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The Dow Jones today is off again with a surge in COVID-19 cases. U.S. deaths have surpassed 225,000, according to Johns Hopkins.
Meanwhile, investors grapple with lackluster earnings reports and the ongoing failure of Congress to get a stimulus package off the table. Here's everything moving the Dow Jones now...
Before we get into this story and more, here are the numbers from Tuesday for the Dow, S&P 500, and Nasdaq:
|Index||Previous Close||Point Change||Percentage Change|
Now here's a closer look at today's most important market events and stocks. We'll also discuss the stories that slipped under the radar of the mainstream financial press on Wednesday.
Top Stock Market Stories for Wednesday
- Johns Hopkins University reported another surge in COVID-19 cases as investors continue to monitor the pace of outstanding cases. The university says that U.S. deaths from the virus have now surpassed 225,000, with the wave of cases now surging across the Midwest and Sun Belt states. The surge in cases has increased in major battleground states at a time when many people are starting to focus on the final week of voting for the 2020 election.
- Stocks have continued to slump after certain places around the country reintroduced new lockdown measures. The State of Illinois has ordered Chicago to once again shutter indoor dining. Shares of Delta Air Lines Inc. (NYSE: DAL) were off 2.5% this morning, while Royal Caribbean Cruises Ltd. (NYSE: RCL) slid by 3.5%.
Stocks to Watch Today: MSFT, FSLR, BA
- Shares of Microsoft Corp. (NASDAQ: MSFT) were off 1.6% this morning despite a monster fiscal Q1 earnings report. The software giant continued to ride strong demand for cloud computing and video games to see revenue increase by 12% year over year. The firm reported $37.2 billion in revenue for the quarter. The company also reported earnings per share of $1.82, a figure that easily topped the $1.52 expected by Wall Street analysts.
- Meanwhile, shares of First Solar Inc. (NASDAQ: FSLR) rallied more than 13% after the Canadian company reported earnings after the bell yesterday. The firm reported earnings of $1.45 per share on top of $928 million in revenue. Wall Street had anticipated less - just $0.63 in EPS on top of $676.5 million. The company also reinstated its full guidance, which it had suspended in May. Revenue for First Solar surged at least 44.5% quarter over quarter thanks to strong global sales and a massive uptick in third-party module sales.
- Shares of Boeing Co. (NYSE: BA) are off 1% after the company came in above Wall Street expectations before the bell. The firm reported an earnings loss of $1.39 per share for the third quarter. Analysts had expected that loss to be much wider at $2.52. Revenue also matched expectations. However, with the COVID-19 outbreak getting worse, the firm said that it plans to reduce its workforce size. The firm plans to slash another 11,000 employees based on its workforce targets.
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.
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