Dow Jones Industrial Average Today Flat as Busy Earnings Day Kicks Off

Dow Jones Industrial AverageThe Dow Jones Industrial Average is flat in pre-market hours as investors eye another busy day of earnings reports, economic data, and speculation on geopolitics in the wake of Sunday’s Quitaly vote.

On Monday, the Dow gained 45 points as investors shrugged off geopolitical concerns in Europe and all 10 major S&P 500 sectors finished in the green. The Dow hit a new all-time intraday high as optimism about the U.S. economy and the incoming Trump administration brims.

Let's look at the numbers from Monday for the Dow, S&P 500, and Nasdaq:

Dow Jones: 19,216.24; +45.82; +0.24%

S&P 500: 2,204.70; +12.76; +0.58%

Nasdaq: 5,308.58; +53.24; +1.01%

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 is projecting more than a 10-point gain after oil prices dipped and investors began speculating on another busy day of economic data and quarterly earnings reports. But the big news this morning is happening in Italy, where shares of the banking giant Banca Monte dei Paschi di Siena (OTCMKTS: BMDPF) have been falling. The financial stock has plunged nearly 85% so far this year, fueling speculation that the company may require a bailout from Italian taxpayers.

Markets have largely shrugged off concerns about the Italian referendum vote that saw the nation’s citizens turn down plans to grant its Prime Minister Matteo Renzi new powers to alter the country’s financial sector. Renzi has announced his plans to resign after the failed referendum.

Don’t Miss: Learn how to Grab Explosive Emerging-Market Profits, While Keeping Your Money Here at Home

Here's what the Italy referendum results mean for the markets.

Oil prices were falling from a 16-month high Tuesday on word that crude production rose in Russia and nearly every other major export market in November. The boost in output comes at the same time that Russia and OPEC plan a major production cut to reduce excessive crude supply. Today’s production news triggered new fears of a global supply glut.

Money Morning Global Energy Strategist Dr. Kent Moors has explained that a price floor above $50 a barrel was one of the primary goals of the OPEC agreement. However, Moors also explains that the biggest challenge in the months ahead is OPEC’s ability to enforce the deal.

The WTI crude oil price today fell 1.2%, while the Brent crude oil price decreased by 0.9%.

But the story slipping under the radar comes from Euro Pacific Capital CEO and well-known economist Peter Schiff. The outspoken economist has crunched the numbers surrounding President-elect Donald Trump’s plan for the U.S. economy. Simply put, he doesn’t like it. And Schiff lays out a dire scenario for the U.S. economy should Trump get his way on spending in the years ahead. Here’s Schiff’s latest prediction for the U.S. economy.

Stocks to Watch Today, Dec. 6, 2016

  • If you want to make real money, you need to know some of the biggest investment trends. And there may be no bigger trend right now than the widespread adoption of legalized marijuana in states all across the country. Money Morning Director of Tech & Venture Capital Research Michael A. Robinson explains that there are three other states on his radar that are likely going to legalize marijuana soon. And that will help unleash another wave of green profits. Check out Robinson's latest insight, right here.
  • In earnings news, Toll Brothers Inc. (NYSE: TOL) shares were on the rise this morning after the company topped Wall Street earnings expectations for the fifth-straight quarter. The residential construction company said that higher home prices and higher average selling prices helped bolster their bottom line. Toll also issued a positive outlook for the 2017 construction industry.
  • Look for earnings reports from AutoZone Inc. (NYSE: AZO), Dave & Busters Entertainment Inc. (Nasdaq: PLAY), Photronics Inc. (Nasdaq: PLAB), AeroVironment Inc. (Nasdaq: AVAV), Bob Evans Farms Inc. (Nasdaq: BOBE), Francesca’s Holdings Co. (Nasdaq: FRAN), Bank of Montreal (NYSE: BMO), and Conns Inc. (Nasdaq: CONN).

Today’s U.S. Economic Calendar (all times EST)

  • International Trade at 8:30 a.m.
  • Productivity and Costs at 8:30 a.m.
  • Gallup US ECI at 8:30 a.m.
  • Redbook at 8:55 a.m.
  • Factory Orders at 10 a.m.
  • Four-Week Bill Auction at 11:30 a.m.
  • 52-Week Bill Auction at 11:30 a.m.

Up Next

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.

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.

Read full bio