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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:
- Markets are anxious to parse through the March jobs report slated for release on Friday.
- On Monday, the Dow dropped 13 points thanks to a decline in automotive sales and mixed economic data. Investors also reignited concerns about the Trump administration's ability to get its policy goals enacted by the end of 2017.
- Markets are speculating on an upcoming meeting between Chinese President Xi Jinping and President Donald Trump.
- Nasdaq attempts to return to a record high as investors begin to eye upcoming earnings season in the weeks ahead.
- Oil prices tick higher despite a rise in Libyan production and concerns about U.S. inventory levels.
- Panera Bread Co. (Nasdaq: PNRA) is exploring strategic options, including a sale.
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Here's a look at today's most important market events and stocks, plus a look at Tuesday's economic calendar.
What's Ahead for the Dow Jones Industrial Average Today
- Dow Jones futures are down 59 points ahead of the Tuesday open as investors prepare for a monthly update to the U.S. trade numbers and a slew of economic data on the manufacturing sector.
- Markets appear to be taking a wait-and-see approach to Friday's official March unemployment report as traders begin to speculate on the upcoming Q1 earnings season.
- The U.S. central bank is back in focus as Federal Reserve Governor Daniel Tarullo prepares to give a speech later this afternoon. Yesterday, Philadelphia Fed President Patrick Harker said he still supports efforts to raise interest rates at least two more times in 2017.
- Crude oil prices were ticking higher despite news that Libyan production is increasing after recent disruptions to the OPEC nation's output. The nation's largest oil field is back online after a week-long disruption caused by militant groups. The news offset improving economic data that forecasted rising demand in Asia's largest economies.
- Oil traders will be looking for insight into U.S. inventory levels when the American Petroleum Institute provides an update on crude stocks. The WTI crude oil price today added 0.8%. Brent crude added 0.8%.
Trending Now: Why 2017 Is the Year for Investing in Renewables
- But the big news is the big changes ahead in the life insurance industry. More than 28 states have now legalized marijuana in some form. But while one in five Americans now have access to cannabis without a doctor's note, a few complications have emerged. One of the most unexpected is the change to life insurance policies. Life insurance companies use drug testing to determine a potential customer's lifestyle decisions and how it would impact their premiums. Different insurance companies treat the results of marijuana testing differently, and it can depend on factors like frequency and dosage, why marijuana is used, and the applicant's age. But at the end of the day, the question that truly matters is "Will Marijuana Use Change Your Premium Price?" In an in-depth report, Money Morning explores the impact of marijuana on your life insurance policy, right here.
Stocks to Watch Today, April 4, 2017:
- Shares of Panera Bread Co. (Nasdaq: PNRA) climbed 7.9% Monday on news that the company may sell itself. This morning, investment firm Bernstein suggested that two different types of firms could overtake the casual dining outlet. Bernstein mentions strategic investors such as Restaurant Brands International (NYSE: QSR) or Jabil Circuit (NYSE: JAB) or restaurant firms like Starbucks Corp. (Nasdaq: SBUX) or McDonald's Corp. (NYSE: MCD). A deal could come in the very near future.
- Shares of Tesla Inc. (Nasdaq: TSLA) were down 0.7% a day after surging more than 7.2%. Yesterday's rally came 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…" With yesterday's surge in TSLA stock, the company surpassed Ford Motor Co. (NYSE: F) as the second-largest vehicle manufacturer in the United States by market capitalization.
- Look for earnings reports today from Acuity Brands Inc. (NYSE: AYI), International Speedway (Nasdaq: ISCA), Conns Inc. (Nasdaq: CONN), Alere Inc. (NYSE: ALR) and Landec Corp. (Nasdaq: LNDC).
Today'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.
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