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Here are the numbers from Monday for the Dow, S&P 500, and Nasdaq:
|Index||Closing||Point Change||Percentage Change|
Now here's a closer look at today's most important market events and stocks, plus Tuesday's economic calendar.
The Five Top Stock Market Stories for Monday
- The Dow ripped higher thanks to a boost in crude oil prices. Global oil prices pushed higher after Russia and Saudi Arabia voiced support to extend a deal to cap excessive production. The WTI crude oil price today added 2.2%, while Brent crude gained 2%. The boost in prices helped propel energy stocks higher. Shares of Exxon Mobil Corp. (NYSE: XOM) added 0.3%, while Chevron Corp. (NYSE: CVX) gained nearly 1%.
- In economic news, a monthly update on New York-area manufacturing revealed the first decline since the election of President Donald Trump. The Empire State manufacturing index fell to -1 in May, down from a 5.2 reading in April. Meanwhile, housing stocks pushed higher on news that homebuilding recovered in May. Robust demand for housing continues to drive an uptick in housing starts and building permits. Shares of KB Home (NYSE: KBH) added 1.82%, while Toll Brothers Inc. (NYSE: TOL) gained more than 1%.
- Markets continue to keep an eye on Washington, where President Donald Trump and Republicans are pushing for tax reform, the repeal and replacement of the Affordable Care Act, and a massive infrastructure plan. However, last week's firing of former FBI Director James Comey could complicate things. In fact, some investors are running out of patience. We are now hearing rumblings about the possibilities of a market crash in 2017.
- Shares of the PureFunds ISE Cyber Security ETF (NYSE Arca: HACK) rallied more than 3% thanks to a massive cyberattack that spread around the globe. Cyber stocks ripped higher as traders speculated that both companies and governments will take aim at bolstering lax cyber networks. According to Reuters, 213,000 machines have been infected by malware in 112 countries. Most of the problems are occurring in Ukraine, Russia, India, and Taiwan. Shares of Symantec Corp. (Nasdaq: SYMC) gained more than 3%. Shares of Palo Alto Networks Inc. (Nasdaq: PANW) added 2.7%, and FireEye Inc. (Nasdaq: FEYE) added nearly 9%.
- The price of silver jumped 1.4% and nearly hit a two-week high. The safe-haven metal received a big pop after North Korea tested another projectile over the weekend and reignited geopolitical concerns in the Pacific. But these gains are only the beginning. Money Morning Resource Specialist Peter Krauth offers his latest 2017 silver forecast. You won't believe how big the potential gains are in the months ahead.
Four Stocks to Watch Monday: GOOGL, PTHN, MCO, AAPL
- Alphabet Inc. (Nasdaq: GOOGL) was generating buzz after the company's driverless car division (Waymo) announced a partnership with ridesharing giant Lyft. The deal is a huge blow to Lyft's rival Uber, which has been mired in a series of public relations problems. Uber is currently in the process of battling Alphabet in court over an important technology for autonomous vehicles. GOOGL stock added 0.4% on the day.
- In deal news, shares of Patheon NV (Nasdaq: PTHN) railed more than 33% on news that it will be purchased by Thermo Fisher Scientific Inc. (NYSE: TMO). The deal is expected to be worth $7.2 billion. In other deal news, shares of Moody's Corp. (NYSE: MCO) added 1.1% after it announced plans to purchase a Dutch business intelligence firm called Bureau van Dijk for roughly $3.25 billion.
What Can We Expect from North Korea in 2017?
- Today was the regulatory deadline for hedge fund and other money managers to report their first-quarter purchases in SEC filings. Given recent filings by big names like George Soros, Warren Buffett, and Carl Icahn, investors will be paying close attention to see who owns shares of companies like Apple Inc. (Nasdaq: AAPL).
- The other top stocks to watch today included Apple Inc. (Nasdaq: AAPL), Chesapeake Energy Corp. (NYSE: CHK), and Symantec Corp. (Nasdaq: SYMC). Here's why these stocks were generating headlines.
- Look for earnings reports after the bell from Vipshop Holdings Ltd. (Nasdaq: VIPS), Amyris Inc. (Nasdaq: AMRS), and DXP Enterprises Inc. (Nasdaq: DXPE).
Tuesday's U.S. Economic Calendar (all times EDT)
- Housing Starts at 8:30 a.m.
- Redbook at 8:55 a.m.
- Industrial Production at 9:15 a.m.
- E-Commerce Retail Sales at 10 a.m.
- Four-Week Bill Auction at 11:30 a.m.
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.