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On Wednesday, the Dow Jones Industrial Average fell 59 points after President Trump took aim at the strength of the U.S. dollar and geopolitical uncertainty continued to rattle investor confidence. His comments fueled a flight to safe-haven assets like gold and the Japanese yen. The CBOE Volatility Index – widely considered the markets' fear gauge – jumped over 6%.
Let's look at the numbers from Wednesday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 20,591.86; -59.44; –0.29%
S&P 500: 2,344.93; -8.85; -0.38%
Nasdaq: 5,836.16; -30.61; -0.52%
Today's market highlights:
- Wells Fargo & Co. (NYSE: WFC), Citigroup Inc. (NYSE: C), and JPMorgan Chase & Co. (NYSE: JPM) will lead a busy day of earnings reports.
- President Donald Trump has threatened to cut subsidies to the Affordable Care Act, a statement that will likely impact health insurance companies during today's trading session.
- YEXT stock priced at $11.00 per share and will begin trading publicly for the first time Thursday.
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Here's a look at today's most important market events and stocks, plus a look at Thursday's economic calendar.
What's Ahead for the Dow Jones Industrial Average Today
- In economic news, keep an eye on producer price data from the U.S. Labor Department. Economists anticipate that the PPI-Final Demand figures will indicate an increase in process by roughly 2.4%. In addition, the April consumer sentiment report will be released by the University of Michigan. Finally, keep an eye on the weekly jobless report from the Labor Department. Last week, the number of Americans seeking unemployment benefits remained near the 43-year low.
- Crude oil prices were flat after the Energy Information Administration (EIA) reported that U.S. inventory levels remain stubbornly high. The weekly inventory report from the EIA indicated that domestic crude stocks increased by 276,000 barrels at Cushing, Okla., the nation's largest delivery point. The WTI crude oil price today was off 0.1% while Brent crude gained 0.1%.
- Money Morning Global Energy Strategist Dr. Kent Moors just forecast that WTI crude oil prices will climb to the low $60 per barrel range in 2017 and sees Brent oil prices per barrel in the mid $60s next year. Higher crude prices will create a wealth of opportunities for investors in the months ahead. Check out the latest ways to make money, right here.
- But the big story today concerns one question. With so many geopolitical concerns happening all at the same time, it's time to ask: Is the next stock market crash on the horizon? That's why we want our readers to be prepared if there is a crash in April. Here are the factors that you must know about, plus our 2017 Stock Market Crash Protection Plan.
Stocks to Watch Today, April 13, 2017
- Shares of JPMorgan Chase & Co. (NYSE: JPM) is set to report quarterly earnings on Thursday. The nation's largest U.S. bank by assets is one of three financial institutions that will report earnings today. Investors are anticipating today's round of reports to get a better sense of how higher interest rates have impacted the profitability of U.S. banks.
- Another bank reporting earnings today is Wells Fargo & Co. (NYSE: WFC). The company has been plagued by a sales scandal that has tarnished its reputation and forced it to claw back $75 million in bonus pay from its former CEO and the executive who led its community banking practice. Analysts expect the company will report a slight decline in quarterly earnings.
- United Continental Holdings Inc. (NYSE: UAL) continues to be dogged by bad public relations after a passenger was forcefully dragged out of a plane traveling from Chicago. Lawyers for the passenger have filed a legal request in Illinois that will force the airline to preserve any video footage and documentation from the incident. Shares have been falling after numerous calls for a boycott and negative publicity began over the weekend.
- Tesla Inc. (Nasdaq: TSLA) is generating headlines after the company announced plans to add two new independent board members to its board.
- Look for additional earnings reports from PNC Financial Services Group Inc. (NYSE: PNC), Apogee Enterprises Inc. (Nasdaq: APOG), and Infosys Ltd. (NYSE ADR: INFY).
Today's U.S. Economic Calendar (all times EDT)
- Jobless Claims at 8:30 a.m.
- PPI-FD at 8:30 a.m.
- Bloomberg Consumer Comfort Index at 9:45 a.m.
- Consumer Sentiment at 10 a.m.
- EIA Natural Gas Report at 10:30 a.m.
- Three-Month Bill Announcement at 11 a.m.
- Six-Month Bill Announcement at 11 a.m.
- Five-Year TIPS Announcement at 11 a.m.
- Baker Hughes Rig Count at 1 p.m.
- Bond Market Close at 2 p.m.
- Fed Balance Sheet at 4:30 p.m.
- Money Supply at 4:30 p.m.
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