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Investors are optimistic about the Dow Jones today as Congress' tax reform plan nears completion…
Dow futures are up 37 points this morning as investors speculate on tax reform progress. With just two more weeks left in the 2017 calendar, many investors are wondering if Dow 25,000 is possible before New Year's Day. Here's a lesson on "How to Get Rich" before 2018…
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.
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The Five Top Stock Market Stories for Monday
- Investors are focusing their attention on this week's start to the Fed Open Market Committee. Analysts anticipate the central bank will hike interest rates during their final meeting of the year. Federal Reserve Chair Janet Yellen will host her final committee press conference at the conclusion of the December FOMC meeting, on Dec. 13.
- Today, the United States, Japan, and South Korea will hold two days of missile defense drills, according to Japan's Maritime Self-Defense Force. Markets are on edge about potential confrontation with North Korea as the nation ignores warnings from the United Nations and continues to develop its nuclear weapons program.
- Gold prices are slowly recovering after its largest weekly decline since May 2018. A stronger dollar has prompted pressure on commodity prices around the globe. The U.S. dollar pushed higher last week thanks to increased optimism over tax reform and rising expectations that the Fed will hike interest rates this week. The recent downturn in gold prices is creating an excellent opportunity for investors concerned about the slate of geopolitical risks that have emerged around the globe. Here's our shocking 2018 gold price forecast…
- Crude oil prices slipped Monday morning despite news that global demand is set to increase by 1.5 million barrels per day in 2018, according to investment bank Jefferies. Crude prices had their worst one-week loss last week since October. The downturn came after data showed that American production hit its highest levels since the early 1970s. The WTI crude oil price today fell 0.7%. Brent crude dropped 0.5%.
- The price of Bitcoin fell and then recovered over the weekend ahead of the launch of Bitcoin futures at the Chicago Board of Exchange (CBOE). The launch of Bitcoin futures capped a wild weekend for the cryptocurrency. The price fell into the $13,000s during Saturday afternoon, but quickly recovered on Sunday ahead of CBOE's launch. The launch of Bitcoin futures triggered two trading halts in the early hours.
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- If you're a shareholder of PepsiCo Inc. (NYSE: PEP), you're going to need to pay attention. After nearly 100 years trading on the New York Stock Exchange, the iconic soft drink manufacturer will end its relationship with the exchange. PepsiCo has decided to trade on the NASDAQ exchange in the future, citing cost savings and technological advantages. PepsiCo began trading on the NYSE on Dec. 18, 1919, when it was originally known as Loft Inc.
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- Deutsche Bank AG (USA) (NYSE: DB) is generating a lot of headlines, with people asking about the next possible "black swan event" for the market. The German investment bank said that Bitcoin is one of the most significant risks for the market in the year ahead. The investment bank also listed higher U.S. inflation, stimulus tapering by the European central bank, huge shifts in bond yields, a politically driven Federal Reserve, and surprise upticks in German inflation and wages.
- Apple Inc. (Nasdaq: AAPL) is generating some buzz this morning on news that the firm is about to make a big splash in the media space. According to TechCrunch, Apple is close to a deal to purchase Shazam Entertainment, the maker of a digital application that recognizes music with the push of a button. The Shazam platform would fit seamlessly into Apple's growing music and streaming products and services.
- Look for earnings reports from Casey's General Stores (Nasdaq: CASY) and Cloudera Inc. (Nasdaq: CLDR).
Monday's U.S. Economic Calendar (all times EST)
- JOLTS at 10 a.m.
- Four-Week Bill Announcement at 11 a.m.
- Six-Month Bill Auction at 11:30 a.m.
- Three-Year Note Auction at 11:30 a.m.
- Three-Month Bill Auction at 1 p.m.
- 10-Year Note Auction at 1 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.