It will be a very busy day of earnings reports as a number of S&P 500 leaders in the retail space report third-quarter earnings.
On Monday, the Dow added 21 points as financial stocks continued to rise on the confidence fueled by a Trump presidency and a potential rate hike by the Federal Reserve.
Let's take a look at Monday's stock market numbers:
Dow Jones: 18,868.69; 21.03; 0.11%
S&P 500: 2,164.20; -0.25; -0.01%
Nasdaq: 5,218.40; -18.72; -0.36%
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 an 18-point gain after the markets hit yet another all-time record high on Monday afternoon.
It will be a busy day for members of the Federal Reserve. Throughout the day, four members of the U.S. central bank will offer their insight on issues ranging from monetary policy to the state of the American economy. Investors are curious what the leaders think about the possibility of an interest-rate hike in a few weeks after the election of Donald Trump. On Monday, the U.S. dollar rate soared to an 11-month high as markets increasingly expect a rate hike at the next FOMC meeting. According to CME Group's FedWatch Tool, the markets project a 91% probability of a rate hike next month.
Don't Miss: Get the Best Investing Research Today to Grow Your Money
The price of oil rallied in pre-market hours on expectations that global oil cartel OPEC will announce production cuts later this month in order to reduce a building supply glut. The WTI crude oil price today gained 3.1%, while the Brent crude oil price gained 3.0%. The gains came after the Saudi Arabian energy minister said it was imperative that the cartel reach a deal. Prices had been cratering in recent sessions on the prospects of increased U.S. crude production and an expectation that OPEC will not be able to meet its cut targets.
The big story this morning is the pending Trump presidency. With less than 100 days until Trump enters the White House, some political opponents argue that faithless electors can still take the presidency away from him and send Hillary Clinton to the White House in 2017.
Is that possible? We break down that scenario, right here.
Meanwhile, investors are looking for the best stocks to buy now. There's a huge new opportunity for defense stocks before Trump's sworn in, according to Money Morning Director of Tech & Venture Capital Research Michael A. Robinson. [Editor's Note: Read all about this stock, right here.]
Up Next: The Subprime Auto Loan Market Is About to Collapse - Here's How to Profit
Follow Money Morning on Facebook and Twitter.
[mmpazkzone name="end-story-hostage" network="9794" site="307044" id="138536" type="4"]
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.