Dow Jones News Today: Stocks Slump as Trump Scandal Intensifies

The Dow Jones news today will focus on turmoil in Washington, D.C., over the firing of former FBI Director James Comey. Revelations that President Trump asked the FBI director to end the investigation into former National Security Advisor Michael Flynn is overshadowing another busy day of earnings reports and economic data.

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

Index Previous Close Point Change Percentage Change
Dow Jones 20,979.75 -2.19 -0.01%
S&P 500 2,400.67 -1.65 -0.07%
Nasdaq 6,169.87 +20.20 +0.33%

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

  • It will be another busy day of earnings reports in the retail sector, highlighted by an update from Target Corp. (NYSE: TGT). Brick-and-mortar retailers have experienced a tremendous downturn over the last decade as consumers turn to e-commerce channels. According to a recent report by the U.S. Commerce Department, the number of jobs at traditional department stores decreased by 46% since 2001. That figure outpaces the percentage of jobs lost in the coal sector - down 32% -- over the same 15-year period.

MustSee: This Great Depression-Era "Secret" Helped Transform Two Teachers into Millionaires. Read more...

    • Markets no longer believe the economy is strong enough for two interest rate hikes by the U.S. Federal Reserve this year. Even though the Fed released data Tuesday indicating that the manufacturing sector had improved in May, many investors don't believe inflation will remain strong enough to warrant more than one hike this year.
    • Dow Jones futures are down 108 points ahead of the opening bell. President Donald Trump is again generating negative headlines after reports indicated he asked former FBI Director James Comey to kill an investigation into former National Security Advisor Michael Flynn. Some are wondering if the president could face obstruction of justice charges in the near future. The political turmoil has some wondering if the president has any chance now to push through tax reform and a massive infrastructure bill to help boost the U.S. economy. Now, many investors are wondering the same thing: Will Trump be impeached? We discuss that possibility, right here.

dow jones news today

  • Crude oil prices are falling in pre-market hours after the American Petroleum Institute reported a surprise increase in weekly inventory levels. API said that U.S. crude stocks jumped by 882,000 barrels, a figure that stunned analysts. Markets had expected a decline of 2.4 million barrels. The uptick in crude stocks offset any optimism that OPEC will extend a deal to cap excessive production during its meeting on May 25. The WTI crude oil price today fell 0.43%. Brent crude dipped 0.66%.
  • Finally, penny stocks are in focus on Wednesday. As you may know, speculation on penny stocks is very risky. That's why many investors are constantly worried about penny stock scams. These scams can rip you off, unless you educate yourself on the most common ways that companies attempt to take your money. That's why we've outlined the three most egregious scams in the penny stock space. Go here and start protecting yourself, right now.

Four Stocks to Watch Today: URBN, TGT, TWTR, JPM

    • In earnings news, shares of Urban Outfitters Inc. (Nasdaq: URBN) added more than 1.6% after the company reported first-quarter earnings. The retailer fell short of both profit and revenue expectations. The firm reported per share earnings of $0.15 on $761.19 million in revenue. Wall Street expected earnings of $0.16 on $772.1 million in revenue. Despite the miss, Wall Street appeared to be confident after the company's CEO Richard Hayne said that his firm is turning to growth opportunities in wholesale and international sales to help bolster its revenue streams.
    • Shares of Target Corp. (NYSE: TGT) are in focus as the retailer prepares to report quarterly earnings before the bell. Wall Street anticipates the firm will report earnings per share (EPS) of $0.89 on top of $15.64 billion in revenue. Investors will be curious to see how the company's plans to expand its e-commerce platform and spend up to $1 billion on discounting to drive business will impact its bottom line.
    • Shares of Twitter Inc. (NYSE: TWTR) were off 1.1% despite news that co-founder Biz Stone will return to the company. Stone departed in 2011 to pursue other projects. His new role is vague, but the decision helped push the stock higher Tuesday. TWTR stock is now up roughly 40% over the last month.

Ford Is Our Top Stock This Year

  • JPMorgan Chase & Co (NYSE: JPM) CEO Jamie Dimon responded to angry shareholders over his role as economic advisor to President Donald Trump. Dimon said that he would assist any president and defended his stance on deregulation. Dimon also beat back challenges from activists on issues regarding the election of directors and executive compensation.
  • Look for additional earnings reports from Cisco Systems Inc. (Nasdaq: CSCO), L Brands Inc. (NYSE: LB), American Eagle Outfitters (NYSE: AEO), Flowers Foods Inc. (NYSE: FLO), and Photronics Inc. (Nasdaq: PLAB).

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

  • MBA Mortgage Applications at 7 a.m.
  • EIA Petroleum Status Report at 10:30 a.m.

Up Next: Five Double-Digit Dividend Plays to Secure Your "Second Salary"

Follow Money Morning on Facebook and Twitter.

[mmpazkzone name="end-story-hostage" network="9794" site="307044" id="138536" type="4"]