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The Dow Jones news today will focus on President Trump's first overseas trip coming to an end, the London terror attacks, and a new cost estimate for the Republican's healthcare bill. Investors are also waiting for the U.S. Federal Reserve to release minutes from the last FOMC meeting, which could shed light on more interest rate hikes this year.
Here are the numbers from Tuesday for the Dow, S&P 500, and Nasdaq:
|Index||Previous Close||Point Change||Percentage Change|
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 U.S. Federal Reserve is in focus as it prepares to release minutes from its most recent meeting on monetary policy. In addition, two members of the central bank are preparing to speak this afternoon on the U.S. economy and prospects for a rate hike next month. Thanks to the unemployment rate reaching a 10-year low in April, it's likely that interest rates are going up in June 2017. So, how will interest rates affect your money? Read our latest insight, right here.
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- The nonpartisan Congressional Budget Office will release its scoring of the freshly revised copy of the American Health Care Act. House Republicans passed the bill in early May. Keep an eye on health insurance and Medicaid stocks today as markets react to the expected deficits and decline in insurance rolls. The CBO's report on a previous version of the bill helped sink an effort at repeal and reform Obamacare earlier this year. While the media is caught up speculating on the number of people who could lose health insurance, you should be more focused on the "age tax" that crept into this bill. Read more here.
- One of the top priorities of several Trump allies will not be thwarted. The Department of Labor (DOL) announced this week that it has no plans to delay the implementation of the June compliance date for its "fiduciary rule." The regulatory provision has been controversial since the Obama administration unveiled it. The rule will require that all financial advisors act in the interest of their clients. The government agency also said that it plans to proceed with the full implementation of the rule by its deadline of Jan. 1, 2018. How does this DOL rule impact your retirement? We explain more, right here.
- Crude oil prices are sitting near five-month highs as markets continue to monitor progress of OPEC's goal of extending a deal to cap excessive global production by another nine months. Saudi Arabia, Iraq, and non-member Russia have all verbally acknowledged their support for an extension. With U.S. shale production booming and prices remaining stubbornly low, the three countries will encourage other participants to comply during a meeting in Vienna starting Thursday. The WTI crude oil price today added 0.1%. Brent crude gained 0.2%.
- Finally, investors must take a look at the One Belt, One Road map. This stunning visualization offers a glimpse of how much of the world China's new Silk Road economic initiative will involve. Look at it here, and you'll see one thing right away: This is a massive global undertaking with incredible potential - for China, and investors.
Five Stocks to Watch Today: TIF, LOW, INTU, FCAU, MO
- In earnings news, shares of Tiffany & Co. (NYSE: TIF) are generating buzz this morning. The specialty retailer is expected to report earnings per share (EPS) of $0.70 on top of $915.89 billion in revenue. Meanwhile, home improvement retailer Lowe's Cos. Inc. (NYSE: LOW) is set to report earnings before the bell. Wall Street expects EPS of $1.07 with revenue of $17.03 billion.
- Shares of Intuit Inc. (Nasdaq: INTU) rallied more than 7.2% in pre-market hours after the tax preparation giant easily topped Wall Street earnings expectations after the bell Tuesday. The company reported a jump in third-quarter earnings by 15% thanks to strong subscription growth in its QuickBooks software. The company cited strong demand from Uber drivers and Task Rabbit participants. Intuit reported EPS of $3.90 on top of $2.54 billion in revenue. Wall Street expected $3.87 in per-share earnings on $2.49 billion in revenue. Intuit also pleased analysts by hiking its Q4 outlook.
- Shares of Altria Group Inc. (NYSE: MO) are in focus after Barron's speculated that the company could be the target of a deal from Philip Morris International Inc. (NYSE: PM). The investment publication said that Philip Morris could pay a premium as high as 20% for its rival.
- Shares of Fiat Chrysler Automobiles NV (NYSE: FCAU) fell another 1% as traders sell the stock over a government tied to the firm's emissions tests. The U.S. Justice Department has accused the auto manufacturer of using software to bypass the emission controls in its diesel vehicles. The lawsuit is reminiscent of a lawsuit filed against Volkswagen, which admitted in 2015 to using software to cheat emissions tests. The German auto manufacturer ended up paying up to $25 billion to handle owner claims, deal with federal, state, and local regulators, compensate dealers, and buy back up to 500,000 vehicles.
- Look for additional earnings reports from HP Inc. (NYSE: HPQ), Williams-Sonoma Inc. (NYSE: WSM), SeaDrill Ltd. (Nadsaq: SDRL), Advanced Auto Parts Inc. (NYSE: AAP), and Guess? Inc. (NYSE: GES).
Wednesday's U.S. Economic Calendar (all times EDT)
- MBA Mortgage Applications at 7 a.m.
- FHFA House Price Index at 9 a.m.
- PMI Composite Flash at 9:45 a.m.
- Existing Home Sales at 10 a.m.
- EIA Petroleum Status Report at 10:30 a.m.
- Two-Year FRN Note Auction at 11:30 a.m.
- Five-Year Note Auction at 1 p.m.
- FOMC Minutes at 2 p.m.
- Minneapolis Fed Bank President Neel Kashkari Speaks at 6 p.m.
- Dallas Federal Reserve Bank President Robert Kaplan Speaks at 6 p.m.
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