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On Friday, the Dow Jones dropped 19 points. The downturn coincided with "quadruple witching," a day when three related classes of futures and options contracts expired.
Let's look at the numbers from Friday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 20,914.62; -19.93; -0.10%
S&P 500: 2,378.25; -3.13; -0.13%
Nasdaq: 5,901.00; +0.24; +0.00%
Here's a look at today's most important market events and stocks, plus a look at Monday's economic calendar.
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The Dow Jones futures projected a 15-point decline as investors prepared for a busy day of economic news. Markets are still digesting the Fed's decision last week to raise interest rates. Investors are eyeing a wealth of information on mergers and acquisitions.
Shares of Mobileye NV (NYSE: MBLY) were flat despite news that the company could walk away from its deal with Intel Corp. (Nasdaq: INTC). Last week, shares of MBLY surged on news that Intel would purchase the developer of self-driving vehicle technology. However, the New York Post is reporting this morning that the company may be holding out for a higher bid.
Crude oil prices were falling on news that U.S. production levels were on the rise. On Friday, Baker Hughes Inc. (NYSE: BHI) reported another uptick in U.S. production rigs. The increase of American production platforms offset expectations that OPEC will be able to deliver on its expected cuts to cap excessive production. BHI reported that the United States added 14 production platforms, bringing the total to 631. That is the highest figure since September 2015.
This morning, the WTI crude oil price today fell 1.9%. Brent crude dipped 1.4%.
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But the big news is happening in Washington.
While everyone is talking about the Trump budget, the real threat to the post-election rally is happening with the debate over the Affordable Care Act. Markets have roared higher since President Trump teased his new tax plan on Feb. 9, which promised to slash corporate taxes by 25%. But with Congress now racing to replace the Affordable Care Act, Money Morning Capital Wave Strategist Shah Gilani worries that could make investors question whether or not the tax cuts will actually come. Here's Shah's latest insight on what could happen next.
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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.