Over the last few days, the markets seemed to be in a holding pattern ahead of next Tuesday's national vote. However, recent developments in the FBI's investigation of Hillary Clinton's private email server have narrowed the polls. According to The Guardian, there are as many as five different active investigations into the inner circle of the Clinton campaign, one that now includes disgraced former Congressman Anthony Weiner, the estranged husband of Clinton's aide, Huma Abedin.
The S&P 500 briefly slipped below 2,100 thanks to a large slump in Apple Inc. (Nasdaq: AAPL) stock. Shares of AAPL fell more than 2.1% as investors grow increasingly concerned about the company's sales in China. Money Morning Global Credit Strategist Michael Lewitt explains that the S&P 500 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 Tuesday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 18,037.17; -105.25; -0.58%
S&P 500: 2,111.72; -14.43; -0.68%
Nasdaq: 5,153.58; -35.56; -0.69%
Now, here's a look at today's most important market events and stocks, plus a preview of Wednesday's economic calendar.
The Dow Jones dropped 105 points with election 2016 in focus. Volatility surged on Tuesday as increasing uncertainty about Tuesday's vote has the markets spooked. The CBOE Volatility Index (VIX) - commonly referred to as the markets' fear gauge - surged 13.4% to 19.3.
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This morning, the Federal Reserve kicked off its penultimate meeting on monetary policy. 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 74%. 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.
The price of crude oil today again slumped as investor sentiment for OPEC's production cut deal continues to sour. The WTI crude oil price today fell roughly 0.5%, while the Brent crude oil price dipped 0.9%. Traders will be eyeing inventory data this afternoon from the American Petroleum Institute. The markets expect a large build in U.S. crude inventories as unseasonably warm weather continues to spread through the Midwest and East Coast of the United States.
Money Morning Global Energy Strategist Dr. Kent Moors is traveling this week, but he stopped to offer his latest insight on what to expect from OPEC and crude prices moving forward. As Moors explains, his sources just indicated that something dramatic is happening in the global energy industry. This has never happened before and it could change everything for crude prices moving forward. Check out the startling rumor that could unleash a new wave of energy profits.
But the big story today was Valeant Pharmaceuticals International Inc. (NYSE: VRX), which gained more than 3.4% despite news that the government is investigating former CEO Michael Pearson and former CFO Howard Schiller. According to reports, regulators are examining whether the two leaders engaged in accounting fraud. After the news broke on Monday, shares plunged more than 11%. We need to remind you to ignore any bump in the stock in the weeks and months ahead. Money Morning Global Credit Strategist Michael Lewitt has warned investors that this stock is worthless. And we expect that the stock will continue plunge. Here's our latest update on VRX stock and why you must avoid it.
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About the Author
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.