM) and Goldman Sachs Group Inc. (NYSE: GS). Bank of America announced EPS of $0.37 on top of $22.5 billion in revenue. Analysts had expected earnings of $0.27 per share on top of $22 billion in revenue.
- Shares of Domino's Pizza Inc. (NYSE: DPZ) were off slightly despite a 16.1% jump in same-store sales for the quarter. The firm reported a big jump in sales as more Americans ordered delivery in the continued pandemic. For the second quarter, Domino's reported EPS of $2.99 on top of $920 million in revenue. Wall Street had projected earnings of $2.25 per share on top of $911.5 million. The firm also announced that its CFO plans to retire this year.
- Shares of Twitter Inc. (NYSE: TWTR) are off 4.3% as the social media giant deals with the fallout of a high-profile hacking incident that exposed the accounts of multiple celebrities, politicians, and businesspeople. Twitter said it is investigating the event – which featured a cryptocurrency scam. The affected accounts included former President Barack Obama, Tesla Inc. (NASDAQ: TSLA) founder Elon Musk, and others.
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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.