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The Dow Jones news today features stocks falling ahead of a busy day of retail earnings reports and fallout over President Trump firing FBI Director Comey. A series of lackluster earnings reports yesterday compounded concerns that the Trump administration may struggle to get its economic policies passed in 2017.
Here are the numbers from Wednesday 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 Thursday's economic calendar.
The Five Top Stock Market Stories for Thursday
- Dow Jones futures today are down 46 points this morning as investors digest a fresh round of earnings reports and speculate on whether President Donald Trump will be able to push his pro-growth economic reforms through Congress this summer. Markets are mixed on whether Republicans will be able to enact tax reform after President Trump fired FBI Director James Comey, who was investigating potential connections between Russia and the U.S. election.
- In the latest Brexit news, UK Prime Minister Theresa May has called for snap elections on June 8 in order to simplify negotiations of the country's exit from the European Union. But May's decision could impact your money and raise concerns about volatility in the weeks ahead. That's why Money Morning has put together a report for traders ahead of the upcoming deadlines. Be sure to read this news before the markets catch up.
- Crude oil prices were pushing higher after the U.S. Energy Information Administration reported Wednesday that U.S. crude inventories fell by a larger margin than expected. However, this rally could be short-lived due to news that Saudi Arabia increased its output in April. Traders are still speculating on whether OPEC producers will extend their six-month deal to cap excessive production when they meet on May 25. The WTI crude oil price today added 1.08%. Brent crude gained 1.04%.
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- Congress may be halfway through the process of repealing and replacing the Affordable Care Act, but the problems for the Obama-era law continue to mount. Yesterday, Aetna Inc. (NYSE: AET) announced that it will completely withdraw from the Obamacare insurance exchanges next year. The company said it continues to experience sharp financial losses amid growing political uncertainty. The firm will depart exchanges in Delaware and Nebraska, the final two states where it offered plans. Aetna projected it will lose $200 million on exchange businesses this year.
- One wouldn't know it, but based on the way retail companies are cutting jobs, you'd think we're at the height of a recession. Some of the nation's most iconic retail firms are slashing thousands of jobs as customers spurn brick-and-mortar locations for e-commerce channels. How can you profit from this trend? Money Morning Capital Wave Strategist and retail sector expert Shah Gilani offers his pathway to big gains, right here.
Five Stocks to Watch Today: SNAP, WFT, M, KSS, TSLA
- In earnings news, shares of Snap Inc. (NYSE: SNAP) fell more than 21% after the company hosted its first earnings call since joining the public markets. The parent company of social media site Snapchat badly missed earnings expectations and fell short on its daily active user figures. The firm reported a reported a quarterly net loss of $2.31. That was worse than the Wall Street consensus estimate of -$2.05 per share.
- The Retail Ice Age could claim additional names today during a busy day of earnings reports. Shares of Nordstrom Inc. (NYSE: JWN), Macy's Inc. (NYSE: M), and rival Kohl's Corp. (NYSE: KSS) are all set to report earnings during the day. First up on the day will be Macy's. Wall Street anticipates the firm will report earnings per share (EPS) of $0.35 on top of $5.47 billion in revenue.
- Whole Foods Market Inc. (NYSE: WFM) announced plans to shake up its management yet again. The company announced it has hired a new CFO and replaced its chairman and five additional board members. The grocer also matched Wall Street's quarterly earnings expectations and raised its quarterly dividend by 29%. WFM stock added 3.3% in pre-market hours.
- Tesla Inc. (Nasdaq: TSLA) is one of those companies that grabs a lot of attention – and rightly so. It is led by Elon Musk, a true visionary, who is developing electric cars, solar energy and, through another company called SpaceX, even the plans for sending humans to Mars. The "cool factor" here is astronomical. So why does Wall Street still think this is just a car company? We asked that very question to Money Morning Chief Investment Strategist Keith Fitz-Gerald. His answer will surprise you.
- Look for additional earnings reports from Cyberark Software Ltd. (Nasdaq: CYBR), Teva Pharmaceutical Industries Ltd. (Nasdaq ADR: TEVA), Perrigo Co. (NYSE: PRGO), and Dillard's Inc. (NYSE: DDS).
Thursday's U.S. Economic Calendar (all times EDT)
- New York Federal Reserve President William Dudley speaks at 6:25 a.m.
- Jobless Claims at 8:30 a.m.
- PPI-FD at 8:30 a.m.
- Bloomberg Consumer Comfort Index at 9:45 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.
- Ten-Year TIPS Announcement at 11 a.m.
- 30-Year Bond Auction at 1 p.m.
- Fed Balance Sheet at 4:30 p.m.
- Money Supply at 4:30 p.m.