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The Dow Jones today is rising thanks to sterling earnings reports in the financial sector, which were boosted by rising interest rates...
Dow Jones futures are up 33 points ahead of the morning bell, and the Dow is within reach of another record milestone: 23,000 points. And as earnings season rolls on, here's the hottest trade you can make...
Here are the numbers from Thursday 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 Friday's economic calendar.
The Five Top Stock Market Stories for Friday
- The big news today is that U.S. President Donald Trump is taking the first step to eliminating the Affordable Care Act (a.k.a. Obamacare) on his own. Trump has signed an executive order that will aim to bolster competition and lower healthcare costs. However, the decision could drive younger Americans out of the healthcare market and fuel a spiral in costs for older, sicker Americans who have relied on a subsidized market.
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- While President Trump is resorting to executive orders on healthcare, one of his most important policy goals could be in jeopardy. This morning, U.S. Sen. Ted Cruz (R-TX) said that we may not see tax reform until 2018. Cruz said that political divides among Republicans are responsible for the delay. His most optimistic timeline called for reform to be done by the end of the year. However, he argued that it will take time for Republicans to iron out their political differences and craft a cohesive piece of legislation.
- Bubble or investment of the century? The price of Bitcoin surged to a record high of $5,800 this morning as buyers in Japan and South Korea continue to pour money into the cryptocurrency market. The price of the cryptocurrency is now up more than 475% so far this year, and markets continue to ignore the fact that China has outright banned over-the-counter trading. Here's more on why Bitcoin prices are going through the roof.
- Friday will feature a busy calendar of U.S. economic data. Keep an eye out for the consumer price index, retail sales, real earnings, manufacturing and trade inventories, and the University of Michigan consumer sentiment survey. The consumer price index for September is the headline number of the day. The CPI is expected to rise 0.1% from August.
- Crude oil prices ticked higher in pre-market hours after China released a report implying rising demand. Increased Chinese imports complemented ongoing geopolitical tension across the Middle East. This morning, Iraqi television stations reported that a large force of Kurdish fighters were deployed to face off against Iraqi national forces in the oil region of Kirkuk. Meanwhile, markets are on edge about news that the Trump administration is considering an exit to the Iran nuclear weapons deal. WTI crude oil price today added 1.9%. Brent crude gained nearly 2%.
Three Stocks to Watch Today: BAC, WFC, NFLX
- Shares of Bank of America Corp. (NYSE: BAC) added nearly 1% in pre-market hours after the company topped Wall Street earnings projections. The company reported earnings per share (EPS) of $0.48 on top of $22.08 billion in revenue. Wall Street had expected EPS of $0.46 on $21.98 billion in revenue.
Why You Should Be in This Stock Despite an Earnings Miss
- Shares of Wells Fargo & Co. (NYSE: WFC) are in focus as the company prepares to report fiscal third-quarter earnings this morning. Analysts are curious how the firm's massive financial scandal that saw its employees open millions of fraudulent accounts will impact the firm's bottom line. Wall Street expects EPS of $1.04 on top of $22.32 billion in revenue. The company can expect a slew of tough questions about its recent accounting scandal during its quarterly conference call.
- Shares of Netflix Inc. (Nasdaq: NFLX) were up 1.25% after Goldman Sachs Group (NYSE: GS) released a bullish outlook for the streaming giant. An analyst at the Wall Street firm suggested that consensus expectations for subscriber growth were too low for the fourth quarter and for the year ahead. The company will report its quarterly earnings next Monday.
- Look for an additional earnings report today from PNC Financial Services Group Inc. (NYSE: PNC) and Del Frisco's Restaurant Group Inc. (Nasdaq: DFRG).
Friday's U.S. Economic Calendar (all times EDT)
- Consumer Price Index at 8:30 a.m.
- Retail Sales at 8:30 a.m.
- Boston Federal Reserve Bank President Eric Rosengren speaks at 8:30 a.m.
- Business Inventories at 10 a.m.
- Consumer Sentiment at 10 a.m.
- Chicago Federal Reserve Bank President Charles Evans speaks at 10:25 a.m.
- Dallas Federal Reserve Bank President Robert Kaplan speaks at 11:30 a.m.
- Baker-Hughes Rig Count at 1 p.m.
- Federal Reserve Governor Jerome Powell speaks at 1 p.m.
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