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The Dow Jones Industrial Average today was ticking slightly higher ahead of a busy day of earnings reports and a meeting between President Donald Trump and automotive executives.
Overnight, global markets ticked higher after the British Supreme Court ruled that Prime Minister Theresa May must receive approval from Parliament before leaders can begin the official process of departing the European Union. May had wanted to begin the process of a "hard Brexit" by the end of March.
On Monday, the Dow Jones fell 27 points after investors weighed another round of earnings reports and President Donald Trump's economic policies. Yesterday, Trump issued an executive order to withdraw from the Trans-Pacific Partnership (TPP).
Let's look at the numbers from Monday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 19,779.85; -27.40; -0.14%
S&P 500: 2,265.20; -6.11.; -0.27%
Nasdaq: 5,552.94; -2.39; -0.04%
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 was ticking slightly higher in pre-market hours as investors parse through a large amount of earnings reports. Investors are also keeping an eye on crude oil prices as reports of rising U.S. production are weighing on global price sentiment.
Trending: My Bold 2017 Oil Price Prediction
In economic news, keep an eye out for the December report on existing-home sales. Economists anticipate that the number of existing homes sold has declined to 5.52 million from 5.61 million in November.
Crude oil prices were ticking higher as falling OPEC production and other exporters helped offset reports of rising shale production in the United States. OPEC producers have announced they have been able to cut 1.5 million barrels per day (bpd) of their planned 1.8 million bpd. Meanwhile, U.S. oil production has increased by at least 6% since mid-2016.
The WTI crude oil price today added 0.7%. Brent crude gained 0.6%.
But the big story is once again the policies of President Donald Trump.
The president had a busy first day in the Oval Office. Trump pulled the United States out of the Trans-Pacific Partnership, met with union leaders to discuss infrastructure spending, and more. Trump also said he will renegotiate the North American Free Trade Agreement (NAFTA). Trump said he prefers bilateral trade agreements with individual nations instead of multilateral trade deals. It is the largest shift in U.S. trade policy in decades.
On Tuesday, expect more action. Yesterday, Trump called for more automotive jobs to be created in the United States. He will meet with the chief executives of General Motors Co. (NYSE: GM), Ford Motor Co. (NYSE: F), and Fiat Chrysler Automobiles NV (NYSE: FCAU). "I want new plants to be built here for cars sold here!" Trump announced on Twitter before he meets with auto executives Tuesday.
Shares of all three major U.S. auto manufacturers showed gains in pre-market hours.
Stocks to Watch Today, Jan. 24, 2017:
- In earnings news, Alibaba Group Holding Ltd. (NYSE: BABA) shares gained 3.8% after the Chinese e-commerce giant beat third-quarter revenue estimates and raised its 2017 guidance levels.
- Meanwhile, shares of Yahoo! Inc. (Nasdaq: YHOO) gained 3.3% in pre-market hours after the company reported quarterly earnings Monday after the bell. The company posted an earnings-per-share (EPS) figure of $0.18. That result topped consensus expectations of $0.14 per share. Yahoo also said that its deal with Verizon will likely be delayed until the end of the second quarter of 2017.
- Speaking of Verizon Communications Inc. (NYSE: VZ), shares of the telecom giant dropped 2.2% after it fell short of profit expectations. The company reported an EPS of $0.86, off from Wall Street's consensus forecasts of $0.89 per share.
- Keep an eye out for additional earnings reports from Johnson & Johnson (NYSE: JNJ), Texas Instruments Inc. (NYSE: TXN), Intuitive Surgical Inc. (Nasdaq: ISRG), Cree Inc. (Nasdaq: CREE), Lockheed Martin Corp. (NYSE: LMT), Corning Inc. (NYSE: GLW), Capital One Financial Corp. (NYSE: COF), Steel Dynamics Inc. (Nasdaq: STLD), 3M Co. (NYSE: MMM), CA Technologies (NYSE: CA), DR Horton Inc. (NYSE: DHI), Kimberly-Clark Corp. (NYSE: KMB) and E.I. du Pont de Nemours & Co. (NYSE: DD).
Today's U.S. Economic Calendar (all times EST)
- Redbook at 8:55 a.m.
- PMI Manufacturing Index Flash at 9:45 a.m.
- Existing Home Sales at 10 a.m.
- Richmond Fed Manufacturing Index at 10 a.m.
- Four-Week Bill Auction at 11:30 a.m
- Two-Year Note Auction at 1 p.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.