The Dow Jones jumped Friday after new home sales in the United States surged to a three-and-a-half-year high. The S&P 500 closed above 1,900 for the first time ever.
Here's what you should know in Dow Jones and other market news to make your Tuesday profitable:
The Biggest Prize of 2014: Leaders of the New York Stock Exchange and the Nasdaq are attempting to court Alibaba Inc. executives to gain the company's listing rights ahead of its pending initial public offering. Speculators believe the NYSE leads the deliberations, while the Nasdaq is still reeling from concerns created by the $15 billion Facebook Inc. (Nasdaq: FB) IPO, which faced technical difficulties during its opening.
The Mega Energy Deal: The Financial Times reports that China instructed its state-owned companies to sever links with American consulting firms like The Boston Consulting Group (NYSE: BCG) and McKinsey & Company. The announcement comes days after the United States charged five Chinese military officers with cyber hacking U.S. companies. Chinese leaders surmise that these companies may have given trade secrets to the U.S. government.
The Deal Finally Dies: On Monday, Pfizer Inc. (NYSE: PFE) walked away from its final offer to purchaseAstraZenecaPLC (NYSE: AZN) for $118 billion. This officially ends the company's long goal of merging with the British pharmaceutical giant. Pfizer said it likely will not make another offer.
House of the Future: Keeping up with the boom in the "Internet of Things," Apple Inc. (Nasdaq: AAPL) is planning to offer software that will turn its iPhone into a remote control to use around the home. The software would provide users with control over lights, appliance, air conditioning, and security systems. AAPL will unveil its plans at its Worldwide Developer Conference next week, according to TheFinancial Times.
Undercutting Its Rival: In an attempt to appease French regulators, Siemens AG (OTC: SIEGY) will likely offer roughly 7 billion euros and its rail assets in exchange for Alstom's energy division. Reuters reports that the offer places a value higher than its rival General Electric's (NYSE: GE) bid and offers strategic assets in the deal, along with cash.
Today's Economic Calendar: A busy day features the S&P Case-Shiller housing index, consumer confidence measurements, the Richmond and Dallas manufacturing indices, and a speech by the President of the Atlanta Federal Reserve.
From Russia With Love: Credit and debit card companies Visa Inc. (NYSE: V) and Mastercard Inc. (NYSE: MA) assured markets that they will continue to operate in Russia despite concerns about economic sanctions or the nation's economy. Both companies met with Russian government officials last week in St. Petersburg to discuss new rules to operate in the country, including large security deposits to the nation's central bank to ensure credit liquidity.
Earnings Reports: Stay tuned for earnings reports from Qihoo 360 Technology Co. (Nasdaq: QIHU), Bank of Nova Scotia (NYSE: BNS), AutoZone Inc. (NYSE: AZO), Mobile TeleSystems OJSC (NYSE: MBT), Holding Company Limited (NYSE: JKS), Frontline Ltd. (NYSE: FRO), and Workday Inc. (Nasdaq: WDAY).
Full U.S. Economic Calendar May 27, 2014 (NYSE: all times EDT)
Durable Goods Orders at 8:30 a.m.
FHFA House Price Index at 9 a.m.
S&P Case-Shiller HPI at 9 a.m.
PMI Services Flash at 9:45 a.m.
Consumer Confidence at 10 a.m.
Richmond Fed Manufacturing Index at 10 a.m.
State Street Investor Confidence Index at 10 a.m.
Dallas Fed Manufacturing Survey at 10:30 a.m.
4-Week Bill Announcement at 11 a.m.
3-Month Bill Auction at 11:30 a.m.
6-Month Bill Auction at 11:30 a.m.
2-Yr Note Auction at 1 p.m.
Atlanta Federal Reserve Bank President Dennis Lockhart Speaks at 8:10 p.m.
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.