Analyst: Dump This Retail Stock Ahead of Holidays

U.S. GDP grew by a greater-than-expected 1.9% in the third quarter

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MIDDAY MARKET CHECK     10/30/2019
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Dow Drifts Lower After Chile Cancels APEC Summit By Patrick Martin Share On The Dow Jones Industrial Average (DJI) is drifting lower at midday, as investors react to news that Chile has canceled the Asia-Pacific Economic Cooperation (APEC) meeting for next month, where President Donald Trump and Chinese President Xi Jinping were expected to meet and possibly sign a "phase one" trade deal. Chilean President Sebastian Pinera said he canceled the summit due to protests. But for now, all eyes are trained on the Federal Open Market Committee (FOMC) interest rate decision, due at 2 p.m. ET, where a 25-basis-point cut is widely expected. Wall Street will also be eager to digest Fed Chair Jerome Powell's press conference at 2:30 p.m. ET, which could provide clues about future monetary policy. And as if that's not enough, there's also the advanced reading on gross domestic product (GDP), which showed the U.S. economy grew by 1.9% in the third quarter, topping expectations of 1.6% growth. Private payrolls also grew by more than expected in October, according to data from ADP.  Continue reading for more on today's market, including: GE's earnings beat sparked heavy call trading today. Analyst: Dump this retail stock ahead of the holiday season. Plus, put traders target Kohl's; Johnson & Johnson's baby powder news; and YUM collapses after earnings miss. >> Continue reading...
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