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This morning, the Dow Jones Industrial Average was off slightly as investors weighed the October jobs report and eyed another round of fresh earnings data.
The Dow Jones fell 28 points on Thursday as investors continue to weigh the risks of Tuesday's election and the Labor Department reported the largest jump in weekly jobless claims in nearly three months.
The S&P 500 has fallen for eight straight sessions as election jitters continue to rattle sentiment. This is the longest losing streak for the S&P 500 since 2008.
Thursday's Stock Market Numbers:
Dow Jones: 17,930.67; -28.97; -0.16%
S&P 500: 2,088.66; -9.28; -0.44%
Nasdaq: 5,058.41; -47.16; -0.92%
What's Ahead for the Dow Jones Industrial Average Today
The Dow Jones Industrial Average projected a 16-point decline after the U.S. Labor Department reported the October jobs report. According to the agency, the United States added 161,000 jobs last month. That's off slightly from the 175,000 jobs that economists had anticipated. Meanwhile, the unemployment rate sits at 4.9%.
Markets are still digesting a statement by the Fed Open Market Committee after the central bank decided not to raise interest rates on Wednesday. The FOMC said that the case for a rate hike has strengthened over the last few months, but the central bank wants more evidence of a stronger job market and more progress toward its inflation target. According to CME Group's FedWatch Tool, the odds of an interest rate hike in December sit at 71.5%.
In the video below, Money Morning Technical Trading Specialist D.R. Barton tells investors the three ways they can protect their portfolios if a rate hike happens by the end of 2016.
The WTI crude oil price today fell roughly 1.1%, while the Brent crude oil price dipped 1.0%.
But the big story today is marijuana. On Tuesday, nine states have marijuana initiatives on the ballot, and voter turnout is expected to be significant on the issue. Voters in five states will decide whether to legalize recreational marijuana for adults. And we have found a way for investors to start profiting right away. Check out the top marijuana stocks, right here.
Stocks to Watch Today, Nov. 4, 2016
- There's a reason why Money Morning Chief Investment Strategist Keith Fitz-Gerald has told investors to avoid GoPro Inc. (Nasdaq: GPRO). The overhyped company has consistently underwhelmed, and Thursday's earnings report proved to be another bad one. Trading was temporarily halted after the company issued a huge miss on its earnings and news of ongoing production problems. Shares are down more than 19.5% in pre-market hours.
- Money Morning has been updating readers on Facebook Inc. (Nasdaq: FB) stock news in recent weeks. Whether it is the impact of the company's Q3 earnings report or the impact of the company's continued migration to mobile, we continue to provide insight on where the stock is now and where it's heading in the future. But the big story that few in the mainstream press have covered is the Facebook stock split date. Investors have a lot of questions about the Facebook stock split, which is why we've developed a guide for the event. Check it out, right here.
- Look for additional earnings reports from Regeneron Pharmaceuticals (Nasdaq: REGN), Jamba Inc. (Nasdaq: JMBA), The AES Corp. (NYSE: AES), and Duke Energy Corp. (NYSE: DUK).
Today's U.S. Economic Calendar (all times EDT)
- Employment Situation at 8:30 a.m.
- International Trade at 8:30 a.m.
- Atlanta Federal Reserve Bank President Dennis Lockhart speaks at 8:30 a.m.
- Dallas Federal Reserve Bank President Rob Kaplan speaks at 12 p.m.
- Baker Hughes Rig Count at 1 p.m.
- Federal Reserve Vice Chair Stanley Fischer speaks at 4 p.m.
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