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The Dow Jones news today focuses on more earnings reports this week, including a much-anticipated report from Apple Inc. (Nasdaq: AAPL). Dow Jones futures project a 95-point gain, as investors are optimistic about Apple's earnings report. Markets are also cheering positive economic news from China and news of Bitcoin's hard fork.
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 Tuesday's economic calendar.
The Five Top Stock Market Stories for Tuesday:
- While earnings season is in focus today, we are also keeping a close eye on the impact of the Bitcoin hard fork. Today's split of the Bitcoin blockchain has been clouded by uncertainty, and it raises significant questions about the future of the cryptocurrency. The Bitcoin hard fork will create two distinct types of Bitcoin. But to understand the values of both of these new currencies, you must understand why it happened. Money Morning Cryptocurrency Expert David Zeiler breaks down today's historic event, right here.
- Wall Street and Washington were stunned by Monday's firing of White House Communications Director Anthony Scaramucci. The former hedge fund manager turned President Donald Trump loyalist was dismissed after just 10 days on the job. Scaramucci had previously founded SkyBridge Capital, but sold the firm earlier this year in hopes of getting a job with the administration. Though he was appointed less than two weeks ago, Scaramucci had engaged in an eye-opening and vulgar interview with The New Yorker that helped prompt his dismissal.
- Markets received positive news about the Chinese economy early Tuesday. The Caixin China manufacturing PMI for July hit a four-month high of 51.1. That figure topped expectations and is another sign that the Chinese manufacturing sector is expanding.
The Winning Bet Is On a Rising Market
- Another day, another scandal at Wells Fargo & Co. (NYSE: WFC). The stock is back under pressure after The New York Times announced that the company charged hundreds of thousands of auto loan customers for car insurance that they didn't need. Banks across Wall Street are not happy, as the embattled organization's scandals could lead Washington to introduce new laws and limit deregulatory efforts.
- Crude oil prices opened the month of August above $50.00. It was the first time since May that daily trading ticked above the $50 level. Traders are growing more optimistic after Saudi Arabia announced plans to curb exports ahead of OPEC's next meeting to discuss its deal to cap excessive production. The WTI crude oil price today dipped 0.5%. Brent crude was off 0.2%.
Three Stocks to Watch Today: AAPL, GS, SNAP
- Apple Inc. stock is in focus as the technology giant prepares to report third-quarter earnings after the bell Tuesday. Wall Street anticipates an increase in quarterly revenue thanks to improved sales of the iPhone 7 and the iPhone 7s. But analysts will be hanging on smartphone sales forecasts for the coming quarter as investors remain concerned that customers are holding off on upgrades.
- Shares of Snap Inc. (NYSE: SNAP) was up 2% in premarket hours after the company hit an all-time low on Monday morning. The early owners of Snapchat reached the end of their IPO lockup period, which led to a flurry of selling now that insiders can unload their shares. Although the stock has been on the move this morning, investors need to be cautious. Snap is an unprofitable company that continues to face stiff competition from rival Facebook Inc. (Nasdaq: FB) and its Instagram service. In addition, the stock is still 18% below its IPO price of $17.00.
- Investors are also keeping a close eye on Goldman Sachs Group Inc. (NYSE: GS). The most powerful bank on Wall Street is back to its old tricks. The company is conceding ground in an industry that it paid billions of dollars to own. And this industry has trillions of dollars behind it. So, it's time for us to ask an important question: Why on earth would they do this? More importantly: What's in it for them? Money Morning Capital Wave Strategist Shah Gilani offers his insight to this controversial decision, right here.
- Look for additional reports today from FireEye Inc. (Nasdaq: FEYE), Pfizer Inc. (NYSE: PFE), Illumina Inc. (Nasdaq: ILMN), Herbalife Ltd. (NYSE: HLF), Devon Energy Corp. (NYSE: DVN), Royal Caribbean Cruises Ltd. (NYSE: RCL), Papa John's International Inc. (Nasdaq: PZZA) and Cummins Inc. (NYSE: CMI).
Tuesday's U.S. Economic Calendar (all times EDT)
- Personal Income and Outlays at 8:30 a.m.
- Redbook at 8:55 a.m.
- PMI Manufacturing Index at 9:45 a.m.
- ISM Manufacturing Index at 10 a.m.
- Construction Spending at 10 a.m.
- 4-Week Bill Auction at 11:30 a.m.
- Gallup US ECI at 2 p.m.
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