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The Dow Jones today fell over 100 points in pre-market trading after Canada announced it will impose tariffs on over $13 billion of U.S. imports. This announcement came on the heels of news that the White House is considering implementing global auto tariffs in an effort to extract concessions from China and the European Union.
The ongoing trade war between the Trump administration and the nation's most reliable trade partners is likely to rock markets for the foreseeable future. However, we've identified some A+ plays that can shield investors from the turmoil – and generate a profit in the process. Check our picks out here…
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 Money Morning insight, the most important market events, and stocks to watch.
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Money Morning Insight of the Day
A recent U.S. Supreme Court decision opened the sports gambling floodgates. And while investors are scrambling to find the best gambling stocks to soak up that money, we're already one step ahead…
MGM Resorts International (NYSE: MGM) recently purchased Empire City Casino and Yonkers Raceway. The deal will allow the company to capitalize on the sports gambling craze. But there's another company trading at an incredible discount that presents an amazing opportunity for investors. This is how you could make an easy 100% in the weeks ahead.
The Top Stock Market Stories for Monday
- Leftist Andrés Manuel López Obrador (AMLO) won Mexico's presidential election last night. The new president is expected to inject a string of nationalist policies that counters U.S. President Donald Trump's recent rhetoric on NAFTA and immigration. However, it's uncertain to many how AMLO will specifically address the nation's systemic violence, poverty, and economic distress.
- The U.S. Chamber of Commerce, the top business trade organization in the nation, has hit back on President Trump regarding tariffs. On Monday, the GOP-aligned business group launched a state-by-state campaign that will address rising costs of products to consumers due to tariffs and the potential impact on American jobs. The U.S. Chamber of Commerce was an adamant supporter of Trump's tax policy. The White House has argued that billions of dollars in tariffs are needed to offset trade imbalances with China, the European Union, Mexico, and Canada. Tariffs on China will go into effect this week.
- Oil prices retreated Monday after both Russia and Saudi Arabia reported an uptick in production. Over the weekend, President Trump said that Saudi Arabia's King Salman bin Abdulaziz Al Saud agreed to pump more oil, "maybe up to 2,000,000 barrels." However, the White House promptly walked back those statements. Meanwhile, markets continue to monitor stalling economic growth across Asia and the ongoing trade spat between the United States and other nations. The latter could weigh heavily on crude prices.
Four Stocks to Watch Today: TSLA, WBA, AMZN, MLHR
- Tesla Inc. (Nasdaq: TSLA) announced that it hit a major manufacturing milestone. The firm manufactured 5,000 Model 3 sedans during the last week of the second quarter. This number has been elusive for Elon Musk's company. Shares of TSLA stock added 4.8% on the news.
- Shares of Walgreens Boots Alliance Inc. (NYSE: WBA) broke a six-session losing streak on Friday after a difficult first week on the Dow Jones Index. The company that replaced General Electric Co. (NYSE: GE) on the iconic index is facing a significant amount of pressure after Amazon.com Inc. (Nasdaq: AMZN) made a big splash by purchasing the online pharmacy benefits company PillPack. WBA stock was subsequently downgraded from "Buy" to "Neutral" by Mizuho Securities Co. Ltd.
- Look for an earnings reports from Herman Miller Inc. (Nasdaq: MLHR). Wall Street expects that the company will report earnings per share of $0.59 on top of $601.25 million in revenue.
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.