The Dow Jones Industrial Average was down a few points on Monday as investors eyed another round of earnings reports and reacted to updates from the shocking 2016 election season.
Meanwhile, the S&P 500 was flat as investors continue to take a wait-and-see approach with tomorrow's Federal Reserve meeting and the upcoming election. Money Morning Global Credit Strategist Michael Lewitt explains that the S&P 500 has just hit his price target early by 11 months. Now, Lewitt outlines his next forecast for the markets, right here.
Let's look at the final numbers on Monday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 18,142.42; -18.77; -0.10%
S&P 500: 2,126.15; -0.26; -0.01%
Nasdaq: 5,189.13; -0.97; -0.02%
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 18 points on Monday after investors eyed another round of economic data and a sharp downturn in crude oil prices. According to the U.S. Commerce Department, consumer spending rose in September more than economists had anticipated. Spending increased by 0.5%, a positive sign ahead of tomorrow's Fed meeting and the U.S. election.
Don't Miss: A Special Profit Opportunity with Only Days Left to Get the Details
Over the weekend, the 2016 election was thrown into chaos after the FBI announced it was investigating new developments into the case of Hillary Clinton's email server. According to reports, the FBI discovered new emails tied to Clinton aide Huma Abedin, the wife of former U.S. Congressman Anthony Weiner. Following the announcement, the markets shed their gains. The FBI has said it will not be finished with its investigation by the election. However, any damning evidence could lead to a rocky start for Clinton if she wins the election, as Republicans could demand more investigations. We could also see even greater gridlock in Washington in the months ahead.
The U.S. central bank will kick off its penultimate meeting on monetary policy tomorrow. Markets do not expect the Fed Open Market Committee to raise interest rates; however, the markets have placed the odds of a rate hike in December at nearly 79%. Even though no rate hike will likely come before the election, the November FOMC meeting will generate a lot of headlines and affect your investments. Here's everything you need to know ahead of the central bank's meeting.
The price of crude oil today hit a one-month low after new data showed that OPEC exports surged this month. The WTI crude oil price today fell roughly 3.9%, while the Brent crude oil price dipped 2.8%. Investors are increasingly concerned that the OPEC production deal is on the verge of collapse. Money Morning Global Energy Strategist Dr. Kent Moors offers his latest insight on the OPEC deal and where crude prices will be heading next. Read it, right here.
In other energy news, General Electric Co. (NYSE: GE) announced a $32 billion merger with Baker Hughes Inc. (NYSE: BHI). This morning, the two companies announced a deal that will see General Electric own 62.5% of the oil field services giant. Shares of Baker Hughes rallied 8%. The deal is a huge win for General Electric, which pounced on the opportunity after Baker Hughes' planned merger with Halliburton Co. (NYSE: HAL) collapsed due to regulatory pressure.
But the big story today was the FBI's decision to reopen its investigation into Hillary Clinton's emails. Many top Democrats have accused FBI Director James Comey of tampering with the election. In fact, Senate Democrat Harry Reid (D-NV) says that the FBI is now withholding an "October Surprise" that would harm GOP presidential candidate Donald Trump's campaign ahead of Election Day on Nov. 8... What is that surprise? Check it out, right here.
Up Next: Your Uber Stock and IPO Guide
Follow Money Morning on Facebook and Twitter
[mmpazkzone name="end-story-hostage" network="9794" site="307044" id="138536" type="4"]