The Dow Jones Industrial Average is getting a pop after concerns about China’s currency dissipated overnight. Treasury yields are bouncing back after hitting a three-year low prior to yesterday’s rebound. Details further down.
And don’t miss the earnings report from Activision Blizzard Inc. (NASDAQ: ATVI) today. More on that below as well.
Here are the numbers from Wednesday for the Dow, S&P 500, and Nasdaq:
Index Previous Close Point Change Percentage Change Dow Jones 26,007.07 -22.45 -0.09 S&P 500 2,883.98 2.21 0.08 Nasdaq 7,862.83 29.56 0.38
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, China set the midpoint on its currency just above 7 yuan per U.S. dollar. That is the lowest midpoint level since April 2008. China’s state media reported this morning, “It will not take long before the rate returns toward 7.” In addition, China’s July exports unexpectedly increased by 3.3% from a year ago. However, imports decreased by 5.6% during the same time frame.
Watch Now: Serial entrepreneur Neil Patel reveals how to achieve the American Dream… for as little as $50. Click here…
Goldman Sachs Group Inc. (NYSE: GS) has raised alarm bells over the U.S.-China trade war. The investment bank slashed the price target for Caterpillar Inc. (NYSE: CAT) from $156 to $130 on weakened expectations for the firm’s operating profit growth. The downgrade comes a week after U.S. President Donald Trump imposed 10% tariffs on $300 billion in Chinese goods starting on Sept. 1. CAT stock has declined by 8% since the announcement. Oil prices are trying to break out of a bear market. Brent crude is off more than 20% from its April peak with concerns about the global economy and the ongoing