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The Dow Jones today is climbing again this morning after the last two weeks of high volatility brought the Dow down 8.5% from its all-time high on Jan. 26.
Dow futures are up 285 points this morning as traders hope prices have consolidated and bullish momentum will return. Markets will also digest the potential impact of a major infrastructure initiative from the Trump administration.
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.
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The Five Top Stock Market Stories for Monday
- International Monetary Fund (IMF) Chief Christine Lagarde weighed in on the market correction over the weekend. Lagarde said last week's sell-off was a "welcome correction" during an interview with CNBC. Last week's downturn was the biggest sell-off in two years, and volatility levels hit their highest point in several years. The statement comes at a time when the U.S. 10-year Treasury yield climbed to a four-year high.
- Markets have been volatile due to rising expectations about GDP growth and inflation. So U.S. President Donald Trump aims to bolster confidence in the U.S. economy with a large infrastructure plan. The White House will release plans for $200 billion in federal infrastructure funds later today. The administration is attempting to piece together a mixture of state, local, and private funds to push the total infrastructure plan to roughly $1.5 trillion. Today, the White House will explain how the plan will work and what Congress would need to do to get the ball rolling.
- Gold prices pushed higher thanks to a weaker U.S. dollar and increased concerns about inflation. The yellow metal showed some gains ahead of this week's update on U.S. inflation. The recent downturn in gold prices has created a nice profit opportunity for investors looking to cash in on global geopolitical tensions and questions about the U.S. deficit. Money Morning Resource Strategist Peter Krauth has forecasted that gold prices will hit $1,500 by the end of 2018. Here's how to get started.
- Crude oil prices ticked higher Monday thanks to a downturn in the U.S. dollar and stabilization in the global markets. With U.S. production above 10 million barrels per day, markets are keeping an eye on the stability of OPEC's deal to cap excessive production. American producers added another 26 oil rigs to production last week, making many wonder if OPEC will be able to offset the continued uptick in American output. The WTI crude oil price today added 1.6%. Brent crude gained 1.2%.
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- The "happiest" place on earth just got a lot more expensive to visit. Walt Disney Co. (NYSE: DIS) announced it will hike the price of certain ticked to its theme parks. The largest increase will happen for peak single-day tickets. Those tickets will increase by 9%, bringing the cost to $135. Wall Street cheered the move, as DIS stock added 1.6% in pre-market hours.
- Shares of Restaurant Brands International (NYSE: QSR) added nearly 1% after the firm reported earnings before the bell. The owner of Popeyes, Tim Hortons, and Burger King reported adjusted earnings per share of $0.66. That figure topped Wall Street estimates by $0.09. The firm did fall slightly short of revenue expectations.
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- In deal news, the largest tech merger in history is still in the works. On Feb. 14, leaders from Qualcomm Inc. (Nasdaq: QCOM) and Broadcom Ltd. (Nasdaq: AVGO) will meet to discuss the latter's $121 billion offer. Broadcom has hiked its cash-and-stock offer from $70 per share to $82 per share and announced several concessions it would make, including an $8 billion breakup fee should the U.S. government object to the deal.
- Look for earnings reports from FMC Corp. (NYSE: FMC), Diamond Offshore Drilling Inc. (NYSE: DO), Vipshop Holdings Ltd. (Nasdaq: VIPS), Watts Water Technologies Inc. (NYSE: WTS), First Data Corp. (NYSE: FDC), and Dun & Bradstreet Corp. (NYSE: DNB).
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.
- Treasury Budget at 2 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.