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The Dow Jones today is rising in pre-trading hours despite a Las Vegas shooting that killed more than 50 people and sent casino stocks falling...
Dow Jones futures are up 37 points this morning even as tensions rise across the world. The Trump administration is rejecting calls to negotiate with North Korea over its nuclear weapons program. Here's how to protect your money from North Korea's brinksmanship...
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
Will New Sanctions Against North Korea Work?
- On the geopolitical front, investors were somewhat stunned by the surprise announcement over the weekend from U.S. Secretary of State Rex Tillerson. The official said that the U.S. government has been in communication with the North Korean government through back channels in an effort to negotiate peace and bring stability to the region. Naturally, U.S. President Donald Trump decided to undermine Tillerson's efforts by saying he is "wasting his time" working with the rogue nation. We will see how safe-haven assets react to the news, particularly gold prices and silver prices.
Must See: North Korea is "fake news" - this is where WWIII will start. Read more...
- Sunday night's attack on Las Vegas will dominate headlines on a day that features a light calendar of economic data. Markets are looking for two key updates on U.S. manufacturing results for the previous month. Meanwhile, the U.S. Federal Reserve will be in focus as Dallas Federal Reserve Bank President Robert Kaplan takes part in a Q&A session in Texas. President Trump will also generate headlines later today as he begins to push efforts to deregulate the U.S. economy and press for additional pro-growth policies.
- Investors will once again be hanging onto every word from the U.S. Treasury Department. Markets are hoping for more clues into the Trump administration's plans for tax reform. The Dow Jones neared record highs last week in anticipation that Trump would be able to introduce pro-growth economic policies. Having failed on healthcare reform, Congress is pivoting to the largest proposed tax overhaul in three decades.
- On the global front, events in Spain are drawing criticism from the international community. A Sunday referendum in Catalonia was marred by violence after police attempted to shut down a succession vote in the province that includes Barcelona. Spain's high court refused to recognize the region's vote for independence, and police injured hundreds of citizens during raids on polling stations. While 90% of voters yesterday favored a split from Spain, turnout was very low. The euro slid more than 0.6% in the wake of Sunday's violence.
- Crude oil prices were sliding in premarket hours on news that OPEC increased production last month and U.S. producers have added new rigs. Traders were taking gains off the table after the third quarter's remarkable rally. Brent prices had their best third-quarter gains since 2004 thanks to an improved supply and demand balance around the globe. OPEC, the world's largest oil cartel, has been working to ensure that its agreement to cap excessive production offers results. However, a recent uptick in production both in the U.S. and in OPEC fields had some traders heading for the exits this morning. The WTI crude oil price today fell 2.3%. Brent crude dropped 1.9%.
Three Stocks to Watch Today: CALM, TWTR, MGM
- In the wake of Sunday night's terrorist attack in Las Vegas, gaming stocks are off sharply in premarket hours. Shares of MGM Resorts International (NYSE: MGM), which owns Mandalay Bay, fell more than 4.5%. Shares of Las Vegas Sands Corp. (NYSE: LVS) and Wynn Resorts Ltd. (Nasdaq: WYNN) were both off 1.2%.
- Shares of Cal-Maine Foods Inc. (NYSE: CALM) are in focus after the company reported fiscal first-quarter earnings for 2018. Shares fell more than 2.6% after the firm fell short of Wall Street revenue expectations. The firm reported earnings per share losses of -$0.33. Analysts expected a wider loss of $0.42.
- Twitter Inc. (NYSE: TWTR) is back in the news after the company announced that it has deleted at least 200 accounts tied to Russian influencers. The company has told Congress that it has deleted these accounts after it was discovered that the owners aimed to influence American politics.
Monday's U.S. Economic Calendar (all times EDT)
- PMI Manufacturing Index at 9:45 a.m.
- ISM Manufacturing Index at 10 a.m.
- Construction Spending at 10 a.m.
- 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.
- Dallas Federal Reserve Bank President Robert Kaplan Speaks at 2 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.