Dow Jones Industrial Average Today Flat After $14.6 Billion Apple Tax

This morning (Tuesday), the Dow Jones Industrial Average was flat as investors weighed a stunning tax ruling issued by the European Commission against one of the world's most iconic technology companies.

Traders were also speculating on the upcoming August employment report, which is set for release on Friday. With a healthier job market and inflation moving toward 2%, the U.S. Federal Reserve is considering another interest rate hike as soon as September.

The odds of a rate hike have increased over the last week after Federal Reserve Chair Janet Yellen's speech in Jackson Hole. According to CME Group's FedWatch tool, there is a 21% probability of a rate increase in September.

The odds jump to 54.2% in December.

Money Morning Capital Wave Strategist Shah Gilani offers three ways investors can make sure that their savings continue no matter what the Fed decides to do with interest rates.

On Monday, the Dow surged more than 107 points after a strong performance from financial stocks and material stocks.

Monday's Stock Market Numbers:

Dow Jones: 18,502.99; 107.59; 0.58%                                

S&P 500: 2,180.38; 11.34; 0.52%   

Nasdaq: 5,232.33; 13.41; 0.26%

Now, here's a look at what else is moving the markets, plus a preview of tomorrow's economic calendar.

What's Ahead for the Dow Jones Industrial Average Today

The Dow Jones Industrial Average projected a two-point gain and was barely holding in positive territory as investors eyed the headlines of Tuesday morning. Another busy day of economic data includes the Case-Shiller 20-City Index for June and the August Consumer Confidence report.

Trending: Record Stock Market Highs Don't Mean Smooth Sailing - Make These Protective Moves Now

Oil prices were on the rise this morning as traders eyed a tropical storm that has disrupted production of oil and natural gas in the Gulf of Mexico. This morning, the WTI crude price was up 0.8%, while Brent crude added 0.5%. Meanwhile, traders continue to speculate on the possibility that OPEC will consider a deal to reduce production in order to prop up oil prices. The global oil cartel will meet in Algeria to discuss its production target in late September.

Money Morning Global Energy Strategist Dr. Kent Moors says that investors should anticipate an OPEC deal, but not the one that pundits are debating right now. Here's why Kent projects that September's meeting will fail.

But the big news this morning is Apple Inc. (Nasdaq: AAPL). Shares of AAPL stock are off 1% after a huge announcement this morning. The European Commission ruled against the company's tax deal with Ireland and ordered the country to collect up to 13 billion euros ($14.6 billion) from Apple. But that's not the only reason why AAPL stock is in focus. According to reports, the company will host an event on Sept. 7. Analysts say that the company could unveil a new product, possibly the iPhone 7.

Stocks to Watch Today, Aug. 30, 2016

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• The sweetest possible deal of 2016 is now off the table. Shares of snack maker Mondelez International Inc. (Nasdaq: MDLZ) gained more than 3.6% after the company abandoned its bid to purchase Hershey Co. (NYSE: HSY). The offer has been taken off the table after Hershey turned down a $23 billion offer. Shares of HSY stock were off more than 10% in pre-market hours.
• Shares of Abercrombie & Fitch Co. (NYSE: ANF) are off more than 10% in pre-market hours after the company reported lackluster same-store sales and a large quarterly profit loss. Investors are anxious for additional insight into the firm's large investment in its Hollister stores, which have been remodeled.
• Abercrombie's report somehow wasn't the worst one on Wall Street today. Shares of ScanSource Inc. (Nasdaq: SCSC) plunged more than 13% after the firm fell well short of Wall Street expectations.
• The Facebook Inc. (Nasdaq: FB) stock price continues to trade near all-time highs. On Monday, company CEO Mark Zuckerberg announced he had no intention to develop Facebook into a media firm. The company founder said that Facebook will remain a technology platform. Here's our latest insight on FB stock, including an update on a possible stock split in the near future.
• Today, look for earnings reports from Palo Alto Networks Inc. (NYSE: PANW), DSW Inc. (NYSE: DSW), H&R Block Inc. (NYSE: HRB), Veeva Systems Inc. (NYSE: VEEV), AeroVironment Inc. (Nasdaq: AVAV), and Caleres Inc. (NYSE: CAL).

Today's U.S. Economic Calendar (all times EDT)

• Redbook at 8:55 a.m.
• S&P Case-Shiller HPI at 9 a.m.
• Consumer Confidence at 10 a.m.
• State Street Investor Confidence Index at 10 a.m.
• 4-Week Bill Auction at 11:30 a.m.

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