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In Dow Jones news today, Dow futures were up seven points in premarket hours as investors return from the July 4 holiday and look for guidance from the U.S. Federal Reserve. Later today, the Fed will release minutes from its June meeting.
Here are the numbers from Monday for the Dow, S&P 500, and Nasdaq:
|Index||Previous Close||Point Change||Percentage Change|
Now here's a closer look at today's most important market events and stocks, plus Wednesday's economic calendar.
The Five Top Stock Market Stories for Monday
- The Dow hit an all-time high Monday as money poured out of technology stocks and into banking companies. Investors are bullish on the U.S. financial sector in the wake of the Federal Reserve's stress testing. Markets closed early on Monday and remained closed on Tuesday.
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- Investors are gearing up for the release of minutes from the Fed's June meeting. Markets are looking for clues into the central bank's plans to begin winding down its $4.5 trillion balance sheet. In addition, we expect to receive a bit more insight into the central bank's plans for interest rates in the future. The Fed has raised rates two times in 2017, and many leaders in the central bank have called for another increase by December.
- Tensions in the Korean Peninsula rose Tuesday after North Korea conducted another missile test. The "Hermit Kingdom" fired another test missile into the economic zone of Japan. In addition, the nation says that it has developed an intercontinental missile capable of carrying a nuclear warhead. The U.S. Defense Department believes that such a missile could reach as far as Alaska and other parts of the West Coast of the United States.
- Crude oil prices were falling in premarket hours despite rising geopolitical tensions. Once again, concerns about rising global supplies rattled investor confidence and led to a sell-off. According to reports, OPEC production increased last month despite the global oil cartel's commitment to cutting excessive supply. Markets will be looking to tomorrow's report from the Energy Information Administration on the state of U.S. crude inventories. Even a small uptick in U.S. crude supplies could send crude on another roller coaster. The WTI crude oil price today fell 1.4% early this morning, and Brent crude dipped 0.9%.
- Next week, markets will be looking for reports from major financial institutions including JPMorgan Chase & Co. (NYSE: JPM) and Wells Fargo & Co. (NYSE: WFC).
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- In deal news, shares of Vantiv Inc. (NYSE: VNTV) are down 1.3% after the U.S. credit card-processing firm announced a deal to buy Worldpay Group Plc. The deal for the largest payment-processing company in the United Kingdom is valued at roughly $9.94 billion.
- Shares of General Motors Co. (NYSE: GM) added more than 1.8% in premarket hours after the firm reported stronger-than-expected June sales in China. The firm said that it saw a 4.3% increase in the region after two months of declines.
- Shares of Costco Wholesale Corp. (Nasdaq: COST) were off another 0.5% on Monday as investors continue to sell shares of COST. Over the last month, shares have declined from a 52-week high of $183.18 to today's price of $158.82. The downturn has shaved more than $10 billion in market capitalization off the membership warehouse firm. The reason for the decline is obvious. More investors are fretting on news that Amazon.com Inc. (Nasdaq: AMZN) is making a big leap into the grocery business with its $13.7 billion offer for Whole Foods Market Inc. (NYSE: WFM).
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- Look for additional earnings reports from Jamba Inc. (Nasdaq: JMBA), PriceSmart Inc. (Nasdaq: PSMT), Herman Miller Inc. (Nasdaq: MLHR), Yum China Holdings Inc. (NYSE: YUMC), and Eros International Plc. (NYSE: EROS).
Wednesday's U.S. Economic Calendar (all times EDT)
- Gallup U.S. Job Creation Index at 8:30 a.m.
- Redbook at 8:55 a.m.
- Factory Orders at 10 a.m.
- Gallup US ECI at 2 p.m.
- FOMC Minutes at 2 p.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.