The Dow Jones today is weighed down after U.S. President Donald Trump and North Korean leader Kim Jong Un failed to reach an agreement on the latter’s nuclear weapons program. But the failed summit in Hanoi, Vietnam, could spell success for some investors…
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
- The two-day summit between the United States and North Korea did not produce a deal on the latter’s nuclear weapons program. The summit was cut short after the U.S. refused any level of relief on sanctions against North Korea. Trump said North Korea “wanted the sanctions lifted in their entirety and we couldn’t do that.” President Trump and his administration have made no plans for a third summit with North Korea. Investors looking to profit from this story should read the latest insight from Money Morning Executive Editor Bill Patalon. Check it out right here.
- Before the bell, the U.S. Bureau of Economic Analysis reported its second GDP estimate for the fourth quarter. U.S. economic growth came in at 2.6%, a figure that topped consensus expectations. Q2 and Q3 2018 GDP growth came in at fabulous levels – 4.2% and 3.4%, respectively. However, investors predicted the reading would come in lower due to the government shutdown during the fourth quarter. In other economic news, the Department of Labor this morning reported weekly jobless claims at 225,000. That figure is slightly higher than the 220,000 expected by economists.
- The price of Bitcoin is currently hovering just under $4,000. We’ve been watching a long process of consolidation at these levels for several weeks. Despite short-term pain in the markets, Money Morning‘s David Zeiler outlines the bullish case for Bitcoin. How high can the price of Bitcoin go? David makes the bullish case that Bitcoin could hit $250,000 by 2025. For more on how to profit from Bitcoin’s next bull cycle, go here now.
Stocks to Watch Today: JCP, JWN, ACI, BUD
- Shares of J.C. Penney Co. Inc. (NYSE: JCP) popped more than 16% after the embattled retail giant reported earnings. The company topped Wall Street expectations and announced plans to shutter another 18 department stores this year. The company’s balance sheet temporarily improved after it was able to reduce its massive inventory glut. The firm reported EPS of $0.18, topping forecasts by $0.08. Revenue came in at $3.79 billion.
- Shares of Anheuser Busch Inbev NV (NYSE: BUD) popped more than 5% after the beer brewing giant crushed Wall Street earnings expectations. The Budweiser and Corona maker announced plans to increase its non-alcoholic and low-alcohol drinks business, two areas that continue to show impressive and rising global demand.
- The Western Union Co. (NYSE: WU) is generating buzz after it announced a $1 billion stock buyback program. In addition, the payment giant said it would sell its Speedpay bill paying business to ACI Worldwide Inc. (NYSE: ACI) for $750 million.
- Nordstrom Inc. (NYSE: JWN) will report earnings after the bell. Look for other earnings reports from 3D Systems Corp. (NYSE: DDD), ABB Ltd. (NYSE: ABB), Alarm.com Holdings Inc. (NASDAQ: ALRM), AMC Entertainment Holdings Inc. (NYSE: AMC), Anheuser Busch Inbev NV (NYSE: BUD), Autodesk Inc. (NASDAQ: ADSK), Crocs Inc. (NASDAQ: CROX), Gap Inc. (NYSE: GPS), Keurig Dr Pepper Inc. (NYSE: KDP), Marriott International Inc. (NYSE: MAR), SeaWorld Entertainment Inc. (NASDAQ: SEAS), Splunk Inc. (NASDAQ: SPLK), VMware Inc. (NYSE: VMW), and Workday Inc. (NASDAQ: WDAY).
This post is from Money Morning. We encourage our readers to continue reading the full article from the original source here.