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The Dow Jones news today will focus on rising stocks as Dow Jones futures are up 103 points this morning. International markets are pushing higher, and a weakening dollar is driving down oil prices again. The United States is also seeking resolutions to ease tensions with North Korea, and much of the heated rhetoric we've heard for weeks is subsiding.
Here are the numbers from Friday 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 Monday's economic calendar.
The Five Top Stock Market Stories for Monday
- U.S. Secretary of State Rex Tillerson and Secretary of Defense Jim Mattis took to The Wall Street Journal over the weekend to express their goals of reducing tensions in the Korean Peninsula. The two officials said that the United States would not seek regime change or aim to accelerate the reunification of Korea. International markets took the news with a relieved breath and later cheered when Japan announced stronger-than-expected quarterly growth for its economy. The news is a welcome relief, particularly in the wake of Chinese editorials stating that the country was not planning to assist the United States with any military efforts.
- Earnings season continues on Monday. Shares of Sysco Inc. (NYSE: SYY) are in focus as the food distributor prepares to release its fiscal fourth-quarter earnings before the bell. Wall Street anticipates earnings per share (EPS) of $0.71 on top of $14.28 billion in revenue. However, markets are gearing up for a busier slate of earnings reports this week, including updates from The Home Depot Inc. (NYSE: HD), Target Corp. (NYSE: TGT), and Wal-Mart Stores Inc. (NYSE: WMT).
- Gold prices were sliding in premarket hours as investors turn away from safe-haven assets. But that didn't stop Bitcoin from shattering the $4,000-per-coin level this morning. Bitcoin hit a new record high over the weekend, further proof that its ecosystem continues to grow stronger. Here's more on why prices continue to press higher.
The Ultimate “What Is Bitcoin?
- Crude oil prices were sliding in premarket hours on growing concerns about Chinese energy demand and increased U.S. production activity. According to a report over the weekend, Chinese refinery demand fell by nearly 5% on a monthly basis in July from its June numbers. The 10.71 million barrels processed per day is the lowest rate of activity since September 2016. Meanwhile, on Friday, Baker Hughes Inc. (NYSE: BHI) reported that U.S. producers expanded crude production for the second time in two weeks. The U.S. industry has expanded for 15 straight months. The WTI crude oil price today fell 0.5%. Brent crude dropped 0.7%.
- Finally, keep an eye on Snap Inc. (NYSE: SNAP). Starting today, current employees have the opportunity to begin selling their stock on the public market, as the IPO lock-up period expires. Up to 782 million new shares could be available starting today, according to JPMorgan Chase analysts. Shares are already trading lower this morning, reaching an all-time low of $11.68. That's significantly lower than the IPO price of $17.00. The stock's 52-week high is above $29.00.
Three Stocks to Watch Today: TWX, PG, TSLA
- Shares of Proctor & Gamble Co. (NYSE: PG) are in focus as the company continues to face an activist challenge from Nelson Peltz. The firm asked its shareholders to vote against Peltz's plan to obtain a board seat. In a statement, the firm said that shareholders "will not benefit from change for the sake of change."
- Expect a lot of chatter today about Tesla Inc. (Nasdaq: TSLA). It seems that investors are willing to give Elon Musk money any time he wants it. Last week, Musk's firm completed a $1.8 billion bond offering with a 5.3% yield. Shares were pushing up again on Monday morning.
- Time Warner Inc. (NYSE: TWX) is in focus for two reasons on Monday. First, the company dominated the box office weekend, with sales from the film "Dunkirk" topping $150 million. Meanwhile, the company's HBO division is facing a steep challenge after hackers accessed future copies and scripts from its popular shows, including "Game of Thrones" and "Curb Your Enthusiasm." Hackers demanded millions in ransom payment, but new reports indicate that the entertainment giant offered $250,000 for hackers to not release any videos online.
- Look for earnings reports from JD.com Inc. (Nasdaq: JD), Photronics Inc. (Nasdaq: PLAB), Famous Dave's of America Inc. (Nasdaq: DAVE), and Canadian Solar Inc. (Nasdaq: CSIQ).
Monday's U.S. Economic Calendar (all times EDT)
- Four-Week Bill Announcement at 11 a.m.
- Three-Month Bill Auction at 11:30 a.m.
- Six-Month Bill Auction at 11:30 a.m.
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