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In Dow Jones news today, the markets slid as investors remain concerned about the Trump administration's ability to get its policy goals enacted by the end of 2017.
Let's look at the numbers from Monday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 20,650.21; -13.01; -0.06%
S&P 500: 2,358.84; -3.88; -0.16%
Nasdaq: 5,894.68; -17.06; -0.29%
Today's market highlights:
- Shares of Panera Bread Co. (Nasdaq: PNRA) climbed 7.9% as the company is reportedly looking to sell itself.
- Tesla CEO Elon Musk taunts short sellers after company reports record deliveries.
- Auto sales slump as manufacturers begin to worry about 2017 annual sales.
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 Slumps as Investors Face Uncertainty
- On the global front, markets were unfazed by an explosion that rocked St. Petersburg, Russia. Ten people were killed in what is suspected to have been a terrorist attack.
- On the economic front, U.S. construction spending hit an 11-year high in February thanks to a strong uptick in homebuilding financing. Meanwhile, U.S. manufacturing activity slid from a 2 1/2-year high thanks to a decline in domestic inventories and retreating production. Despite the bad news from the Institute for Supply Management (ISM), the monthly report indicated a solid reading and indicated that increased hiring provides a bullish sentiment for the road ahead.
- Auto manufacturers dominated the headlines after reporting a weak monthly sales report. America's top manufacturers reported declining sales of passenger vehicles. Automotive sales have been rising since the Great Recession, but investors are not paying closer attention to rising inventory levels, surging consumer auto debt, and the use of discounts to create additional sales.
- Shares of Ford Motor Co.(NYSE: F) fell 1.6% on the day, while General Motors Co. (NYSE: GM) stock dropped 3.3% on the day. The worst performer was Fiat Chrysler Automobiles NV (NYSE: FCAU), with shares falling 4.8%.
- Markets are speculating on an upcoming meeting between Chinese President Xi Jinping and President Donald Trump. The meeting is set to kick off Thursday. Topics of discussion will likely include bilateral trade, North Korea's political uncertainty, and the South China Sea. Here's what else the markets are focusing on this week.
- Gold prices were up slightly today, climbing 0.2%. The yellow metal bulls have faded a bit after a recent rally amid a resurgence in the U.S. dollar index. However, Money Morning Resource Specialist Peter Krauth sees the price of gold rising to $1,400 by the end of the year. Here are the two factors that are poised to send gold prices higher.
- Oil prices were mixed after Baker Hughes Inc.(NYSE: BHI) reported last week that the number of U.S. production rigs in operation increased for the 11th consecutive week. During the first quarter of 2017, crude prices slumped 5.8%. The markets have become concerned about rising U.S. production and record-level inventory numbers. The WTI crude oil price today dipped 0.6%, while Brent crude fell 0.7%.
Stock Market News and Top Stocks to Watch Today: April 3, 2017
Stock Talks with Bill Patalon
- In earnings news, shares of Perrigo Co. (NYSE: PRGO) gained 0.6% as the firm prepares to report Q4 results after the bell today. Wall Street anticipates that the firm will report earnings per share (EPS) of $1.76 on top of $1.362 billion in revenue.
- Shares of World Wrestling Entertainment Inc. (NYSE: WWE) fell more than 1.6% after the company hosted its annual post-WrestleMania conference. The company will host an investor call to discuss an update to its WWE Network subscriber figures.
- Shares of Tesla Inc. (Nasdaq: TSLA) are on the rise after the electric vehicle manufacturer announced it delivered more than 25,000 vehicles during the first quarter. The breakdown of this figure represents roughly 13,450 Model S vehicles and roughly 11,550 Model X vehicles. The company reported a 69% jump in deliveries compared to the same period last year. TSLA CEO Elon Musk reacted to the news by calling out investors who have been betting against his company by tweeting, "Stormy weather in Shortville…"
Tuesday's U.S. Economic Calendar (all times EDT)
- International Trade at 8:30 a.m.
- Gallup US ECI at 8:30 a.m.
- Redbook at 8:55 a.m.
- Factory Orders at 10 a.m.
- 4-Week Bill Auction at 11:30 a.m.
- Federal Reserve Governor Daniel Tarullo speaks at 4:30 p.m.