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The Dow Jones news today features stocks rising again as markets eye another round of earnings reports and economic data. Also, President Donald Trump is ratcheting up rhetoric against German trade and markets are weighing surprising polling data from the upcoming British election.
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
- The June 2017 FOMC meeting is in focus as investors look ahead to Friday's release of the May jobs report. Yesterday, the Dow experienced its first day of losses in more than a week, but today's higher opening signals optimism over the U.S. job market. On Friday, the U.S. Commerce Department is expected to announce that the U.S. economy added 175,000 jobs, while the unemployment rate held in May at 4.4%. That said, this report is unlikely to deter the Fed from raising interest rates in two weeks. Here's more about what to expect from - and how to prepare for - an interest rate hike.
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- Silver prices and gold prices hit a monthly high Monday as markets continue to eye another round of geopolitical tensions around the globe. Markets are concerned about a new poll out of Britain that shows the lead of Prime Minister Theresa May falling ahead of the general election next week, which could upset Brexit plans. In addition, investors are eyeing the ongoing debate surrounding another bailout for Greece and the upcoming Italian elections. Money may continue to pour into safe-haven investments as the summer approaches. Money Morning Resource Specialist Peter Krauth has just released his latest 2017 silver forecast. Here's what you need to know.
- Crude oil prices were falling as markets eye a growing glut in crude supply thanks to rising production in Libya. Concerns about rising Libyan production emerged just days after OPEC members and several non-members agreed to extend their deal to cap excessive production by at least another nine months. However, analysts are concerned that the global oil cartel is doing little else to stave off price competition and supply gluts from its main rival in U.S. shale producers. The WTI crude oil price today fell 2.2%. Brent crude dipped 2.6%.
- Money Morning's goal is to help you make investing profitable, which is why we're bringing readers an exclusive Rick Rule interview on June 1. After this interview, a fortunate group of our readers could have a shot at making a $492,120 windfall. This Rick Rule interview is free and will be broadcast on Thursday, June 1, at 1:00 p.m. You can reserve your complimentary spot by going right here.
- On the global front, markets are keeping a close eye on growing tensions in the Korean Peninsula. The U.S. Defense Department announced the successful test of a long-range interceptor missile over the Pacific Ocean Tuesday. The test was done to determine the readiness of the U.S. defense systems should North Korea decide to launch a weapon. The announcement came after North Korea launched a projectile that landed in Japan's economic zone. Many casual observers are putting a lot of hope into the U.S.' Terminal High Altitude Area Defense (THAAD) missile defense system at Osan Air Base in South Korea. But there's one disturbing secret about the THAAD system.
Four Stocks to Watch Today: KORS, XOM, AMZN, WMT
- Shares of Michael Kors Holdings Ltd. (NYSE: KORS) fell by more than 7% after the company reported quarterly earnings before the bell. The company's adjusted earnings per share (EPS) and adjusted revenue topped Wall Street EPS expectations of $0.70 on top of $1.048 billion in revenue. But analysts were just as focused on the numbers as they were the company's progress in new product development, new store openings, and ability to optimize store space. However, CEO John Idol said that ongoing challenges in the retail industry forced the company to compete on more promotions, which impacted margins. In addition, he said that product and store experience fell short of customer expectations. Such news clouds the outlook for the retail company.
- Exxon Mobil Corp. (NYSE: XOM) is in focus as the company hosts its annual shareholders' meeting. While investors will want to know how the company's cost-cutting initiative has helped bolster its balance sheet, the real battle will take part over climate change. The firm's CEO Darren Woods faces a vote on a resolution that would force the company to offer a deep analysis into the impact of strict greenhouse-gas limits on its operations. Both the California Public Employees' Retirement System (CALPERS) and the Church of England's investment fund are pushing for the resolution to pass.
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- On Tuesday, shares of Amazon.com Inc. (Nasdaq: AMZN) hit an all-time intraday high of $1,001.20. The e-commerce giant continues to crush its competitors in the brick-and-mortar retail space. The company has a market cap of more than $477.8 billion. That's more than double its rival Wal-Mart Stores Inc. (NYSE: WMT).
- In deal news, shares of Mallinckrodt Plc. (NYSE: MNK) gained more than 1.2% on news that the drug manufacturer is looking to sell its generic drug unit in a deal worth up to $2 billion. The announcement comes two weeks after noted short seller and hedge fund manager James Chanos slammed the company's business model and raised concerns about its significant amount of debt.
- Look for additional earnings reports from Palo Alto Networks Inc. (NYSE: PANW), Analog Devices Inc. (Nasdaq: ADI), Box Inc. (NYSE: BOX), Vera Bradley Inc. (Nasdaq: VRA), Hewlett Packard Enterprise Co. (NYSE: HPE), and Ship Finance International Ltd. (NYSE: SFL).
Wednesday's U.S. Economic Calendar (all times EDT)
- Dallas Federal Reserve Bank President Robert Kaplan speaks at 8 a.m.
- Redbook at 8:55 a.m.
- Chicago PMI at 9:45 a.m.
- Pending Home Sales Index at 10 a.m.
- Beige Book at 2 p.m.
- Farm Prices at 3 p.m.
- San Francisco Federal Reserve Bank President John Williams speaks at 7:30 p.m.
- Motor Vehicle Sales at 8 p.m.