Dow Jones News Today: Stocks Continue to Fall After Special Counsel Appointed in Trump Investigation

The Dow Jones news today will focus on the investigation into President Trump's campaign as a special counsel was appointed yesterday by the Department of Justice. Dow Jones futures are down 88 points today after the Dow fell 372 points yesterday.

Here are the numbers from Wednesday for the Dow, S&P 500, and Nasdaq:

Now here's a closer look at today's most important market events and stocks, plus Thursday's economic calendar.

The Five Top Stock Market Stories for Thursday

• Markets cratered Wednesday as geopolitical turmoil heated up in Washington. The Dow plunged more than 370 points on concerns that President Trump could struggle to get tax reform and other policy changes implemented by the end of the year. The downturn came after it was alleged that President Trump requested that former FBI Director James Comey "let go" of the investigation into the activity of the president's former National Security Advisor, Michael Flynn.

Rare Gold Anomaly: A door has opened for an ultra-rare but powerful anomaly in the stock market... It involves a precious metal, one that's considered exceedingly more rare than gold. Get all the details.

• Media outlets have been pushing the narrative of a possible impeachment for President Trump as new evidence emerged the president asked the FBI Director to drop the investigation into his campaign. That has many investors wondering about the possibility of a market crash should that occur. Yesterday, CNBC turned to former CEO of General Electric Co. (NYSE: GE) Jack Welch for insight on what the impeachment of President Trump would look like. Welch's warning - which you can read here - is dire.
• While investors are caught up in the latest scandal in Washington, D.C., they are missing the broader picture about the U.S. debt ceiling. Ever since politicians reinstated the debt ceiling in March, five misconceptions have been floating around. We list all five and offer you the top way to profit from the next debt showdown. Read our insight, here.
• Crude oil prices were falling despite rising expectations that OPEC will extend a deal to cap excessive production. Non-cartel member Russia and OPEC's largest producer, Saudi Arabia, have both publicly expressed support to extend a deal. Markets appeared optimistic that U.S. crude inventory levels will see another weekly decline. However, crude stocks remain very high when compared to historical average, a trend that has kept prices at lower levels. The WTI crude oil price today fell 0.3%. Brent crude dipped 0.4%.
• Shares of L Brands Inc. (NYSE: LB) rallied more than 6.8% after the company topped Wall Street earnings expectations after the bell Wednesday. But shares of American Eagle Outfitters (NYSE: AEO) plunged after the firm released weak quarterly earnings and set a weak forecast for the year. Retail earnings have been mixed in recent weeks, and some investors are thinking that a buying opportunity may emerge in this sector. However, investors need to steer clear. Here's why the "Retail Ice Age" is here today, and more importantly, how you can profit.

Three Stocks to Watch Today: BABA, WMT, CSCO

• • In earnings news, Alibaba Group Holding Ltd. (NYSE: BABA) is set to report quarterly earnings before the bell Thursday. Wall Street anticipates the company will report EPS of $0.67 on top of $5.201 billion in revenue. Money Morning Chief Investment Strategist Keith Fitz-Gerald has long referred to Alibaba as a "Buy," so any downturn after today's earnings report could present a prime investment opportunity.
  • Shares of Wal-Mart Stores Inc. (NYSE: WMT) are in focus before the bell as the global retailer reports fiscal first-quarter 2018 earnings. Wall Street anticipates that the company will report earnings per share of $0.96 on top of $117.62 billion in revenue. At a time that retail numbers have been shaky in recent weeks, investors are hoping the company's investments to boost foot traffic and online sales paid off.

• Shares of Cisco Corp. (Nasdaq: CSCO) fell more than 7.5% in pre-market hours after the company topped Wall Street earnings expectations yesterday, but reported a weaker than expected annual forecast. The global tech giant also announced intentions to slash at least 1,100 jobs as part of a larger cost-cutting initiative. The firm reported EPS of $0.60 on top of $11.94 billion in revenue. Both figures topped consensus forecasts.
• Look for additional earnings reports from Salesforce.com Inc. (NYSE: CRM), Gap Inc. (NYSE: GPS), Applied Materials Inc. (Nasdaq: AMAT), Ross Stores Inc. (Nasdaq: ROST), Autodesk Inc. (Nasdaq: ADSK), Polo Ralph Lauren Corp. (NYSE: RL), Hibbett Sports (Nasdaq: HIBB), and Buckle Inc. (NYSE: BKE).

Thursday's U.S. Economic Calendar (all times EDT)

• Jobless Claims at 8:30 a.m.
• Philadelphia Fed Business Outlook Survey at 8:30 a.m.
• Bloomberg Consumer Comfort Index at 9:45 a.m.
• Leading Indicators 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.
• 52-Week Bill Announcement at 11 a.m.
• Two-Year FRN Note Announcement at 11 a.m.
• Two-Year Note Announcement at 11 a.m.
• Five-Year Note Announcement at 11 a.m.
• Seven-Year Note Announcement at 11 a.m.
• 10-Year TIPS Auction at 1 p.m.
• Cleveland Federal Reserve Chair President Loretta Mester speaks at at 1:15 p.m.
• Fed Balance Sheet at 4:30 p.m.
• Money Supply at 4:30 p.m.

Up Next: The Four Best Silver Investments This Year (and Why You Need Them in Your Portfolio Today)

Follow Money Morning on Facebook and Twitter.