However, there could be a few surprises, as two important economic reports will be released later this morning.
On Thursday, the Dow slipped 23 points as consumer stocks dipped thanks to a round of lackluster earnings reports. The downturn occurred even though the U.S. Commerce Department reported that third-quarter GDP increased by 3.5% and that the number of Americans seeking unemployment benefits was hovering near a 43-year low.
Let's look at the numbers from Thursday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 19,918.88; -23.08; -0.12%
S&P 500: 2,260.96; -4.22; -0.19%
Nasdaq: 5,447.42; -24.01; -0.44%
Here's a look at today's most important market events and stocks, plus a look at Friday's economic calendar.
The Dow Jones Industrial Average projected a four-point gain in pre-market hours.
First up, keep an eye on November home sales. A positive report will likely have a positive impact on construction firms like KB Home (NYSE: KBH), Lennar Corp. (NYSE: LEN), and Toll Brothers Inc. (NYSE: TOL). On Thursday, these companies all fell sharply.
Next up, the markets will be paying attention to the December consumer sentiment report. Since the election, consumer optimism has surged thanks to improving outlooks on the U.S. economy and job market. The monthly report is especially important to retailers who are looking for clues into the willingness of customers to spend money during the holiday shopping season. Keep an eye on big retailers like Macy's Inc. (NYSE: M) and JCPenney Co. Inc. (NYSE: JCP), which both saw a steep downturn in their stock on Thursday.
Crude oil prices were pushing lower on news that Libya has increased its production plans. The nation announced its intention to hike its crude output by roughly 270,000 barrels per day (bpd). Also weighing on crude prices was the news that U.S. inventory levels surprisingly increased last week, according to the Energy Information Administration's weekly report.
The WTI crude oil price today dipped 0.6%. Meanwhile, Brent crude slipped about 0.6%
Money Morning Global Energy Strategist Dr. Kent Moors argues that powerful forces are manipulating the global oil markets.
And he's identified one company poised to profit from this ongoing conspiracy.
But the big news today is the announcement that President-elect Donald Trump has nominated Peter Navarro to head the White House National Trade Council.
Navarro is a professor of economics and public policy at the Paul Merage School of Business, University of California, Irvine. He is also an outspoken critic of China's trade policies and author of a book on the country's impact on the U.S. economy called "Death by China."
The decision is seen as an effort by Trump to double-down on the hard talk about China's currency devaluation, its growing trade balance against the United States, and its shaky trade relationship with the United States. Some are worried Trump's policies - which include proposals for tariffs on Chinese goods - could spark a trade war between the world's two largest economies.
Act Now: How to Grab Explosive Emerging-Market Profits and Keep Your Money Here at Home
Finally, check your calendar. On Monday, Dec. 26, the markets will be closed in observance of the Christmas holiday. Markets will reopen on Tuesday, Dec. 27, at regular market hours.
And speaking of calendars...
America's No. 1 Trader, Tom Gentile, is back with a look at what is happening with his Money Calendar Alert. Today, he's talking about two different patterns that can make you a lot of money if you just spend a few minutes a day learning how options trading works.
Check out his latest educational insight and start making money and having fun today.
Get on the Path to Greater Wealth: 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.