In Dow Jones news today, stock prices fell as the Senate passed a bill that would place new sanctions on Russia.
Here are the numbers from Thursday for the Dow, S&P 500, and Nasdaq:
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Now here’s a closer look at today’s most important market events and stocks, plus Friday’s economic calendar.
The Five Top Stock Market Stories for Thursday
- European finance ministers debated another round of debt relief for the embattled Greek economy and decided to offer a bailout of 8.5 billion euros ($9.5 billion). Greece’s current bailout program is the third effort by international finance leaders since the nation fell into economic calamity in 2010.
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- Crude oil prices cratered and hit a seven-month low on news of a huge spike in U.S. gasoline inventory levels and expectations that OPEC will not be able to balance supply and demand. Crude oil prices are now off more than 12% since May 25. The WTI crude oil price today fell 0.7%. Brent crude dipped 0.2%.
- Bitcoin prices fell more than 4% today and hit $2,379.59 per unit. In early June, we explained that Bitcoin’s meteoric rise was reminiscent of Tulip Mania in the 17th century. Here’s what you need to know.
- It was another bad day for tech stocks. Shares of Facebook Inc. (Nasdaq: FB), Apple Inc. (Nasdaq: AAPL), Microsoft Corp. (Nasdaq: MSFT), and Amazon.com Inc. (Nasdaq: AMZN) all fell during the day.
- We warned you to steer clear of Snap Inc. (NYSE: SNAP), the owner of social media giant Snapchat. The company, which has never been profitable and experienced slowing user growth, just fell below its IPO price of $17.00 per share for the first time. Shares fell more than 4% on the day as investors grow more bearish about the company’s growth prospects.
Four Stocks to Watch Thursday: NKE, BOBE, KR, AMZN
- Shares of Nike Corp. (NYSE: NKE) fell more than 3% after the global shoe and apparel giant announced plans to cut 2% of its global workforce. Nike also plans to reorganize its global manufacturing operations. The announcement isn’t all bad news. The organization is looking to streamline its operation processes in order to keep up with swelling demand around the globe. The firm also said that it will aim to bolster innovation in the athletic shoe industry.
- Bob Evans Farms Inc. (Nasdaq: BOBE) shares fell more than 4% after the food-processing company fell short of Wall Street sales expectations. The firm topped earnings per share (EPS) expectations by reporting $0.61. However, its $313.4 million in quarterly revenue was below consensus estimates.
- In other earnings news, shares of Kroger Co. (NYSE: KR) plunged 18.89% after the grocery giant issued a dismal forward guidance outlook. Kroger also blamed competitive pressures from Wal-Mart Stores Inc. (NYSE: WMT). Investors were already concerned about the firm’s future after it warned shareholders in March annual sales could decline by at least 1% due to rising competition in its industry. It appears that its sales decline could be much larger than previously estimated.
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- Despite the downturn in Amazon.com Inc. (Nasdaq: AMZN) stock this afternoon, the e-commerce giant may be on the verge of a huge score in the software industry. According to Bloomberg, Amazon is exploring a deal to purchase Slack Technologies in a takeover that may be worth up to $9 billion. A deal would allow Amazon to make a competitive leap against Salesforce.com Inc. (NYSE: CRM) and Microsoft Corp. (Nasdaq: MSFT).
- Look for an additional earnings report from Finisar Corp. (Nasdaq: FNSR) after the bell.
Friday’s U.S. Economic Calendar (all times EDT)
- Housing Starts at 8:30 a.m.
- Atlanta Fed Business Inflation Expectations at 10 a.m.
- Consumer Sentiment at 10 a.m.
- Dallas Federal Reserve Bank President Robert Kaplan speaks at 12:45 p.m.
- Baker Hughes Rig Count at 1 p.m.
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