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The Dow Jones today is trending up thanks to a crackdown on political elites in Saudi Arabia over the weekend that sent oil prices to a new high this year...
Dow Jones futures are up 15 points today, as oil prices are surging thanks to the arrests in Saudi Arabia. The WTI oil price is nearing $56 a barrel, while Brent crude surged over $62. These are the highest oil prices we've seen since 2015. Rising oil prices are finally boosting beleaguered oil stocks.
But there's even bigger news in the Middle East. This new oil crisis could set the Middle East on fire...
Here are the numbers from Friday for the Dow, S&P 500, and Nasdaq:
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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
- Crude oil prices pushed to their highest levels since 2015 after a political purge took place across Saudi Arabia. Saudi Crown Prince Mohammed bin Salman has consolidated his power in the nation after a widespread arrest of other royal leaders, political ministers, and financial investors for a variety of charges related to corruption. Among those arrested were billionaire Alwaleed bin Talal, the largest investor in Citigroup Inc. (NYSE: C), and the head of the country's National Guard, Prince Miteb bin Abdullah. The WTI crude oil price today added 0.6%. Brent crude dropped 0.8%.
Saudi Arabia's $100 Billion Plan to End Big Oil: Billionaires have been dumping oil stocks at a frantic pace. A former intelligence operative believes it's connected with the new fuel Saudi Arabia is pouring $100 billion into. Click here to find out more...
- While the Saudi political purge plays out, U.S. President Donald Trump has made a significant request to the Saudi Arabian government. Trump asked the Saudis to bring the IPO of the nation's oil giant, Saudi Aramco, to the New York Stock Exchange. The president tweeted the request over the weekend. It is expected that the IPO, expected in 2018, could raise up to $100 billion, making it the largest IPO ever. Here's everything you need to know about this massive IPO...
- The largest proposed deal this year in the cell phone business has been called off. Executives at T-Mobile U.S. (NYSE: TMUS) and Sprint Corp. (NYSE: S) have walked away after the firms said they could not "find mutually agreeable terms" for a merger. Both SoftBank Group Corp. (the majority shareholder in Sprint) and Deutsche Telecom (the largest stakeholder in T-Mobile) could not agree on the breakdown of how much of a stake both firms would own in the new organization.
- Jeff Bezos, the CEO of Amazon Inc. (Nasdaq: AMZN), is officially the world's richest man. Last week, Bezos sold more than $1 billion of AMZN stock after the company topped Wall Street earnings expectations. This is the largest stock sale by Bezos since August 2016. The CEO of the world's largest e-commerce giant still owns 16% of the company, and he has compiled a net worth north of $90 billion.
- Today's biggest tech news isn't from one of the FANG stocks. Broadcom Ltd. (Nasdaq: AVGO) made an unsolicited bid to purchase semiconductor rival Qualcomm Inc. (Nasdaq: QCOM) for a whopping $70.00 per share. The deal would be worth more than $130 billion and would be the largest merger in tech history if it receives approval from both QCOM shareholders and regulators.
Four Stocks to Watch Today: KORS, CVS, BRK.A, SHLD
- It was a tough weekend for Berkshire Hathaway Inc. (NYSE: BRK.A, BRK.B). The company reported quarterly earnings after the bell Friday, and one word dragged down the global conglomerate: hurricanes. The firm's insurance businesses were hammered by Hurricanes Harvey, Irma, and Maria. Its third-quarter profits declined by 44% and a drop off of $3 billion in pre-tax, storm-related losses. The company also said that its insurance losses intensified due to the earthquake in Mexico during the quarter.
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- The Retail Ice Age isn't slowing down. Brick-and-mortar retail locations are slowing down at an incredible pace as consumers continue to turn to e-commerce. Over the weekend, Sears Holdings Corp. (Nasdaq: SHLD) announced that it will close another 18 branded stores and 45 Kmart locations in January 2018. The firm already closed at least 350 stores in 2017. The firm will begin liquidation sales on Nov. 9.
- Shares of Michael Kors Holdings Ltd. (NYSE: KORS) are in focus as the company prepares to report its second-quarter earnings. Wall Street anticipates that the company will report earnings per share of $0.83 on top of $1.046 billion in revenue.
- Shares of CVS Caremark Corp. (NYSE: CVS) will report quarterly earnings before the bell Monday. The company is expected to report weakness in its retail business due to declining foot traffic. Analysts will likely be more interested in learning more about the company's potential bid for the nation's third-largest health insurance giant, Aetna Inc. (NYSE: AET). The deal is seen by some as a way to beat back rumors that Amazon.com Inc. (Nasdaq: AMZN) could pursue CVS as it eyes the prescription drug industry.
- Look for earnings reports from Priceline Group Inc. (Nasdaq: PCLN), Skyworks Solutions Inc. (Nasdaq: SWKS), TripAdvisor Inc. (Nasdaq: TRIP), Weight Watchers International Inc. (NYSE: WTW), Mylan Inc. (NYSE: MYL), Tenet Healthcare Corp. (NYSE: THC), Etsy Inc. (Nasdaq: ETSY), Sysco Corp. (NYSE: SYY), Red Robin Gourmet Burgers Inc. (Nasdaq: RRGB), Fabrinet Inc. (NYSE: FN), and FMC Corp. (NYSE: FMC).
Monday's U.S. Economic Calendar (all times EST)
- 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.
- New York Federal Reserve Bank President William Dudley speaks at 12:10 p.m.
- TD Ameritrade IMX at 12:30 p.m.
- Treasury STRIPS at 3 p.m.
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.