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The Dow Jones today is expected to recover from its one-point loss last Friday, even as tensions between the United States and North Korea escalate...
Dow futures are up 42 points this morning as U.S. markets are open during the Columbus Day holiday. Banks and bond markets will be closed across the country, but stock markets will likely focus on international events as the Dow hovers near all-time highs. Here's how to profit from rising tensions, even if it rattles the markets...
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
- Traders are on edge after reports that North Korea plans to test a missile that is capable of hitting the West Coast of the United States. On Friday, a Russian lawmaker said that North Korea's mood is "rather belligerent" and that the nation's officials provided mathematical calculations showing their range could hit the continental United States. U.S. President Donald Trump is now calling for all allies to break off economic ties with North Korea as he continues to dismiss diplomacy as an option via his Twitter account.
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- Hurricane Nate pummeled New Orleans over the weekend. The storm made landfall on Saturday night and battered the U.S. refinery network that has been offline for several days. Energy companies will likely spend most of Monday surveying the damage along the coast. Meanwhile, the economic impact is expected to be significant. On Friday, the United States experienced its first monthly loss in new jobs thanks to hiring delays fueled by Hurricanes Harvey and Irma.
- In Brexit news, UK Prime Minister Theresa May is under pressure after investors discovered a plot to remove her from office. Reports indicate that May had a disastrous annual meeting with her political party.
- Thousands of Spaniards on Sunday protested any secession of Catalonia after that region voted to be independent recently. The United States and Turkey saw a diplomatic row escalate over the weekend when both countries put restrictions on visas for the other country. The Turkish lira dropped sharply Monday from the situation.
- Crude oil prices were down slightly in premarket hours after Hurricane Nate had a smaller impact on U.S. output than investors had expected. Meanwhile, OPEC producers are looking to expand its deal to cap excessive production when they meet in November. CFTC data from Friday indicate that managed money is bullish on crude oil and that they anticipate that prices will rise. The WTI crude oil price today fell 0.1%. Brent crude dropped 0.3%.
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- Shares of Amazon.com Inc. (Nasdaq: AMZN) are in focus today on reports that the e-commerce giant is poised to enter the prescription drug market. Shares of Walgreens Boots Alliance Inc. (NYSE: WBA) and CVS Health Corp. (NYSE: CVH) will face pressure after Investor's Business Daily said this weekend that Amazon will make a decision on whether to push into the lucrative drug delivery business by Thanksgiving.
- Tesla Inc. (Nasdaq: TSLA) announced that it will not be unveiling its semi-truck until November. The company, which has been hit by production delays, said that it has been diverting resources to Puerto Rico, where it is bolstering the island's battery production. The company also said it is working to increase its Model 3 production.
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- McDonald's Corp. (NYSE: MCD) is planning a new change to its menu. The company surprised investors over the weekend after announcing plans to test a vegan burger in Finland. The company will test consumer reactions from Oct. 4 to Nov. 21. Should it see success, it could be tested in U.S. and British markets in 2018.
- No major U.S. companies report earnings on Monday.
Monday's U.S. Economic Calendar (all times EDT)
- TD Ameritrade IMX at 12:30 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.