Dow Jones News Today: Stocks Fall After President Trump Fires FBI Chief James Comey

The Dow Jones news today will focus on concerns over President Donald Trump's firing of FBI Director James Comey. Dow Jones futures are down 29 points as Trump's decision could impact Republicans' efforts to pass tax reform and other pro-growth policies.

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

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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

• European stocks jumped to a 21-month high thanks to increasing optimism that leaders will introduce stimulus or bailout packages to help beleaguered economies like Italy and Greece. On Sunday, Emmanuel Macron defeated Marine Le Pen in the French presidential election. The vote beat back the wave of populism sweeping the globe and ensures that France will remain in the European Union. Macron is considered sympathetic to the future of the European Union project and has expressed support for massive bailout packages for member nations.

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• • The U.S. dollar is falling in pre-market hours as markets raised new concerns about the decision-making of President Donald Trump. Yesterday, the president sacked FBI Director James Comey in a surprise move that could send ripple effects across Washington. Markets believe that Comey's firing will be a major distraction that could affect the president's ability to get tax reform done in 2017.

• Crude oil prices were ticking higher on news of a surprise decline in U.S. inventory levels and word that Saudi Arabia plans to reduce its supplies to the Asian markets. Markets have been concerned about oversupply in the global markets after China released a series of lackluster reports about manufacturing growth. Meanwhile, traders will be keeping an eye on the official inventory report from the U.S. Energy Information Administration later this morning. The WTI crude oil price today added 1.2%. Brent crude gained 1.1%.
• Famed investor Warren Buffett shocked investors at his annual shareholder meeting in Omaha, Neb., when he issued a dire warning about America's economy. Buffett spoke to a serious problem in the United States and argued that leaders in Washington, D.C., should take a fresh approach to tackling the American healthcare crisis. Here's what Buffett wants to do with U.S. healthcare and what it would mean for your health insurance.
• China has warned President Donald Trump not to withdraw the United States from the Paris Climate Accord. The country said that doing so would affect future trade deals between the United States and the world's second-largest economy. Money Morning Global Energy Strategist Dr. Kent Moors offers his insight into the impact of the Paris Accord and issues a stern warning about the cooling of relations between the United States and China. Read it, right here.

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• • In other earnings news, shares of Whole Foods Market Inc. (NYSE: WFM) are off 0.2% as the grocery giant plans to report quarterly results after the bell. Wall Street anticipates the firm will report earnings per share (EPS) of $0.37 on top of $3.72 billion in revenue. Analysts will also be zeroing in on speculation that the firm could sell itself or restructure due to pressures of an activist hedge fund.
  • Shares of Nvidia Corp. (Nasdaq: NVDA) rallied more than 10% in pre-market hours after the company topped Wall Street earnings expectations after the bell Tuesday. The firm reported a huge jump in quarterly income thanks to surging demand in artificial intelligence chips. The firm also said that its bets on GPUs and autonomous driving continue to pay off.

• In deal news, shares of Abercrombie & Fitch Co. (NYSE: ANF) popped more than 12% after the company announced it is working with an investment bank to consider takeover bids from other retailers. Reuters reports that the teen retailer is considering a deal after its stock hit a 17-year low. As we've explained at Money Morning, the massive "Retail Ice Age" is affecting all bricks-and-mortar retailers, and accepting a deal is likely a much better solution for shareholders than the alternative of bankruptcy. Our Capital Wave Strategist Shah Gilani offers his latest insight into other retail companies that are on the verge of extinction. In addition, he'll teach you how to profit from this mega-trend.
• Shares of Walt Disney Co. (NYSE: DIS) fell more than 2.5% in pre-market hours after the firm fell short of Wall Street revenue expectations. The entertainment giant reported solid numbers in its parks and film businesses; however, its ESPN franchise continues to experience a decline in subscribers as more Americans cut the cable cord or downgrade to more affordable cable packages.  The sports and entertainment giant also faces a wave of increasing licensing and programming costs that will likely impact its bottom line.
• Look for additional earnings reports from SodaStream International Ltd. (Nasdaq: SODA), Ctrip.com International Ltd. (Nasdaq ADR: CTRP), Sina Corp. (Nasdaq: SINA), Symantec Corp. (Nasdaq: SYMC), Mylan NV (Nasdaq: MYL), Wendy's Co. (Nasdaq: WEN), Wolverine World Wide Inx. (NYSE: WWW), Crocs Inc. (Nasdaq: CROC), and Twenty-First Century Fox Inc. (Nasdaq: FOXA).

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

• MBA Mortgage Applications at 7 a.m.
• Import and Export Prices at 8:30 a.m.
• Atlanta Fed Business Inflation Expectations at 10 a.m.
• EIA Petroleum Status Report at 10:30 a.m.
• Boston Federal Reserve Bank President Eric Rosengren speaks at 12 p.m.
• 10-Year Note Auction at 1 p.m.
• Treasury Budget at 2 p.m.

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