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In Dow Jones news today, stock prices climbed as President Donald Trump met with CEOs of tech companies to discuss making the federal government's information technology services more efficient.
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
- President Trump met with technology CEOs to discuss ways to improve efficiency in the government IT world. Shares of Apple Inc. (Nasdaq: AAPL), Facebook Inc. (Nasdaq: FB), Amazon.com Inc. (Nasdaq: AMZN), Microsoft Corp. (Nasdaq: MSFT) and Alphabet Inc. (Nasdaq: GOOGL) all climbed on the day.
- Crude oil prices were falling Monday as concerns about growing supplies around the globe rattled trader sentiment. The WTI crude oil price today fell 1.3%. Brent crude dipped 0.9%. This rising production has magnified concerns that OPEC's deal through March 2018 may not be enough to stop excessive production and balance supply and demand. On the demand side, traders expressed concern about new data that showed import levels in Japan, India, and China have been falling compared to the same period last year.
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- A stronger U.S. dollar not only weighed on crude prices, but it also hurt silver and gold prices today. The Federal Reserve's recent interest rate hike strengthened the dollar against other currencies around the globe and led to a small downturn in safe-haven commodity prices. Still, the upcoming chatter about Britain's departure from the European Union is one of several key factors supporting silver prices. In fact, Money Morning Resource Specialist Peter Krauth just laid out his most recent case for higher silver prices. Here's what you need to know.
- The Federal Reserve was back in focus today after a speech by New York Fed President William Dudley. The New York bank president warned that inflation remains stubbornly low. The Federal Reserve has signaled that it wants to raise interest rates at least one more time in 2017. The result could be problematic.
- Markets are still debating the impact of the deal announced last week between Amazon.com Inc. (Nasdaq: AMZN) and Whole Foods Market Inc. (Nasdaq: WFM). While everyone is debating the impact on the grocery industry, the one story that markets need to be discussing is the impact of a key initial public offering. This morning, Blue Apron Holdings began marketing its IPO. The meal-kit giant, which could raise up to $510 million when it goes public, is facing a lot of questions about Amazon and other rivals. Remember, there is no such thing as an Amazon-proof retail company.
Four Stocks to Watch Monday: BA, SNAP, GE, TWX
- Boeing Co. (NYSE: BA) unveiled a new model of its popular 737 jet and announced it has received at least 240 orders for the new plane. This is a welcome sign in an industry experiencing a slight pullback due to declining travel demand, tight delivery windows, and lofty production expectations. For these reasons, investors in aviation stocks should look to a metric outside of orders to evaluate the potential of BA stock.
- Shares of Snap Inc. (Nasdaq: SNAP) gained more than 1.9% after it received a $100 million investment from Time Warner Inc. (NYSE: TWX). The news and media giant said it will generate content and original programming on the social media network. The deal also will provide Snapchat with advertising from HBO, Turner, and Warner Bros.
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- Shares of General Electric Co. (NYSE: GE) are pushing higher after Barron's wrote over the weekend that the stock could rise as much as 15% with new CEO John Flannery set to replace Jeffrey Money Morning Executive Editor Bill Patalon beat Barron's to the punch last week and told our readers that it's more than just a change of leadership that will lead GE stock higher. Be sure to read Bill's latest insight right here.
Tuesday's U.S. Economic Calendar (all times EDT)
- Federal Reserve Vice Chairman Stanley Fischer Speaks at 3:15 a.m.
- Boston Federal Reserve Bank President Eric Rosengren speaks at 8:15 a.m.
- Current Account at 8:30 a.m.
- Redbook at 8:55 a.m.
- Four-Week Bill Auction at 11:30 a.m.
- 52-Week Bill Auction at 11:30 a.m.
- Dallas Federal Reserve Bank President Robert Kaplan speaks at 3 p.m.
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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.