The Dow Jones Industrial Average pushed lower thanks to a slump in oil prices and energy stocks.
Investors also showed bearish sentiment for stocks as the likelihood of an interest rate hike increased after a speech by U.S. Federal Reserve Vice Chair Stanley Fischer. According to the CME Group's FedWatch Tool, the probability of a December rate hike stands at 69.1%.
The Nasdaq slumped due to weakness in the technology sector, with Amazon.com Inc. (Nasdaq: AMZN) and Netflix Inc. (Nasdaq: NFLX) weighing the index ahead of the latter's earnings report after the bell today.
Let's look at the final numbers on Monday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 18,085.86; -52.52; -0.29%
S&P 500: 2,126.49; -6.49; -0.30%
Nasdaq: 5,199.82; -14.34; -0.27%
Now, here's a look at today's most important market events and stocks, plus a preview of Tuesday's economic calendar.
The Dow Jones fell 52 points on Monday, as investors weighed a speech from Fed Vice Chair Stanley Fischer and falling oil prices battered energy stocks. Meanwhile, investors were also rattled by comments made earlier today by billionaire activist investor Carl Icahn. During an interview on CNBC, Icahn said that many stocks were "overvalued" and that he is increasingly worried about the future direction of the markets.
Don't Miss: How to Profit from a Stock Market Drop
Losses were limited by strong earnings reports from Bank of America Corp. (NYSE: BAC) and Hasbro Inc. (NYSE: HAS).
This is just the start of a busy week for the financial sector.
Big banks like JPMorgan Chase & Co. (NYSE: JPM), Citigroup Inc. (NYSE: C) and Wells Fargo & Co. (NYSE: WFC) laid out their earnings Friday. After Bank of America's statement this morning, investors should be looking for ways to capitalize on any potential profit opportunities and weakness in the sector. Money Morning Capital Wave Strategist Shah Gilani lays out a strategy to make big gains in the months ahead. Read his latest insight, right here.
The Fed and other central banks around the globe are creating immense threats that are staring every investor in the eye, but too many are choosing to ignore them. When the dust settles, only one currency will be worth owning, and there's never been a better time to own it than right now. [Editor's Note: Read all about this global currency and start profiting - and protecting yourself - right away.]
The price of crude oil today fell again as traders grew increasingly more concerned about oversupply on the global markets. Investors continue to speculate on whether the Organization of the Petroleum Exporting Countries (OPEC) will curb production in order to support higher crude prices. OPEC agreed last month to reduce supplies to under 33 million barrels per day. The global oil cartel will be meeting in Vienna, Austria, in November to bolster its agreement.
The WTI crude oil price today fell 1.3%, while the Brent crude oil price dipped 1.2%.
Here's more on why oil prices are on the move.
But the big story today - one that has slipped off the mainstream media's radar - is the next housing crisis. The zero-interest-rate policy (ZIRP) of the Federal Reserve has been a boon for hard assets like real estate. While the U.S. real estate market has largely recovered from the depth of the 2008-2009 financial crisis, there are six cities across the country where values are pushing back into "bubble" territory. Do you live in any of these six cities?
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