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The Dow Jones news today is highlighted by U.S. President Donald Trump's latest executive order threatening to crack down on China's intellectual property abuses. Dow Jones futures are up 55 points this morning even though China threatened to take defensive action to protect its interests.
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
- On Monday, the Dow Jones rallied more than 135 points after tensions between the United States and North Korea calmed. After weeks of saber-rattling, North Korea has limited its rhetoric. Meanwhile, two cabinet members from the Trump administration announced in The Wall Street Journal that the United States had no plans for regime change in the Hermit Kingdom. Monday was the top day on Wall Street all summer.
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- It's been another tough week for President Trump. Merck Inc. (NYSE: MRK) is in focus after the company's CEO, Kenneth Frazier, resigned from President Trump's advisory council. Frazier stepped down due to a perceived lack of response from President Trump regarding the violence in Charlottesville, Va. over the weekend. Trump responded to the news by threatening to go after overpriced pharmaceutical drugs. Frazier wasn't the only one to walk away. On Monday, Intel Corp. (Nasdaq: INTC) CEO Brian Krzanich and Under Armour Inc. (NYSE: UAA) CEO Kevin Plank also walked away from the American Manufacturing Council. Expect the exodus to continue as shareholders pressure their leadership to turn away from Trump's team.
- Yesterday featured a busy day of 13D filings, as investment managers updated the markets on the stakes in public firms that they built over the previous quarter. Perhaps the most notable report came from Warren Buffett's firm Berkshire Hathaway Inc. (NYSE: BRK.A). According to Berkshire's filing, the company bolstered its stake in Synchrony Financial (NYSE: SYF) and slashed its holdings in General Electric Co. (NYSE: GE). Shares of SYF are up more than 4.8% in premarket hours. GE is off 0.2%.
- The Federal Reserve Bank of New York will release its second-quarter Household Debt and Credit Report. The data offers a glimpse into the state of U.S. borrowing and debt. We'll know more about how much money Americans own on their homes, student loans, automobiles, and credit cards. The report is important because the U.S. economy has been improving alongside wages. However, many economists do not anticipate that the financial recovery will last forever.
- Crude oil prices were ticking slightly lower in premarket hours thanks to a stronger U.S. dollar and weakening demand from China. The WTI crude oil price today fell 0.4%. Brent crude dipped 0.6%. Crude prices have been under pressure in recent days due to higher production expectations from several OPEC members.
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- Shares of The Home Depot Inc. (NYSE: HD) are in focus after the home retail giant announced quarterly earnings before the bell. The company topped top-line and bottom-line earnings expectations and bolstered its 2017 outlook. Home Depot also reported that its same-store sales increased more than analysts had expected. However, shares were off slightly in premarket hours.
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- Shares of Pandora Media Inc. (NYSE: P) rallied more than 4% after the streaming music giant announced it had appointed a new CEO. The firm has hired Roger Lynch, the former leader of online TV provider Sling. Lynch will replace Pandora founder and two-time CEO Tim Westergren.
- Shares of Snap Inc. (NYSE: SNAP) are retreating this morning, a day after a 6.5% jump in the social media giant's stock. On Monday, the company's IPO lock-up period ended, which allowed employees to begin selling shares of the stock. Many were concerned that the market would be flooded with employee stock. However, it appears that many employees are banking on a turnaround in Snap stock. Shares are still well below their IPO price of $17.00 and have cratered since hitting $29.44 not long after going public.
- Look for additional reports today from Coach Inc. (NYSE: COH), Urban Outfitters Inc. (Nasdaq: URBN), Dick's Sporting Goods Inc. (NYSE: DKS), The TJX Co.(NYSE: TJX), Agilent Technologies Inc. (NYSE: A), Advance Auto Parts Inc. (NYSE: AAP), Jack Henry & Associates Inc. (Nasdaq: JKHY), and Bitauto Holdings Ltd. (Nasdaq: BITA).
Tuesday's U.S. Economic Calendar (all times EDT)
- Retail Sales at 8:30 a.m.
- Empire State Manufacturing Survey at 8:30 a.m.
- Import and Export Prices at 8:30 a.m.
- Redbook at 8:55 a.m.
- Business Inventories at 10 a.m.
- Housing Market Index at 10 a.m.
- Four-Week Bill Auction at 11:30 a.m.
- 52-Week Bill Auction at 11:30 a.m.
- Treasury International Capital at 4 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.