The Dow Jones could take a dip today as investors await testimony from Federal Reserve Chairman Jerome Powell before the House Financial Services Committee this afternoon.
The testimony will center on the central bank and the Treasury Department's response to COVID-19.
Investors are also watching bank stocks today.
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Our Garrett Baldwin believes that we're in the early stages of what could be a nasty recession.
Still, not all the news is horrible.
In fact, we have seen technological innovation accelerate, and this impact will change lives and finances for the better long after the virus has faded into history.
Nowhere is this truer than in banking and personal finance.
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Over the weekend, Goldman Sachs released a note revealing that it's betting against the U.S. dollar, anticipating that even more investors will rush into the stock market as the U.S. economy reopens.
Plus, the Fed and Congress' massive effort to provide liquidity to the economy has dramatically expanded the central bank's balance sheet and sent U.S. debt levels to sky-high levels.
In fact, by the end of this crisis, the Fed's balance sheet could easily top $10 trillion.
In addition, the threat of another wave of coronavirus and increasing unrest across America could reduce the dollar's status as the world's reserve currency.
There are other threats that continue to creep in, just under the radar.
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Stocks fell today as investors weighed the negative remarks and cautiousness of Federal Reserve Chairman Jerome Powell, hedge fund managers Stanley Druckenmiller and David Tepper, and Dr. Anthony Fauci.
Here's what our experts – Chris Johnson, D.R. Barton, Jr., and Shah Gilani – thought about their comments, where they see stocks heading next, and how you can position your portfolio today.
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Major market indicators suggest financial stocks are going to have a long tough recovery from the coronavirus crash.
Chris Johnson says he has a bearish outlook in this sector for the next 6 months at least. That's why he's given us this option play to capitalize on the market turbulence.
See the full details in this latest episode of Fast Profits with Money Morning.
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Over the weekend, Warren Buffett held his annual Berkshire Hathaway Inc. (NYSE: BRK.A) shareholders meeting.
He revealed that the company liquidated all of its airline holdings and said it is possible for some stocks to take 10 or 20 years to recover back to all-time highs they made in the past year.
Despite that grim prediction, the markets eked out gains.
The S&P 500 started the day down about 1% in early morning trading. But they rallied throughout the day and closed 0.4% higher.
Tech stocks saw the biggest bids as the Nasdaq closed 1.2% higher.
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The Dow Jones is sliding on weal outlooks from some of Silicon Valley's largest companies.
The S&P 500 jumped 12.7% in April, and the Dow gained 11.1% for the month.
It was the Dow's fourth-largest monthly return since World War II and the best in 33 years.
But it's likely we're just beginning to see the economic effects of the pandemic.
Here's everything moving the Dow today.
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Huge declines in year-over-year bank earnings were in focus on Wall Street this morning as some of the heavyweights reported before the opening bell.
The market opened down about 2% and closed near the same levels.
But that certainly isn't the only news you should be taking into account today…
You see, bank earnings have "knock-on effects" that can ripple throughout the economy in a variety of ways.
Here's what our experts – Chris Johnson, Tom Gentile, D.R. Barton, Jr., and Shah Gilani – saw in real time today, April 15
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The Dow Jones is sliding today as the economic impact of the coronavirus is further realized. Bank of America (NYSE: BAC) has reported a 45% decline in Q1 profit.
On Tuesday, President Donald Trump announced that the U.S. will halt all funding to the World Health Organization as the White House completes its review of the outbreak.
More on what's moving the Dow today...
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The Dow Jones is sliding this morning as investors grapple with the uncertainty of the coronavirus outbreak.
Many believe the gains of last week to have been mere correction from the substantial losses before.
We have a big week of earnings ahead...
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