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The Dow Jones today is set to break through the 26,000 level only 12 days after reaching 25,000 on Jan. 4.
Dow futures are up 211 points this morning as U.S. traders pour into tech stocks. Markets are prepping for a busy week of earnings reports from blue-chip companies like Goldman Sachs Group Inc. (NYSE: GS), Morgan Stanley (NYSE: MS), and American Express Co. (NYSE: AXP).
Speaking of Goldman… here's why gold prices are surging in 2018, with more gains coming…
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 Tuesday's economic calendar.
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The Five Top Stock Market Stories for Tuesday
- Many investors are wondering what's next for marijuana stocks after U.S. Attorney General Jeff Sessions announced a decision to unwind the Cole Memo. But this may have backfired. It turns out that the AG's office has actually hastened marijuana legalization efforts across the country. State legislators have rushed new laws in New Jersey and Kentucky to make recreational pot legal. Now, investors who are getting in early on a small class of stocks could make an incredible windfall in the years ahead. Money Morning Director of Technology & Venture Capital Research – and pot stock expert – Michael Robinson just took part in an interview that gives readers insight on three little pot stocks poised for huge gains. Click here to watch.
- On the global front, things are looking quite positive for European stocks. The euro currency hit a three-year high yesterday thanks to increased optimism about stabilization across the continent. Investors anticipate that the European Central Bank will begin to tighten monetary policy, a process that would be a boost to the economic bloc's currency.
- Gold prices are already up more than 2% on the year thanks to a sliding U.S. dollar. But, as Money Morning Resource Specialist Peter Krauth explains, more gains are on the way. With geopolitical challenges ranging from North Korea's nuclear program to the upcoming Brexit, gold is poised for more support in the year ahead. Of course, the most recent news is that China is considering a freeze on purchases of U.S. Treasuries. Here's what you need to know.
- The price of Bitcoin is trading down at $11,656 this morning as investors continue to pull out of alternative coins. Over the last 24 hours, we've witnessed a dramatic sell-off of altcoins due to growing concerns about a ban on trading by the South Korean government. Bitcoin has lost a significant amount of ground in terms of its dominance of the total cryptocurrency market. However, some Bitcoin bulls, like Fundstrat's Tom Lee, believe that Bitcoin's price could easily double in 2018. Here's our latest insight.
- Crude oil prices have been sliding from their 2014 highs in recent days. That said, Brent crude remains above $70.00 per barrel thanks to ongoing support from OPEC. Despite news that U.S. production continues to rise, analysts remain certain that global demand will continue to help prices maintain their current levels in 2018. The WTI crude oil price today added 0.2%. Brent crude dipped 0.2%.
Stocks to Watch Today: C, GM, F, GE
- Shares of Citigroup Inc. (NYSE: C) are in focus after the investment bank prepares to report earnings this morning. Shares added 2.6% after the firm topped Wall Street earnings expectations of $1.19 per share on top of $17.09 billion in revenue. The company reported $1.28 per share on top of $17.3 billion in revenue.
- Shares of General Electric Co. (NYSE: GE) are off more than 3% this morning after the company announced plans to take a $6.2 billion charge. The decision comes after the firm engaged in a massive financial review of its insurance business. The firm is also going to cut its dividend from its GE Capital Business.
Did Jeff Sessions Just Admit He Can't Stop Marijuana Legalization?
- One of the biggest question marks for 2018 is whether the North American Free Trade Agreement will survive the year. Over the weekend, the CEO of one of the most important U.S. manufacturers expressed optimism that the Trump administration won't kill the trade deal with Mexico and Canada. General Motors Co. (NYSE: GM) CEO Mary Barra said that her company will continue to build vehicles in Mexico.
- While GM was talking the future of trucks in Mexico, Ford Motor Co. (NYSE: F) was talking its future with electric vehicles. Over the weekend, Ford announced it will increase its investments into electric vehicles to $11 billion by 2022.The commitment came from Ford's President and CEO, Jim Hackett, during the Detroit Auto Show.
- Keep an eye out for additional results from CSX Corp. (NYSE: CSX), Unitedhealth Group (NYSE: UNH), ADTRAN Inc. (Nasdaq: ADTN), Interactive Brokers Group (Nasdaq: IBKR), and AZZ Inc. (NYSE: AZZ)
Tuesday's U.S. Economic Calendar (all times EST)
- Empire State Manufacturing Survey at 8:30m.
- Three-Month Bill Auction at 11:30m.
- Six-Month Bill Auction at 11:30m.
- Four-Week Bill Auction at 1m.
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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.