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Welcome back, traders. After a record-setting week, the markets are pulling back. This morning, the Dow Jones Industrial Average is projecting a slight downturn as concerns about OPEC's production deal continue to bubble. Overnight, global markets were weaker.
On Friday, the Dow added another 68 points during a slow post-Thanksgiving holiday session. With the Dow now above 19,000 points, Money Morning Capital Wave Strategist Shah Gilani outlines the significance of the markets' recent rally. Before you start your day, be sure to read our latest interview as Shah takes a break from his busy television schedule. Check it out, right here.
Here's a look at today's most important market events and stocks, plus a look at Monday's economic calendar.
What's Ahead for the Dow Jones Industrial Average Today
The Dow Jones Industrial Average projected a 51-point decline as investors eye oil prices. The price of oil was moving higher this morning as traders speculate on the ability of a production deal by OPEC to limit a global glut in crude. The WTI crude oil price today added 0.6%, while the Brent crude oil price gained 0.7% after Iraq's oil minister said that his nation would cooperate with others to reach a deal. Still, the deal has a long way to go.
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On Wednesday, the global oil cartel will meet in Vienna, Austria, to discuss a possible production cut that could shave 4% to 4.5% off its production. However, analysts are now growing increasingly pessimistic about a deal due to geopolitical infighting among the nations.
Our Global Energy Strategist Dr. Kent Moors has explained that that a deal is under pressure due the dramatic changes in the global oil markets in recent years. Be sure to read his latest insight on the OPEC deal, right here.
Politics are once again in play this morning. Democratic presidential nominee Hillary Clinton has said her camp will participate in a recount of three Midwestern states. The recount effort has been driven by Green Party nominee Jill Stein. Analysts don't project that the recount will produce any significant changes, meaning that GOP nominee and President-elect Donald Trump is set to become the 45th president in January. We don't know exactly what President-elect Donald Trump will do in office, but we know enough to start our list of the best stocks to buy for a Trump presidency. [Editor's Note: Be sure to start preparing with this list, right here.]
But the big news today is Cyber Monday. Today is the biggest online shopping day of the year in the United States.
Everyone is eyeing the retail sector as Black Friday officially kicked off the holiday shopping season. Once again, the shift from traditional retail has favored e-commerce giants like Amazon.com (Nasdaq: AMZN). 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.
Stocks to Watch Today, Nov. 28, 2016
- Shares of Boeing Co. (NYSE: BA) were off more than 0.8% this morning. Shares ticked downward on news that the World Trade Organization may issue sanctions on the global aircraft manufacturer. The WTO may rule that the company received illegal state subsidies for the production of its new 777X aircraft, according to The Wall Street Journal.
- It will be another tough day for the embattled financial firm Wells Fargo & Co. (NYSE: WFC). CNBC is reporting that a group of employees are suing the firm over the bank's retirement plans. According to the complaint, the employees argue that the company has steered $3 billion into company-run mutual funds that have underperformed compared to the broader market. This has been a very ugly year for the bank as new scandals related to their employee-driven sales structures have caused repeated black eyes for the firm.
- In earnings news, keep an eye out for a report from ZTO Express (Cayman) Inc. (ADR) (NYSE: ZTO). The Chinese delivery giant will report its first earnings report since its initial public offering (IPO).
- Look for additional earnings reports from Thor Industries Inc. (NYSE: THO), Shoe Carnival Inc. (Nasdaq: SCVL), Orbital ATK Inc. (NYSE: OA), and 21Vianet Group (Nasdaq: VNET).
Today's U.S. Economic Calendar (all times EST)
- Dallas Fed Manufacturing Survey at 10:30 a.m.
- Four-week Bill Announcement at 11 a.m.
- Three-month Bill Auction at 11:30 a.m.
- Six-month Bill Auction at 11:30 a.m.
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.