Top auto companies will also update the markets on their recent monthly sales.
On Monday, the Dow Jones fell 18 points after investors eyed a sharp downturn in crude oil prices. Markets also continued to react to Friday's news that the FBI had discovered new emails tied to Hillary Clinton.
Monday's Stock Market Numbers:
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 look at Tuesday's economic calendar.
The Dow Jones Industrial Average projected a 23-point gain as markets remained in their pre-election holding pattern. Traders do not expect the Federal Reserve to adjust interest rates just a few days before the nation chooses its 45th president. Today, investors are hoping for positive economic data from the manufacturing and construction industries. In addition, look out for October sales reports from the nation's top auto manufacturers.
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The price of crude oil today is hovering near a one-month low. Crude prices were mixed in pre-market hours as investors weigh new developments in the OPEC deal. As Money Morning Global Energy Strategist Dr. Kent Moors has explained, the deal to cap production to support prices is on the verge of collapse. Several OPEC nations have said that they are unwilling or unable to cut production given budgetary restraints. The global oil cartel will again meet on Nov. 30, and the prospects that a deal gets implemented are fading fast. Here's where crude prices are heading next.
The WTI crude oil price today fell 0.3%, while the Brent crude oil price added 0.3%.
In other energy news, shares of BP Plc. (NYSE ADR: BP) fell more than 1.6% after the energy giant reported a huge decline in third-quarter profitability. European energy companies have had a dismal earnings season due to the large global supply glut and falling crude prices. The lone bright spot? Royal Dutch Shell Plc. (NYSE ADR: RDS.A) gained more than 3.6% this morning after the firm topped expectations.
But the big story in pre-market hours is the Federal Reserve. America's favorite band of academic speculators will gather and pretend they know what they are doing. The Federal Reserve is not expected to raise interest rates until December, but eight years of monetary experimentation have the markets and the economy on edge. Money Morning Capital Wave Strategist Shah Gilani explains that the Fed's continued intrusion into the global economy isn't going to end well. Here's what you need to know and how you must protect yourself.
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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.