Dow Jones Now Gains Ahead of Latest Federal Reserve Statement

The Dow Jones now is up as investors prepare for remarks by Fed Chair Jerome Powell. Powell will address the central bank's ongoing battle with low inflation.

Today could be a very important day in the history of how the Fed analyzes and defines inflation. More on this below.

Here are the numbers from Wednesday for the Dow, S&P 500, and Nasdaq:

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, we are anticipating a major speech by Jerome Powell, the head of the U.S. Federal Reserve. This morning, the Fed will host its annual symposium virtually. The event is traditionally held in Jackson Hole, Wyo. During the speech, Powell will introduce a new monetary policy tool to spur domestic inflation and help address the ongoing pandemic. The central bank says that it has failed to reach its annual inflation target of 2%. The Fed will likely announce an "average inflation" target.

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• Johns Hopkins University reports that U.S. COVID-19 cases have surpassed 5.8 million, while the death toll now sits at nearly 178,000. This morning, the governors of New York and California both said they won't follow the new testing guidance of the Centers for Disease Control and Prevention. The agency had said that people who have been exposed to infected people and don't show symptoms may not require testing. This is a reversal of the CDC's previous rules.
• Last, the U.S. Commerce Department announced its second reading on GDP for the second quarter, and it's not very positive. The agency said that U.S. GDP fell by 31.7% during the second quarter compared to the consensus 32.5% expected by economists.

Stock to Watch Today: ABT, UA, TIF

• Shares of Abbott Laboratories (NYSE: ABT) are on the move after the healthcare company received authorization from the FDA on a new COVID-19 test. This new test can produce results in about 15 minutes and costs roughly $5. The testing approval came under the FDA's emergency use authorization program.
• Shares of Under Armour Inc. (NYSE: UA) are in focus after the apparel giant pulled out of its 15-year deal with the University of California - Los Angeles (UCLA). The university is now suing Under Armour for a staggering $200 million in damages over the deal. The company has attempted to exit its deal after college sports were canceled for the spring and fall due to the coronavirus pandemic.
• Shares of Tiffany & Co. (NYSE: TIF) are on the move after the firm reported mixed quarterly earnings this morning. While the firm beat earnings expectations, it fell short on the revenue front. The company said that same-store sales were off 24% compared to the same time in 2019. Analysts expected that same-store decline to come in around 17%. Meanwhile, the firm said that sales have recovered nicely in China and that global sales have bounced back from the second quarter.

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