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The Dow Jones today is flat at the open as investors sit on the sidelines after a disappointing jobs report and another heavy day of earnings.
We'll cut through the fog and show you everything you need to know about the stock market today.
But before we dive into the latest stories and more, here are the numbers from Wednesday for the Dow, S&P 500, and Nasdaq:
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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, the U.S. Labor Department reported that weekly jobless claims came in at 1.416 million, a figure that was much higher than the 1.3 million expected by economists. The figure represents the 18th consecutive week that initial jobless claims surpassed the 1 million mark. The latest economic data is one reason why the Senate and the White House are moving forward with a potential agreement to provide a new round of relief to American workers. This week, extended benefits that offer an additional $600 per week will expire. Senate Majority Leader Mitch McConnell and the Trump administration are aiming to keep a new round of stimulus under $1 trillion. That figure is much lower than the $3.4 trillion relief bill passed by Democrats in the House of Representatives.
- Johns Hopkins University reports that global COVID-19 cases have now surpassed 15 million. In the United States, cases are accelerating toward 4 million, with the number of official deaths now surpassing 142,500. In addition, California - the nation's most populous state - has surpassed New York with the largest number of confirmed infections. Governors across the country are now calling on U.S. President Donald Trump to implement a federal mask requirement to reduce the spread of the virus.
Stock to Watch Today: TSLA, TWTR, AAL, LUV
- Shares of Tesla Inc. (NASDAQ: TSLA) popped 4% after the company beat earnings expectations again and showed profitability for the fourth consecutive quarter. During the quarterly conference call, founder and CEO Elon Musk said that the company is facing no shortage of demand. Musk said that the firm is facing shortages of parts and a variety of supply chain issues. That said, the average Wall Street price target is about half of where shares are trading today, and Robinhood investors continue to press shares higher.
- Shares of Southwest Airlines Co. (NYSE: LUV) gained 1% in pre-market hours despite news that the company reported a net loss of $915 million for the second quarter. The firm also said that it anticipates air travel to remain under pressure until someone creates a COVID vaccine. The news came at the same time that American Airlines Group Inc. (NASDAQ: AAL) announced it lost $2.1 billion during the second quarter.
- 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. Click here for details...
- Shares of Twitter Inc. (NYSE: TWTR) popped more than 5.7% in pre-market hours after the social media giant announced that user growth increased during the second quarter. Despite a 23% decline in year-over-year revenue, a $1.1 billion loss tied to a tax asset, and the recent hacking scandal, the company's user growth helped propel shares higher. The firm said that daily active user figures increased by 34% year over year.
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.