Dow Jones Industrial Average Today Continues Historic December Slump as Shutdown Looms

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The Dow Jones Industrial Average continues to bleed red as investors pour out of stocks and flock to bonds in the wake of the Federal Reserve’s decision to hike interest rates this week.

The Dow hit a 14-month low after shedding another 500 points on Thursday. This morning, Dow Futures were off another 60 points in premarket hours. The threat of a U.S. government shutdown is only exacerbating investor fears as well.

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Here are the numbers from Thursday for the Dow, S&P 500, and Nasdaq:

Index Previous Close Point Change Percentage Change
Dow Jones 22,859.60 -464.06 -1.99%
S&P 500 2,467.42 -39.54 -1.58%
Nasdaq 6,528.41 -108.42 -1.63%

Now here’s a closer look at today’s most important market events and stocks, plus Friday’s economic calendar.

The Top Stock Market Stories for Friday

  • As if investors didn’t have to worry about enough with interest rates and China, President Donald Trump took another self-inflicted shot at the U.S. economy by refusing to sign a spending bill to keep the U.S. government open. Trump said he will not sign a spending bill that does not contain at least $5 billion for a border wall between the United States and Mexico. According to reports, the House of Representatives is currently drafting a spending bill that will include funding for the wall. However, that is going to create quite a debate in the Senate, where Democrats are poised to block the bill.
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  • The Dow has shed another 1,250 points this week, and there doesn’t appear to be any signs that the selloff ending soon. In fact, three major hedge fund managers reportedly are worried about the possibility that Democrats will move to impeach President Donald Trump in the next two years. According to CNN, Trump himself is worried that the Democrats will pursue impeachment as a primary interest during the first 100 days of the new Congressional calendar. Meanwhile, the rest of America beckons Congress do their job and actually focus on legislation that will improve U.S. infrastructure immediately.
  • The cannabis craze continues to go global. Just a week after tobacco giant Altria Group (NYSE: MO) purchased a 45% stake in Canadian cannabis producer Cronos Group (NYSE: CRON), the world’s largest beer producer has announced plans to explore cannabis beverages. Anheuser Busch Inbev NV (NYSE: BUD) has announced a $100 million partnership with cannabis giant Tilray (Nasdaq: TLRY) to research beverages infused with marijuana.

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Three Stocks to Watch Today: NKE, CPB, SNAP

  • Shares of Nike Inc. (NYSE: NKE) popped 8% after the sports apparel giant topped earnings expectations on Thursday. The firm reported EPS of $0.52 per share, a figure that beat Wall Street forecasts by 6 cents per share. The firm cited strong global demand and said that the trade battle between the U.S. and China has not affected business. This was also the first full quarterly report since the firm hired ex-NFL quarterback and social activist Colin Kaepernick to be a spokesperson.
  • Campbell Soup Company (NYSE: CPB) has appointed a new CEO after a long dispute with activist hedge fund Third Point. The company named former Pinnacle Foods CEO Mark Clouse to the top job. The hedge fund has been pushing for a shakeup at the executive level and has encouraged the company to sell to a rival.
  • Shares of Snap Inc. (NYSE: SNAP), the owner of social media giant, fell below $5 for the first time ever on Thursday. The embattled social media firm – best known for vomiting emojis and little else – has seen its stock plunged more than 70% since its March 2017 IPO when it debuted at $17.00.

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