The Dow Jones today is on the climb after new stimulus measures from the European Central Bank. More on this below.
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 Money Morning insight, the most important market events, and stocks to watch.
The Top Stock Market Stories for Thursday
- This morning, markets are pushing higher on news that the European Central Bank is set to introduce new stimulus measures to support the struggling economic bloc. The ECB slashed its deposit rate by 10 basis points and said it plans to purchase 20 billion euros in assets for an extended period. The announcement of lower rates has fueled additional buying of safe-haven, non-interest-bearing assets like gold.
- If you think interest rates are low now, wait for the U.S. Treasury Department’s next act. According to Treasury Secretary Stevin Mnuchin, the agency is considering the issuance of the 50-year bond as soon as next year. The U.S. Treasury Secretary told CNBC on Thursday that the American government is looking for ways to finance its increasing debt load. The proposed release of ultra-long bonds comes as the United States’ national debt hit $22.5 trillion this week.
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- U.S. President Donald Trump has delayed tariffs on certain Chinese goods for another two weeks. The president said it was an “act of good will” as both nations prepare to return to the negotiating table to discuss a trade deal. Officials from both sides will meet in Washington this October. The news helped push shares of semiconductor stocks higher on Thursday morning.
Stock to Watch Today: SDC, WMT, AMZN, HTZ
- In IPO news, look for the debut of SmileDirectClub. The dental IPO will launch after it priced its stock at $23 per share. That figure is higher than the range of $19 to $22. The firm plans to raise about $1.3 billion dollars. The $23 per share puts the firm’s valuation at roughly $8.9 billion. The company will trade on the Nasdaq under the ticker SDC.
- Walmart Inc. (NYSE: WMT) is taking aim at Amazon.com Inc. (NASDAQ: AMZN) and its prime delivery service. The Arkansas-based retail giant is launching an unlimited grocery delivery service that costs $98 per year (that’s a dollar less than Prime). The retailer hopes that it can reach coverage of 50% of the United States by the end of 2019. WMT stock was up 0.5% in pre-market hours. AMZN stock was still up 1% this morning despite news of the rival’s service.
- Shares of Hertz Global Holdings Inc. (NYSE: HTZ) are up another 1.5% in pre-market hours after iconic activist investor Carl Icahn boosted his stake in the car rental giant. Icahn increased his stake from 29.5% to 30.1%, according to a filing with SEC.
- Look for additional earnings reports from Broadcom Inc. (NASDAQ: AVGO), Kroger Co. (NYSE: KR), Macatawa Bank Corp. (NASDAQ: MCBC), and Fred’s Inc. (NASDAQ: FRED).
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation’s largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.