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More on this, and other events moving the Dow today, right here…
First, here are the numbers from Monday for the Dow, S&P 500, and Nasdaq:
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Now here are what I think will be the most important market events and stocks on Tuesday morning.
The Top Stock Market Stories for Tuesday
- The World Health Organization said Tuesday that the global population is still very far from herd immunity. That said, the United States has seen progress on reducing the spread, according to Johns Hopkins University. The U.S. reported 35,112 new cases on Monday. The average over the last seven days has fallen under 50,000 for the first time in a month. Meanwhile, Quest Diagnostics announced it has been able to reduce its turnaround time on tests from 7 days down to 1-2 days.
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- Democrats kicked off their Virtual Convention on Monday night. Last night, former first lady Michelle Obama criticized U.S. President Donald Trump and accused him of being "clearly in over his head." Senator Bernie Sanders also spoke last night. This evening, Rep. Alexandria Ocasio-Cortez (D-NY), former President Bill Clinton, and Joe Biden's wife, Jill, will speak.
- While real estate problems continue to plague Manhattan due to an exodus of residents, at least one company is looking to scoop up property and hire new workers. Amazon.com Inc. (NASDAQ: AMZN) announced plans to expand offices in six major cities and to add roughly 3,500 new employees. The company said that 2,000 of these new jobs will happen in New York in the historic Fifth Avenue building that once rented to Lord & Taylor. The company recently purchased the building from WeWork after the work-sharing giant began shedding assets due to debt concerns. The deal was worth more than $1 billion.
Stocks to Watch Today: HD, WMT, BA
- Shares of Home Depot Inc. (NYSE: HD) reported earnings per share of $4.02 for the second quarter. That figure topped expectations from Wall Street of $3.71. Meanwhile, revenue also beat consensus expectations. The firm had also reported a massive jump in same-store sales as more Americans put their shutdown time to work to engage in at-home projects. The firm more than doubled same-store expectations with a 23.9% jump compared to the same period in 2019.
- Shares of Walmart Inc. (NYSE: WMT) were flat despite news that the company is capturing market share in the grocery business at a breakneck pace. During the second quarter, WMT reported earnings per share of $1.56. That figure topped expectations by $0.31. The company said that its e-commerce sales nearly doubled as more Americans avoided brick-and-mortar stories. WMT e-commerce grew by 97% during the quarter.
- Boeing Co. (NYSE: BA) announced it will offer a second round of voluntary layoffs, according to a memo from CEO Dave Calhoun. Multiple media outlets report that the company hasn't set a specific target to reduce its headcount. However, it does see a major realignment is necessary as it deals with the substantial drop in demand for travel.
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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.