The Dow Jones today will stay flat – after some correction from Monday’s big losses.
Although the People’s Bank of China set a midpoint for the yuan, investors are still grappling with further trade war prospects.
More on this below. Plus: The results are in, and Walt Disney Co. (NYSE: DIS) is off. Here’s why…
First, the numbers from Tuesday for the Dow, S&P 500, and Nasdaq:
Index Previous Close Point Change Percentage Change Dow Jones 26,029.52 311.78 1.21 S&P 500 2,881.77 37.03 1.30 Nasdaq 7,833.27 107.23 1.39
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 Wednesday The Chinese yuan is in focus days after the United States labeled its economic rival as a “currency manipulator.” Today, the People’s Bank of China set the official midpoint reference for the yuan at 6.9996 per U.S. dollar. The yuan has been falling against the greenback over the last few months as the United States and China engage in a trade war. With that said, the new setting of the yuan is almost at its weakest levels since March 2008. A weaker yuan is a tool that China can use to make its exports more attractive and cheaper to customers around the globe. It helps reduce the impact of tariffs in the United States.
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U.S. trade tensions pushed oil prices to seven-month lows. WTI crude oil slumped another 0.6%, while Brent crude slid to $58.58 after a 0.6% decline. Ongoing trade tensions offset any geopolitical bump from concerns over shipping safety in the Middle East. In addition, markets largely shrugged off news that U.S. crude inventory levels slid by 3.4