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The Dow Jones now could climb further after a FAANG-induced rally. Investors are wondering if the tech stock reversal is over. Shares of Apple Inc. (NASDAQ: AAPL) are trying to claw back to their all-time highs.
More on these events below. See what else is moving the Dow today…
First, let's dive into 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, the U.S. Labor Department reported that 884,000 people filed for unemployment benefits for the first time for the week ending Sept. 5. That figure was higher than what economists had anticipated. However, the number was largely impacted by a few changes in methodology due to seasonal factors. The report arrived the same morning that many investors speculated on the timing of a new COVID-19 stimulus plan. U.S. Senate Majority Leader Mitch McConnell said he is "optimistic" that the Senate would deliver a strong vote in support for a new $500 billion rescue package.
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- Johns Hopkins University reports that American cases of COVID-19 topped 6.3 million on Wednesday. But the number that is making headlines is the 190,000 deaths since the beginning of the crisis. Epidemiologists worry that the case load and death toll could surge in the months ahead due to the combination of flu season and increased relaxed standards about reopening across the country.
- Last, there will be a shakeup at one of the largest banks in the United States. Citigroup CEO Michael Corbat announced plans to resign in February 2021 after eight years leading the financial institution through its recovery from the Great Financial Crisis. The company announced that Corbat is leaving after 37 years at the institution. The board of directors has said that retail banking head Jane Fraser will take over as CEO. Fraser will be the first female CEO of a major U.S. bank.
Stock to Watch Today: AZN, RH, VRTU
- Shares of AstraZeneca Plc. (NYSE: AZN) are under pressure on news that company has suspended its phase 3 drug trial for a COVID-19 vaccine. The company suspended its trial after a participant suffered adverse effects during the treatment. The company is investigating the cause of that illness. AstraZeneca representatives said that it will know by the end of the year if its treatment works. However, the question that the market wants to know is when and if it can resume its trial for a promising vaccine candidate.
- Shares of Restoration Hardware Holdings Inc. (NYSE: RH) popped more than 20% after the company shattered earnings expectations. The company reported earnings of $4.90, easily crushing expectations of $3.41. In addition, the luxury furniture giant topped revenue numbers and issued a very positive outlook for the year ahead. The firm said it expects its operating margins to top 25%, a staggering figure for a company of its specialty.
- In deal news, Virtusa Corp. (NASDAQ: VRTU) announced it will be going private. The company has accepted a deal from private equity giant Baring Private Equity Asia for $2 billion in cash. The offer is worth $51.35, which is more than 25% higher than yesterday's closing price.
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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.