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The Dow Jones news today focuses on a monster earnings report from Facebook as the social media giant reported a 71% profit growth last quarter. Dow Jones futures are up 28 points this morning as earnings week continues.
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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
- Twitter Inc. (NYSE: TWTR) reported earnings this morning. Wall Street expected earnings per share (EPS) of $0.05 on top of $536 million in revenue. Even though the company topped both figures, the stock fell nearly 10% in pre-market hours after user growth estimates fell short of analysts' expectations. Meanwhile, Verizon Communications Inc. (NYSE: VZ) beat earnings estimates and reported a huge gain in wireless subscribers. VZ shares added 3.2%.
- Gold prices are hovering near six-week highs after yesterday's FOMC meeting ended. The central bank elected to keep interest rates at current levels and offered a little more clarity into its plans to begin winding down its massive balance sheet. With uncertainty over the timing of the next interest rate hike, the U.S. dollar fell. Gold prices and silver prices both benefited from the greenback's weakness.
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- Advanced Micro Devices Inc. (Nasdaq: AMD) shares are pushing higher again in pre-market hours after the company continues to rally on Bitcoin-fueled returns. The company topped Wall Street expectations on news that its profits have been driven by heavy demand by cryptocurrency miners.
- AMD stock is not the only news driving cryptocurrencies today. The U.S. Securities Exchange Commission (SEC) announced intentions to regulate initial coin offerings (ICOs) as securities in the future. While regulatory oversight may be a negative impact on cryptocurrency prices today, the SEC's decision should help bring established currencies into the mainstream. Here's the latest on trends driving cryptocurrency prices.
- Crude oil prices were hovering near an eight-week high thanks to a massive drop in U.S. domestic inventories and speculation that Saudi Arabia will follow through on its plans to cap exports. On Wednesday, the Energy Information Administration reported that U.S. inventory levels fell by 7.2 million barrels. That figure is almost triple the amount anticipated by analysts. Prices were off slightly in early trading as some traders are taking profits off the table. The WTI crude oil price today fell 0.7%. Brent crude dipped 0.6%. Don't miss Money Morning Global Energy Strategist Dr. Kent Moors' latest insight on oil markets and his latest outlook on energy prices in the months ahead. Check it out, right here.
Three Stocks to Watch Today: FB, TWTR, AMZN
- Shares of Facebook Inc. (Nasdaq: FB) rallied more than 5.5% after the company crushed Wall Street earnings expectations after the bell Wednesday. The firm reported a 71% jump in profits thanks to the development of new products. Wall Street cheered the earnings report as concerns about slowing user growth were alleviated by its profit margins and transition into a "video-first" company.
- Are you affluent enough to borrow money from Goldman Sachs Group Inc. (NYSE: GS)? The iconic investment bank has launched a new lending initiative to provide loans of $75,000 up to $25 million to customers of other wealth management firms and brokerages. The decision is another big step by Goldman into the retail lending space.
- Shares of Amazon.com Inc. (Nasdaq: AMZN) are on the move this morning as the company prepares to report second-quarter earnings after the bell. Wall Street expects an EPS of $1.40 on top of $37.2 billion in revenue. Markets will be looking for new insight into the company's plan to close a $13.7 billion deal for Whole Foods Market Inc. (NYSE: WFM) and the growing success of its cloud-computing division. The company will also provide updates into its global expansion. Shares added 1.3% after an analyst told CNBC this morning that the stock could double to $2,000.
- Look for additional earnings reports from Baidu Inc. (Nasdaq: BIDU), Starbucks Corp. (Nasdaq: SBUX), Intel Corp. (Nasdaq: INTC), Electronic Arts Inc. (NYSE: EA), First Solar Inc. (Nasdaq: FSLR), Procter & Gamble Co. (NYSE: PG), Celgene Corp. (Nasdaq: CELG), and Verizon Communications Inc. (NYSE: VZ).
Thursday's U.S. Economic Calendar (all times EDT)
- Durable Goods Orders at 8:30 a.m.
- International Trade in Goods at 8:30 a.m.
- Jobless Claims at 8:30 a.m.
- Chicago Fed National Activity Index at 8:30 a.m.
- Bloomberg Consumer Comfort Index at 9:45 a.m.
- EIA Natural Gas Report at 10:30 a.m.
- Kansas City Fed Manufacturing Index at 11 a.m.
- Three-Month Bill Announcement at 11 a.m.
- Six-Month Bill Announcement at 11 a.m.
- Seven-Year Note Auction at 1 p.m.
- Fed Balance Sheet at 4:30 p.m.
- Money Supply at 4:30 p.m.