On Tuesday, the Dow added another 54 points thanks to a rally in energy stocks and utility stocks. The S&P 500 energy sector added 2.5%, while utilities gained more than 1.6%. The technology sector also received a big boost after another big day from FANG stocks.
Let's take a look at Tuesday's stock market numbers:
Dow Jones: 18,923.06; 54.37; 0.29%
S&P 500: 2,180.39; 16.19; 0.75%
Nasdaq: 5,275.62; 57.23; 1.10%
Now, here's a look at today's most important market events and stocks, plus a look at Wednesday's economic calendar.
The Dow Jones Industrial Average projected a 64-point decline in pre-market hours as investors eye a fresh round of economic data and speeches by members of the Federal Reserve. With the post-election rally coming to a close, investors should consider the best stocks to buy now. [Editor's Note: Money Morning breaks down the top stocks to own in today's market environment, right here.]
The price of oil fell again thanks to a rising U.S. dollar and an uptick in U.S. crude inventories. Investors are eyeing today's report from the U.S. Energy Information Administration on domestic crude stocks. Analysts project that inventories increased by 1.1 million barrels last week. That report comes a day after the American Petroleum Institute announced that inventories increased last week by 3.7 million barrels.
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The downturn comes despite a report by the International Energy Agency that it does not anticipate that crude demand will slow down before 2040. Nations bound by the Paris climate change summit had hoped to reduce carbon emissions, but the IEA points out that there are very few alternatives to crude oil in the critical global trade industries of road freight, aviation, and petrochemicals.
The WTI crude oil price today dipped 1.1%, while the Brent crude oil price dipped 0.9%.
But the big news this morning is the Snapchat IPO. Snap Inc., the parent company of the digital application, filed for an initial public offering under the condition of confidentiality. Bloomberg reports that the firm filed for its IPO before the election with the Securities and Exchange Commission and set a potential valuation between $20 billion and $25 billion.
Before Snapchat goes public, check out this guide we've prepared potential investors. Money Morning explains how Snapchat makes money, how the application works, the differences between Snapchat and rival Instagram, and an update on when the firm will go public. Be sure to check out "Your Snapchat Stock Guide Before Snap Goes Public."
When it comes to making money in the market, "getting in" early - before a stock begins to make its decisive move - is the single biggest factor to your success as an investor.
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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.