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The Dow Jones today looks to start the week higher as investors anticipate a busy week of earnings reports and other economic data. The Nasdaq hit an all-time high of 7,175 in Monday pre-market trading while Asian stock exchanges were up more than 1% on the day.
With markets on the rise, savvy investors are keeping a close eye on any warning signs that the economy could be overheating. And Money Morning Liquidity Specialist Lee Adler may have found one…
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
- Markets are once again pushing toward new record highs on positive economic data. On Friday, the Dow Jones surged 441 points thanks to a very strong February jobs report. Last month, the United States added another 313,000 new jobs. Wages were also up 2.6% year over year, a figure that fell slightly short of economists' expectations. Investors are hoping that this data translates into stronger gains this month after a rocky February that finished down for the year.
- China might have "a leader for life." The country's Communist Party has passed an amendment that eliminates the presidential term limits introduced to the Chinese party system in the early 1980s. Only two delegates voted "no" while three abstained from roughly 3,000 delegates. Before the vote, the nation clamped down on critics who drew parallels to the reign of Kim Jong Un in North Korea or a cult of personality similar to cult of personality surrounding Mao Zedong. President Xi Jinping recently began his second five-year term as the head of the Communist Party.
- Critics are ramping up calls for U.S. President Donald Trump to abandon his planned meeting with North Korean dictator Kim Jong Un in May. Trump accepted an invitation from Jong Un to discuss the possibility that North Korea will reduce its nuclear weapon capacity. Former diplomats believe that North Korea would cheat in any deal that would involve the reduction of its program possibly in exchange for a reduction in U.S. military presence in the Korean Peninsula.
- Gold prices dipped slightly thanks to a stronger U.S. dollar. Friday's strong jobs report helped push the greenback higher and weighed on safe-haven assets. The price of one ounce of gold hit $1,316 on Monday morning. Silver prices were off 0.89%.
- Crude oil prices were off due to a small decline in U.S. drilling activity. On Friday, investors digested news that the number of U.S. oil rigs in production fell for the first time in two months. In addition, markets remain optimistic that demand will remain robust in the wake of the strong jobs report on Friday. The WTI crude oil price today dipped 0.8%. Brent crude slipped 0.8%.
Stocks to Watch Today: GS, TSLA, BA, INTL, QCOM
- Goldman Sachs Group Inc. (NYSE: GS) is generating buzz this morning on word that CEO Lloyd Blankfein plans to depart his role at the end of the year. Blankfein has sat at the helm of the iconic Wall Street firm for 12 years. He led the firm despite calls for his departure during the financial crisis and remained in the role as he fought cancer.
- Tesla Inc. (Nasdaq: TSLA) CEO Elon Musk is making headlines on news that his company SpaceX may launch a rocket capable of carrying people to Mars as soon as the beginning of 2019. Musk said during an event at South by Southwest event that he plans to see his space vehicles hit a major milestone early next year. The company aims to launch a full cargo mission by 2022.
- In deal news, Intel Corp. (Nasdaq: INTC) is considering a bid for semiconductor giant Broadcom Ltd. (Nasdaq: AVGO). Broadcom has been attempting a hostile takeover of rival Qualcomm Inc. (Nasdaq: QCOM) for several months. However, The Wall Street Journal now sees that Intel could shake up the industry with this sudden development.
- Look for earnings reports from Clarus Corp. (Nasdaq: CLAR), Resolute Energy Corp. (NYSE: REN), American Vanguard Corp. (NYSE: AVD), Kronos Worldwide Inc. (NYSE: KRO), Tilly's Inc. (Nasdaq: TLYS), and Egalet Corp. (Nasdaq: EGLT).
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.
- Three-Year Note Auction at 11:30 a.m.
- 10-Year Note Auction at 1 p.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.