Start the conversation
The Dow Jones Industrial Average fell today (Monday) despite a solid jump in oil prices and energy stocks. The Russell 2000 also snapped a 15-day winning streak as the Donald Trump election rally slowed.
A downturn in the U.S. dollar pushed crude prices higher and sent gold prices higher.
Let's look at the numbers the numbers from Monday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 19,097.90; -54.24; -0.28%
S&P 500: 2,201.72; -11.63; -0.53%
Nasdaq: 5,386.81; -30.11; -0.56%
Now, here's a look at today's most important market events and stocks, plus a preview of Tuesday's economic calendar.
DJIA Today: Dow Slumps Despite Increased Optimism Before OPEC Meeting
The Dow Jones fell 54 points on a decline in banking and consumer discretionary stocks and a slump in the U.S. dollar.
Gold prices have been under extreme pressure in recent weeks thanks to the surging U.S. dollar, but today's downturn in the greenback pushed gold prices up more than 1% on the day. Looking forward, gold's recent price weakness is creating a buying opportunity for investors. Money Morning Resource Specialist Peter Krauth offers his 2017 gold price forecast, right here.
The dollar slide contributed to a difficult day for banking stocks, with Wells Fargo & Co. (NYSE: WFC) dropping 1.2%, Citigroup Inc. (NYSE: C) dropping 1.6%, and Bank of America Corp. (NYSE: BAC) dropping 1.9%.
The Federal Reserve was once again in focus as investors continue to speculate on the timing of the next interest rate hike. According to CME Group's FedWatch Tool, the probability of another rate hike in December sits at 95.9%. But we've seen the Federal Reserve change its mind at the last minute several times in 2016. The last time that the central bank increased rates was in December 2015. Will we see a repeat next month at the December FOMC meeting?
The price of crude oil climbed as investors eye the probability of a deal by OPEC later this week. Optimism is growing for a deal among members of the world's largest energy cartel after Iraq's oil minister said they will cooperate with other nations to reach a deal. In recent months, reports indicated that Iraq wanted an exemption from any deal. The WTI crude oil price today added 2.0%, while the Brent crude oil price gained 1.9%.
Money Morning Global Energy Strategist Dr. Kent Moors has explained that the deal is under pressure because of dramatic changes in the global oil markets in recent years. Be sure to read his latest insight on the OPEC deal, right here.
But the big news today is Cyber Monday. Today is the biggest online shopping day of the year in the United States. Once again, investors were keeping an eye on Amazon.com Inc. (Nasdaq: AMZN). Shares of AMZN stock slumped nearly 2% during the busy shopping day. Despite expectations that the company will reach a new record for orders, investors are questioning the company's margins as it slashes the price of its technology products.
Shares of United Parcel Service Inc. (NYSE: UPS) fell 0.6% although the company's CEO said the firm met its shipment expectations for Black Friday. The company is expecting a huge swell in shipments during this holiday season thanks in part to the ongoing shift toward online shopping.
Brick-and-mortar shops like Wal-Mart Stores Inc. (NYSE: WMT), Target Corp. (NYSE: TGT), and Nordstrom Inc. (NYSE: JWN) were trading flat as the data from Friday's sales continued to roll in. Money Morning breaks down the performance of five stocks to watch after Cyber Monday.
Top Stock Market News Today, Nov. 28, 2016
- Shares of Time Inc. (NYSE: TIME) rallied more than 16% on news that the media giant turned down a buyout from Edgar Bronfman for $18 per share. According to news on the deal, the private equity manager had partnered with Israeli businessman Ynon Kreiz and Access Industries to secure capital for a deal.
- Shares of Panera Bread (Nasdaq: PNRA) fell more than 2% after the company received a stock downgrade from "outperform" to "neutral" from investment firm Wedbush.
- After the bell, look for additional earnings reports from Shoe Carnival Inc. (Nasdaq: SCVL) and 21Vianet Group Inc. (Nasdaq: VNET).
Tuesday's U.S. Economic Calendar (all times EST)
- GDP at 8:30 a.m.
- Corporate Profits at 8:30 a.m.
- Redbook at 8:55 a.m.
- S&P Corelogic Case-Shiller HPI at 9 a.m.
- New York Federal Reserve President William Dudley speaks at 9:15 a.m.
- Consumer Confidence at 10 a.m.
- State Street Investor Confidence Index at 10 a.m.
- 4-Week Bill Auction at 11:30 a.m.
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.
Quickly buying Apple after the June 2013 sell-off, for instance, could have doubled your money. Moving on Valeant the same day we recommended our big "negative bet" against it would've booked you a remarkably fast 700% return.
That's why we've introduced Money Morning Profit Alerts. This new, free service lets you choose what investing areas you want to follow - and makes sure you get alerted to news from that sector as soon as we publish it. It means no more waiting. No more searching. No more missing out. It's easy to get started - just go here.
Here Are 10 “One-Click” Ways to Earn 10% or Better on Your Money Every Quarter
Appreciation is great, but it’s possible to get even more out of the shares you own. A lot more: you can easily beat inflation and collect regular income to spare. There are no complicated trades to put on, no high-level options clearances necessary. In fact, you can do this with a couple of mouse clicks – passive income redefined. Click here for the report…
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.