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The Dow Jones today projected a modest 20-point gain during Monday morning's pre-market trading. The uptick came despite a controversial statement made by U.S. President Donald Trump on "60 Minutes" last night.
When asked to identify America's "biggest foe globally right now," Trump included the European Union, citing his outrage over trade relations between the two partners.
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
While Bank of America is making headlines today (along with other Wall Street earnings reports), the real money for investment banks could soon be found in the "Green Rush." Wall Street banks could soon open up their doors to the $10 billion marijuana industry.
Let's talk the top news in the marijuana industry today… including four stocks that could surge up to 1,000% during this election year. Here's what you need to know…
The Top Stock Market Stories for Monday
- Bank of America Corp. (NYSE: BAC) leads a strong day of earnings reports on Wall Street. The commercial banking giant was expected to report earnings per share (EPS) of $0.57 on top of $22.4 billion in revenue. The company topped both numbers, including EPS of $0.63. The company said its performance was bolstered by stronger profit margins, the 2017 GOP tax plan, and higher revenue from banking fees.
- President Donald Trump will meet with Russian President Vladimir Putin in Helsinki, Finland. Trump could request that Russia assist with the denuclearization of North Korea during their summit. Trump has said that he expects that he and Putin will have an "extraordinary friendship" at the conclusion of the event. The meeting comes just days after the U.S. government announced 12 indictments against Russian officials on charges of conspiracy to interfere with the 2016 presidential election.
- Global growth is back in focus after China announced second-quarter GDP expectations. The government announced that Q2 GDP came in at 6.7% as the country has been cracking down on risky credit offerings. Markets are continually worried about China's Shanghai Composite – which recently entered bear territory. The third quarter will be interesting for markets as trade tensions accelerate between the United States and China.
Four Stocks to Watch Today: NFLX, AMZN, TWTR, CAT
- Shares of Netflix Inc. (Nasdaq: NFLX) are in focus as the company prepares to report earnings after the bell. Wall Street analysts project that the company will report EPS of $0.80 on top of $3.93 billion in revenue. Analysts will be paying close attention to whether the online-streaming giant has been able to continue to aggressively increase its international user base.
- Amazon.com Inc. (Nasdaq: AMZN) is generating buzz as the company prepares to kick-start its annual Prime Day. The annual shopping event will take place starting this evening and stretch through Tuesday. According to the website RetailMeNot, the average Amazon shopper will spend $167 during Prime Day. That figure includes roughly $70 on back-to-school products. The shopping event will also include deals at the firm's Whole Foods locations.
- Twitter Inc. (NYSE: TWTR) announced it has suspended two social media accounts that were allegedly used by Russian intelligence officers to disseminate hacked information during the 2016 U.S. presidential election. In 2016, Russian intelligence experts hacked personal user information from members of the Democratic Party. Last week, the U.S. government indicted 12 Russian officials for their role in the hacking of the DNC.
- Caterpillar Inc. (NYSE: CAT) will increase its dividend forward yield by 10.26%. Income investors should look to firms like CAT as one of the best ways to generate cash in a growing global economy. But we've got several other options for you. Read more about the other stocks that are poised for 10% hikes in their dividends very soon. Go here right now.
- Look for earnings reports from BlackRock Inc. (NYSE: BLK), JB Hunt Transport Services Inc. (Nasdaq: JBHT), and JA Solar Holdings Co. Ltd. (Nasdaq: JASO).
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.