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.
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.
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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.
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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.
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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.