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The Dow Jones now is slipping this morning after the United States ordered the closure of China's Houston-based consulate.
Shortly after, China demanded that the U.S. shut down its consulate in Chengdu, a city in the southwestern part of the nation. Read for more on everything moving the Dow today...
Here are the numbers from Thursday for the Dow, S&P 500, and Nasdaq:
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Now, let's get into what I think will be the most important market events and stocks on Friday morning.
The Top Stock Market Stories for Monday
- COVID-19 has forced the Republican party to cancel its convention in Jacksonville. The news comes on the same day Johns Hopkins University reported that new daily cases surpassed 68,000 on Thursday. According to reports, the number of U.S. cases has now surpassed 4 million, with the death toll passing 144,000. Meanwhile, the World Trade Organization said that it anticipated a "substantial" impact on global trade due to the virus. "Although the full impact of the pandemic is not yet reflected fully in trade statistics, it is expected to be very substantial," said WTO director-general Roberto Azevedo in a statement.
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- Next, Senate Republican leaders said they will release a new economic relief plan to address the ongoing COVID-19 outbreak next week. The new plan comes as extended unemployment benefits ($600 per week) expire this week. Both the Senate and U.S. President Donald Trump are aiming for a scaled-down version of the stimulus passed in March. House Democrats have already pushed a stimulus plan worth more than $3 trillion.
- Finally, gold prices have seen their best week since 1987. Gold is now above $1,900 per ounce and reached a nine-year high as investors flock to safe-haven assets during the continued outbreak. Even though central bankers continue to say that there isn't going to be substantial inflation, investors aren't buying it. Especially after the Fed increased the money supply by more than 30%. Gold is now up 24% on the year thanks to low interest rates, massive stimulus efforts, and renewed tensions between the United States and China.
Stocks to Watch Today:
- Shares of Verizon Communications Inc. (NYSE: VZ) were flat after the telecom giant reported earnings. VZ reported that earnings came in for the second quarter at $1.18, topping expectations by $0.03. The firm also beat revenue forecasts. Verizon said that the ongoing COVID-19 outbreak impacted its wireless service and affected advertising revenue.
- Shares of Intel Corp. (NASDAQ: INTC) fell nearly 15% after the company reported earnings on Thursday. The company reported earnings per share $1.23, topping Wall Street forecasts by $0.12. The firm also topped revenue expectations. However, the firm said it is experiencing delays in the release of its next generation of extremely fast semiconductor chips. That news helped boost the performance of its rival, Advanced Micro Devices Inc. (NYSE: AMD).
- The entertainment industry is facing a variety of delays. According to reports, the Walt Disney Co. (NYSE: DIS) has delayed the release of its live-action "Mulan" film. It also said that it is delaying the release of the latest installments of its "Avatar" and "Star Wars" franchises. Meanwhile, rival ViacomCBS Inc. (NASDAQ: VIAC) announced that it will be delaying the release of its "Top Gun" sequel.
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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.