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In Dow Jones news today, the Dow continued its epic winning streak as the markets turn their attention to President Donald Trump's speech tomorrow.
President Trump is expected to spend $54 billion per year on defense, which is going to offer a huge boost to the defense sector.
Shares of Boeing Co. (NYSE: BA), Raytheon Co. (NYSE: RTN), General Dynamics Corp. (NYSE: GD), and Lockheed Martin Corp. (NYSE: LMT) all experienced gains on news of Trump's plan to increase military spending.
Let's look at the numbers from Monday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 20,837.44; +15.68; +0.08%
S&P 500: 2,369.73; +2.39; +0.10%
Nasdaq: 5,861.90; +16.59; +0.28%
Now, here's a look at today's most important market events and stocks, plus a preview of Tuesday's economic calendar.
Dow Jones News Today: Dow Continues Epic Winning Streak
The Dow Jones Industrial Average added 15 points and continued its streak of 12 straight record closing highs. Despite the uptick, the CBOE Volatility Index – widely considered the markets' fear gauge – increased by more than 5%. Investors are turning their attention to President Trump's speech tomorrow before a joint session of Congress. Trump is widely expected to discuss economic reforms, tax policy, and healthcare.
Meanwhile, investors were weighing a speech today by Dallas Federal Reserve President Robert Kaplan. The voting member on the Fed Open Market Committee said he anticipates the central bank will raise interest rates soon. According to CME Group's FedWatch tool, the probability of a rate hike in March now sits at 26.6%.
Oil prices were slightly up as investors weighed Friday's announcement by Baker Hughes Inc. (NYSE: BHI) that the domestic rig count increased in the week prior.
The WTI crude oil price today climbed 0.19%. Brent prices dipped 0.07%.
But the big story is the Affordable Care Act.
Must Read: A List of Virtual Reality Stocks to Watch
In a meeting with state governors, President Trump announced that he was "moving quickly" to work on economic reforms.
Stock Market News and Top Stocks to Watch Today: Feb. 27, 2017
- Shares of Apple Inc. (Nasdaq: AAPL) added 0.2% on news that Warren Buffett's Berkshire Hathaway Inc. (NYSE: BRK.A) has boosted its stake in the technology giant. Buffett told CNBC earlier today his company purchased a staggering 120 million shares of Apple stock in 2017. The stock was also on the move after Mizuho Securities set a price target for AAPL stock at $150.00 per share.
- Facebook Inc. (Nasdaq: FB) is within striking distance of a new record high. And while the company continues to generate huge revenue gains every quarter, investors are curious when the social media giant's stock will split. Although a Facebook stock split date still hasn't been announced, we break down what to expect from Facebook stock in the future.
- Shares of Tesla Inc. (Nasdaq: TSLA) fell more than 4% after Goldman Sachs Group Inc. (NYSE: GS) set a "Sell" rating on the electric car manufacturer. Goldman Sachs analyst David Tamberrino also cut his price target from $190.00 per share to $185.00. The analyst raised concerns about the company's need to raise capital ahead of its Model 3 launch later this year. Investors are also concerned the company could experience delays in its manufacturing process.
- Today's biggest winner was La Jolla Pharmaceutical Co. (Nasdaq: LJPC). Shares of the drug company surged more than 75% on news it saw success in a late-stage study of an experimental drug. Here are the other stocks that investors were watching today.
- After the bell, look out for additional earnings reports from Priceline Group Inc. (Nasdaq: PCLN), Workday Inc. (NYSE: WDAY), Hertz Global Holdings Inc. (NYSE: HTZ), Tenet Healthcare Corp. (NYSE: THC), and Albemarle Corp. (NYSE: ALB).
Tuesday's U.S. Economic Calendar (all times EST)
- GDP at 8:30 a.m.
- International Trade in Goods at 8:30 a.m.
- Redbook at 8:55 a.m.
- S&P Corelogic Case-Shiller HPI at 9 a.m.
- Chicago PMI at 9:45 a.m.
- Consumer Confidence at 10 a.m.
- Richmond Fed Manufacturing Index at 10 a.m.
- State Street Investor Confidence Index at 10 a.m.
- 4-Week Bill Auction at 11:30 a.m.
- 52-Week Bill Auction at 11:30 a.m.
- Kansas City Federal Reserve Bank President Esther George speaks at 12:45 p.m.
- Farm Prices at 3 p.m.
- San Francisco Federal Reserve Bank President John Williams speaks at 3:30 p.m.
- Louis Federal Reserve Bank President James Bullard Speaks at 6:30 p.m.
Must Read – This Great Depression-era "Secret" Helped Transform Two Teachers into Millionaires: Donna and Dave R. were both teachers in Boston. But today they're retired millionaires who are also earning $10,000 a month in income. Their secret? Much of their wealth is due to a Great Depression-era "program" most have no idea exists. Full Story
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.