The U.S. Federal Reserve is back in focus as central banks from around the globe prepare to meet in Frankfurt, Germany. Representatives from the U.S. central bank, the European Central Bank, the Bank of England, and the Bank of Japan are joining a panel to discuss their role in informing the public on monetary policy. Current Fed Chair Janet Yellen suggested that central banks may be confusing people with so many voices.
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It will be a busy week for retail earnings reports. Shares of The Home Depot Inc. (NYSE: HD) are creating the most buzz before the bell. The home improvement retailer's stock was off by 0.1% despite a solid showing in its quarterly earnings report. Wall Street anticipated that the company would report earnings per share (EPS) of $1.81 on top of $24.47 billion in revenue. The firm topped EPS by reporting $1.84 on top of $25.02 billion in revenue. The firm reported a big jump in same-store sales, as it benefited from customers rebuilding in the wake of hurricanes and wildfires during the quarter.
Microsoft Corp. (Nasdaq: MSFT) founder Bill Gates is generating buzz this morning after the billionaire invested in a small "Smart City" in Arizona. The $80 million investment will fund a high-tech development outside of Phoenix and center around "high-speed networks, autonomous vehicles, high-speed digital networks, data centers, new manufacturing technologies, and autonomous logistics hubs," according to CNN.
The economic crisis in Venezuela just went from bad to worse, as the socialist leadership has finally run out of other people's money. S&P Global Ratings reported that the nation defaulted on its debt after the expiration of a 30-day grace period. The default could worsen the humanitarian crisis and exacerbate existing food and medical shortages.
Crude oil prices slid in pre-market hours as traders grow concerned about rising U.S. production. While OPEC has been doing everything possible to cap excessive production, the rising cost of crude abroad has helped prop WTI prices in the United States higher. More drillers are turning on their rigs and increasing supply. Look for an update today from the American Petroleum Institute to determine if the United States is experiencing a supply glut. The WTI crude oil price today fell 0.5%. Brent crude dipped 0.6%. Money Morning just released our latest oil price forecast. Here's how to profit.
Four Stocks to Watch Today: GE, ROKU, BWLD
In deal news, Buffalo Wild Wings (Nasdaq: BWLD) will open about 30% higher on Tuesday morning. Rumors hit the market that private equity giant Roark Capital is on the verge of purchasing the restaurant chain.
Shares of General Electric Co. (NYSE: GE) are trying to recover after the stock fell more than 7% Monday, when the company announced plans to slash its dividend and to engage in a turnaround strategy. The one-day slump was the largest since April 2009, at the height of the financial crisis. The firm plans to shift its focus to the aviation, energy, and healthcare sector. The company is even getting rid of its light bulb division, one of the most iconic parts of the GE business.
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Roku Inc. (Nasdaq: ROKU) remains one of the hottest stocks on Wall Street. Shares surged another 28.5% Monday as traders continue to pour into the streaming giant. The stock popped again after it announced the firm signed a licensing deal that puts its technology in Phillips televisions starting next year. Shares have surged since the company went public on Sept. 28, at $14.00 each.
Tuesday will feature a busy day of earnings reports. Keep an eye out for additional results from Dick's Sporting Goods Inc. (NYSE: DKS), TJX Cos. Inc. (NYSE: TJX), Stratasys Ltd. (Nasdaq: SSYS), Advance Auto Parts Inc. (NYSE: AAP), ESCO Technologies Inc. (NYSE: ESE), YY Inc. (NYSE: YY), and Cheniere Energy Inc. (NYSE: LNG).
Tuesday's U.S. Economic Calendar (all times EST)
Chicago Federal Reserve Bank President Charles Evans speaks at 3:05 a.m.
NFIB Small Business Optimism Index at 6 a.m.
Louis Federal Reserve Bank President James Bullard speaks at 8:15 a.m.
PPI-Final Demand at 8:30 a.m.
Redbook at 8:55 a.m.
Four-Week Bill Auction at 11:30 a.m.
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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.