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The Dow Jones news today will focus on the possibility of a new Dow Jones record high of 22,000. Dow Jones futures are up 49 points this morning as tech stocks are pulling the market higher. Shares of Apple Inc. (Nasdaq: AAPL) hit a record high after the company decimated Wall Street earnings expectations after the bell Tuesday.
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, plus Wednesday's economic calendar.
The Five Top Stock Market Stories for Wednesday
- After the bell Tuesday, shares of Apple Inc. hit a new all-time record, rising more than 6.2% in premarket hours. The firm reported earnings per share (EPS) of $1.67, a figure that beat estimates by 10 cents. The tech giant also easily beat revenue expectations. Wall Street is going wild over Apple on news that the firm expects big sales figures when it releases its iPhone 8 later this year. Apple now estimates that its revenue for the fourth quarter could hit $52 billion, a number that shatters analysts' expectations.
- Apple's earnings report and increased sentiment for this quarter's earnings season has the Dow on the verge of 22,000. The S&P 500 and the Nasdaq are also sitting near record highs. With earnings dominating the news, investors should pay attention to the daily economic data. U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the ADP national employment report, the ISM New York report on business, and the weekly DOE liquid energy stocks.
- It's a big day for e-commerce giant Amazon.com Inc. (Nasdaq: AMZN). The company will host a huge job fair in which it aims to fill up to 50,000 positions. The firm is looking to fill this many positions for its domestic warehouses in roles that include packing, sorting, and shipping of products. The company said in a statement that it hopes to make offers to job candidates on the same day that they apply on-site for a position.
- Crude oil prices were flat in premarket hours as traders prepare for the weekly inventory report from the Energy Information Administration. Crude prices have been ticking higher on expectations that Saudi Arabia will cut exports and OPEC will aim to curb excessive production. That said, with U.S. production sitting near record highs, analysts remain cautious about the possibility that an oil glut could reemerge in North America and around the globe at any time. The WTI crude oil price today fell 1.2%. Brent crude dipped 1.0%.
- Finally, the Senate reapproved an amendment that would keep U.S. Attorney General Jeff Sessions far away from medical marijuana. This story is a very big deal. Over the last year, many Money Morning investors have made a huge profit investing in the legal business of medical marijuana. With Sessions limited in his crusade against the cannabis industry, Congress has now given states a huge victory in their pursuit of widespread legalization. If you're looking to profit, read more here.
Three Stocks to Watch Today: TSLA, AMC, MDLZ
- Shares of Tesla Inc. (Nasdaq: TSLA) are on the move ahead of the company's second-quarter earnings report. Wall Street anticipates that the company will report an EPS loss of -$1.94 on top of $2.54 billion in revenue.
- Shares of AMC Entertainment Holdings Inc. (NYSE: AMC) fell nearly 24% in premarket hours after the company issued a worrisome earnings forecast for the current quarter. The firm said yesterday that it was facing a significant downturn in the current quarter and announced it was looking to slash its costs. The firm will report earnings next week.
Can the Market Keep Going Higher?
- Mondelez International Inc. (Nasdaq: MDLZ) added more than 2.5% this morning on news that it was set for a shakeup in upper management. The firm's CEO, Irene Rosenfeld, will step down from the job in November and relinquish the role of chair next spring. The news accompanied a positive second-quarter earnings report in which the firm beat Wall Street earnings estimates by three cents.
- Look for additional earnings reports from Zynga Inc. (Nasdaq: ZNGA), 3D Systems Corp. (NYSE: DDD), Tableau Software (Nasdaq: DATA), Transocean Ltd. (NYSE: RIG), Sturm, Ruger & Co. (NYSE: RGR), and NXP Semiconductors NV (Nasdaq: NXPI).
Wednesday's U.S. Economic Calendar (all times EDT)
- MBA Mortgage Applications at 7 a.m.
- Housing Starts at 8:30 a.m.
- EIA Petroleum Status Report at 10:30 a.m.
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