Today's market may be due to news that the economic growth in the first quarter may be lower than many analysts expected. In January, the Federal Reserve Bank of Atlanta forecasted the possibility of a 5.4% increase in GDP this quarter. However, the Atlanta Fed said on Wednesday that the first quarter GDP may be around 1.9%.
With the reorganization of the Trump White House changing the country’s economic policies, Keith Fitzgerald, the chief investment strategist at Money Morning, is changing the international landscape by investing in currencies. View Keith's trading strategy...
The following are the Dow Jones index, the S&P 500 index and the Nasdaq index:
:
| Index | Previous Close | Point Change | Percentage Change |
| Dow Jones | 24758.12 | -248.91 | -1.00% |
| S&P 500 | 2749.48 | -15.83 | -0.57% |
| Nasdaq | 7496.81 | -14.20 | -0.19% |
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Thursday's Big Five Stock Market Story
Earlier this week, President Trump lifted the post of Secretary of State Rekh Stilson and appointed the Director of the Central Intelligence Agency Mike Pumblep as his successor. At the same time, economic commentator Larry Kudro will become director of the National Economic Council. Kudlow is replacing Gary Cohen, a former Goldman Sachs (NYSE:GS) executive who resigned in early March. Cudlow publicly opposes the recent Tariff White House’s tariff. However, he has always supported the recent tax reform bill and may support Trump's popular economic agenda.
Boeing (NYSE: BA) shares have been under pressure because the market measures the potential of the Sino-US trade war. After the Trump administration decided to impose tariffs on steel and aluminum, many U.S. manufacturers may face restrictions from the Chinese government. Manufacturing fell on Wednesday.
Elon Musk warned earlier this week that people wishing to participate in the Mars mission may not be able to survive the journey. This highly public statement may be a disturbing report for his company Tesla (Nasdaq: TSLA). According to reports, TSLA shares fell more than 4.4% on Wednesday after electric vehicle manufacturers produced a large number of defective parts and cars. Former employees suggested that more than 40% of the company's parts need to be reworked to resolve defects.
Due to concerns about rising interest rates, gold prices are under pressure. The market is preparing for the Federal Reserve Open Market Committee meeting next week. Investors largely expect the central bank to raise interest rates next Wednesday. In fact, some people even speculated that the central bank may increase interest rates by 0.5%. The price of gold also had a negative impact on Larry Kudro's appointment as the highest economic advisor to the Trump administration. Kudlow is a strong supporter of the dollar and will advocate a policy aimed at supporting the dollar.
As the market rebounded this morning, crude oil prices rose. However, analysts were slightly bearish after the Energy Information Administration reported yesterday that crude oil inventories rose. WTI crude oil prices rose 0.6% today. Brent crude oil rose 0.5%.
Watch three stocks today: AVGO,DG,F
Shares of Broadcom Ltd (Nasdaq: AVGO) are focusing on stocks as semiconductor giants prepare to announce results after the close on Thursday. The Trump administration has been at the center of controversy after it blocked potential mergers between Broadcom and rival Qualcomm (Nasdaq: QCOM) earlier this week. The Trump administration has listed national security issues as the reason for deciding to block any transaction. Wall Street expects Broadcom to report earnings of $5.04 per share for $5.32 billion.
Dollar Universal Corporation (NYSE: DG) is on the heels of the earnings report on a busy day. Discount retailers report earnings before earnings today. After the company reported that earnings per share were in line with expectations and improved same-store sales, the stock price rose by nearly 7%.
Ford Motor Company (NYSE: F) announced a massive recall of a total of 1.38 million Ford Fusion models. The company stated that due to loose bolts in the steering column, these vehicles are susceptible to steering wheel failure. Due to this defect, two accidents have been reported.
Looking for Adobe Systems (Nasdaq: ADBE), Restoration Hardware (NYSE: RH), Jabil Inc. (NYSE: JBL), The Children's Place (Nasdaq: PLCE), and Clear Channel Outdoor (NYSE: CCO) Other Income Reports.
