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In Dow Jones news today, the Dow was only slightly up and didn't get much closer to 21,000.
The markets are growing more cautious on the notion that President Donald Trump's administration may take much longer to cut taxes, offer financial reform, and repeal "Obamacare."
Despite the lack of optimism today, volatility continues to be muted. The CBOE Volatility Index (VIX) fell over 3% and remained below 12. The VIX is viewed as the markets' fear gauge.
Let's look at the numbers from Friday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 20,821.76; +11.44; +0.05%
S&P 500: 2,367.34; +3.53; +0.15%
Nasdaq: 5,845.31; +9.80; +0.17%
Now, here's a look at today's most important market events and stocks, plus a preview of Monday's economic calendar.
Dow Jones News Today: Rising U.S. Production Fuels Oil Price Drop
Banking stocks weighed on the Dow and the S&P 500 throughout the day. Shares of Goldman Sachs Group Inc. (NYSE: GS) fell 1.5% after the company received a downgrade to "Sell" from investment firm Berenberg.
And because the market is moving on optimism rather than fundamentals, investors are asking, "Will the stock market crash soon?" Money Morning Global Credit Strategist Michael Lewitt has a recommendation on what you should do to protect yourself from growing uncertainty in the markets. Click here to find out more.
Energy stocks slumped thanks to another downturn in crude oil prices.
Oil prices were falling after Baker Hughes Inc. (NYSE: BHI) announced the weekly U.S. rig count surged past 600 platforms for the first time since late 2015. It's another sign that higher crude prices have fueled an uptick in U.S. production. On Thursday, the Energy Information Administration announced that domestic crude stocks increased by 564,000 barrels.
Must Read: A List of Virtual Reality Stocks to Watch
This uptick in production is outweighing news that OPEC members and Russia are on the verge of surpassing production cuts. The nations have reached 90% compliance on a deal to cut 1.8 million barrels from daily production.
The WTI crude oil price today dipped 0.7%. Brent prices were down 0.9%.
Gold prices added another 0.6% and hovered just below $1,260 per ounce.
We expect gold to keep rising by the end of the year. While there are many doubters about gold's pending rally, Money Morning Resource Specialist Peter Krauth explains one major "Donald Trump factor" that is going to propel the precious metal higher. Here's how to get started making a profit on gold's coming surge.
But the big story is the Trump administration focusing on marijuana enforcement across the United States.
On Thursday, White House press secretary Sean Spicer hinted that the administration could begin cracking down on recreational marijuana and legalization efforts. In fact, President Trump's new attorney general, Jeff Sessions, has criticized the nation's growing marijuana industry. Investors who have made a lot of money in recent years in this industry are understandably nervous and want to know how Trump could derail the business.
Money Morning dug into the federal rules to understand the two major ways that Trump could become a major thorn in the side of marijuana businesses.
Stock Market News and Top Stocks to Watch Today: Feb. 24, 2017
- Shares of Facebook Inc. (Nasdaq: FB) were mostly flat today as the social media giant continues to hover near record highs. The Facebook stock price is now up over 17% in 2017, and the stock is poised for even more growth in the years ahead. Investors are interested in knowing the date of the Facebook stock split. If you are a FB shareholder, it's important to know that a Facebook stock split has been approved and will happen. It's just a matter of when. Here's what the Facebook stock split will look like…
- In earnings news, shares of the JCPenney Co. Inc. (NYSE: JCP) fell more than 5% after the embattled retailer announced plans to sell up to 140 stores in the next few months. The company did beat lowered earnings and revenue expectations, but it's becoming increasingly difficult for the company to compete in today's world dominated by e-commerce. Money Morning Global Credit Strategist Michael Lewitt explains that brick-and-mortar retail is dying. And JCPenney isn't the only company on the slide. Lewitt says the unstoppable trend is taking a huge bite out of one of the most prominent food retailers today. Here's how you can profit.
- Meanwhile, shares of Hewlett Packard Enterprise Co.(NYSE: HPE) dropped more than 6% after the computer hardware giant slashed its 2017 profit forecast.
Monday's U.S. Economic Calendar (all times EST)
- Durable Goods Orders at 8:30 a.m.
- Pending Home Sales Index at 10 a.m.
- Dallas Fed Manufacturing Survey at 10:30 a.m.
- Dallas Federal Reserve Bank President Robert Kaplan Speaks at 11 a.m.
- Four-Week Bill Announcement at 11 a.m.
- Three-Month Bill Auction at 11:30 a.m.
- Six-Month Bill Auction at 11:30 a.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.