Gold prices and silver prices each climbed more than 0.8%.
Let’s look at the numbers from Monday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 19,887.38; -76.42; -0.38%
S&P 500: 2,268.90; -8.08; -0.35%
Nasdaq: 5,531.82; +10.76; +0.19%
Now, here’s a look at today’s most important market events and stocks, plus a preview of Tuesday’s economic calendar.
The Dow Jones slipped 76 points Monday thanks to a downturn in crude prices. Optimism over job creation and economic growth couldn’t push the Dow Jones any closer to the psychological barrier of 20,000.
The Dow could hit that level this week, with several financial giants poised to report earnings. The roster of firms reporting earnings includes Bank of America Corp. (NYSE: BAC), BlackRock Inc. (NYSE: BLK), and JPMorgan Chase & Co. (NYSE: JPM).
It was mostly a quiet day for economic data. However, several members of the Federal Reserve made statements on monetary policy and their expectations for the incoming Trump administration. Atlanta Federal Reserve President Dennis Lockhart said the economic crisis is "largely done." He urged his fellow central bankers to step aside and let the economy walk on its own. Boston Fed President Eric Rosengren also called for the central bank to accelerate the number of interest rate hikes in the year ahead.
Crude oil prices plunged on concerns that OPEC’s production deal to cap excessive supply will not happen. Investors are worried producers are increasing rigs and expanding production. Iraq is OPEC’s second-largest producer and announced that output from the nation’s Basra ports hit a record high in December.
Don't Miss: Our (Bold) 2017 Oil Price Forecast – and Today's Most Profitable Energy Play
The WTI crude oil price today was down 3.9%. Meanwhile, Brent crude was also off 3.9%.
But the big story today is happening with Chinese e-commerce giant Alibaba Group Holding Ltd. (NYSE: BABA).
On the same day that President-elect Donald Trump praised Ford Motor Co. (NYSE: F) and Fiat Chrysler Automobiles NV (NYSE: FCAU) for its commitment to job creation and investment in the United States, Alibaba Chairman Jack Ma made a stunning announcement of his own.
The president-elect met with Ma today to discuss plans to create 1 million new jobs in the United States. Alibaba plans to expand trade between small businesses in the U.S. Midwest and Southeast Asia. Ma says the goal to create 1 million jobs can be reached by allowing U.S. small businesses and farmers to trade goods with Asian consumers through Alibaba’s consumer platforms. Shares of BABA stock gained more than 1% on the day.
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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.