Dow Jones Industrial Average Today Rising as Investors Prepare for Epic OPEC Meeting

This morning, the Dow Jones Industrial Average is ticking higher as investors watch oil prices and an update to U.S. economic growth.

GDP levels have been frustratingly low over the last eight years. But many economists are predicting that the recent election of President-elect Donald Trump could spur growth thanks to his economic policies. Trump has suggested that his policies will advocate for infrastructure spending, corporate tax reform, and financial deregulation.

On Monday, the Dow Jones fell 54 points thanks in part to a decline in banking and consumer discretionary stocks and a slump in the U.S. dollar. The dollar slid from 14-year highs and helped propel gold prices higher. Gold prices have been under extreme pressure in recent weeks thanks to the surging U.S. dollar.

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%

Here's a look at today's most important market events and stocks, plus a look at Tuesday's economic calendar.

What's Ahead for the Dow Jones industrial Average Today

The Dow Jones Industrial Average projected a four-point gain at the opening bell as investors prepare for a second revision to third-quarter GDP and a speech from a New York Federal Reserve President William Dudley. Investors will be looking for clues into Dudley's stance on interest rates as the December FOMC meeting approaches.

According to the CME Group, 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. So will the Fed raise interest rates next month?  We answer that question, right here.

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Gold prices are dipping again today to $1,182 per ounce. Looking forward, the recent downturn in gold is creating a buying opportunity for investors. Money Morning Resource Specialist Peter Krauth offers his 2017 gold price forecast, right here.

Meanwhile, silver prices continue to slide thanks to the rising U.S. dollar. As a bonus to his gold forecast, Krauth has just released his latest insight for silver prices. Read it here.

The price of crude oil was falling ahead of OPEC's meeting on Wednesday. According to reports, Saudi Arabia is starting to prepare for a huge battle between the oil cartel and the United States as the latter begins to ramp up its own production. The election of Donald Trump has thrown a major wrench in the cartel's plan for oil prices moving forward.

Money Morning Global Energy Strategist Dr. Kent Moors predicted six days ago that the OPEC deal would ultimately fail at the behest of the cartel's de facto leader – in part because of Al-Falih's personal aversion to the U.S. POTUS-to-be…

And this what you need to know this morning about tomorrow's critical OPEC meeting.

The WTI crude oil price today dipped 2.7%, while the Brent crude oil price fell 2.7%.

The big news today is Obamacare, also known as the Affordable Care Act. President-elect Trump sent a message over the last 24 hours that he is serious about dismantling President Obama's signature healthcare law. Trump has appointed House Budget Committee Chairman Rep. Tom Price (R-GA) to the post of Human Services Secretary. Price will arrive to the agency as the author of the Empowering Patients First Act. This piece of legislation is widely considered one of the most detailed road maps to repealing and replacing Obamacare.

Stocks to Watch Today, Nov. 29, 2016

• Shares of Amazon.com Inc. (Nasdaq: AMZN) are up 0.3% after a busy Cyber Monday. 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. Money Morning Global Credit Strategist Michael Lewitt has called the ongoing transition toward e-commerce a huge disaster for retail companies. [Editor's Note: But he explains that there is one way that you can profit immensely from this unstoppable trend.]
• In earnings news, shares of Shoe Carnival Inc. (Nasdaq: SCVL) plunged more than 10% in pre-market hours after the company fell short of Wall Street earnings expectations. The company reported an earnings-per-share figure (EPS) of $0.54 on top of $275 million in revenue. Wall Street had expected an EPS of $0.56 on top of $278 million in revenue.
• Shares of UnitedHealth Group Inc. (NYSE: UNH) gained more than 2.2% after the healthcare giant hiked its forward guidance for 2017. The firm increased its 2017 revenue forecast to a range between $197 billion and $199 billion. That topped Wall Street revenue expectations of $196.6 billion.
• In earnings news, shares of Tiffany & Co. (NYSE: TIF) rallied more than 5% after the company topped Wall Street quarterly expectations. The company did report a 2% decline in same-store sales, but the loss still topped Wall Street forecasts.
• Look for additional earnings reports from Splunk Inc. (Nasdaq: SPLK), Autodesk Inc. (Nasdaq: ADSK), Guidewire Software (Nasdaq: GWRE), Ship Finance International (NYSE: SFL), and Fifth Street Finance Corp. (NYSE: FSC).

Today'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.

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