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The Dow Jones today is struggling after news broke that Iran is attempting to interfere in the U.S. presidential election. This was accompanied by news that Russia had obtained Americans' voter information. John Radcliffe, Director of National Intelligence, said that Iran has been sending spoof e-mails aimed at inciting political unrest and intimidating voters.
Here's the latest update on stimulus, earnings reports, and everything else moving the Dow Jones Industrial Average…
We'll start with 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, we're again paying close attention to what's happening in Washington. Treasury Secretary Steven Mnuchin and Speaker Nancy Pelosi said they are still making progress on a deal. However, Senate Majority Leader Mitch McConnell has been unwilling to bring a large package to the floor.
- Johns Hopkins University reported that U.S. COVID-19 cases have surpassed 8.27 million. The big news today is that Southwest Airlines Co. (NYSE: LUV) is set to start selling middle seats on its planes in December. The policy ends its physical distancing practices, but studies have shown that travelers are far less likely to contract COVID-19 while on a plane. The company just posted its largest loss ever for a quarter, and it's attempting to increase revenue. However, we could see passengers remain wary about traveling this winter.
- Last, we're watching Bitcoin surge again – this time with the price surpassing $13,000. The recent run has pushed hedge fund manager Paul Tudor Jones into bullish territory. This morning, he called Bitcoin one of the best hedges against inflation, which continues to remain muted despite the data. Jones is best known for making an incredible amount of money during the 1987 financial crash.
Stock to Watch Today: TSLA, CMG, T
- Shares of Tesla Inc. (NASDAQ: TSLA) are up 5% after the company reported its fifth-straight quarter of profitability. At $0.76 per share, the figure blew away the $0.57 projected by analysts. The firm also said that it had delivered 139,300 vehicles during the quarter. Telsa will begin delivering cars in factories in Germany and Austin, Texas.
- Shares of Chipotle Mexican Grille Inc. (NYSE: CMG) were off 4% after the company reported earnings Thursday. The company said that an increase in delivery has increased costs and reduced drink sales during the quarter. This is an interesting development that it appears the company didn't consider when it decided to take on Uber Eats and Grubhub in the sales of its products.
- Shares of AT&T Corp. (NYSE: T) added 3.5% after the company reported earnings before the bell. The firm reported earnings per share of $0.76, in line with Wall Street expectations. In addition, revenue was well above Wall Street forecasts. The firm reported stronger than expected growth in HBO and HBO Max subscribers.
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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.