The Dow Jones today fell roughly 10 points in pre-market trading as Turkey's currency crisis continued to accelerate. The United States imposed economic sanctions on the NATO partner, putting into doubt Turkey's ability to withstand the collapse of its currency.
With stress mounting on the Middle East's geopolitical stability, oil prices are pushing to new highs. In fact, Money Morning Global Energy Strategist Dr. Kent Moors believes they could hit $100 a barrel sooner than you think. Check out Kent's reasoning here...
Here are the numbers from Friday for the Dow, S&P 500, and Nasdaq:
| Index | Previous Close | Point Change | Percentage Change |
| Dow Jones | 25,313.14 | -196.09 | -0.77% |
| Nasdaq | 7,839.11 | -52.67 | -0.67% |
| S&P 500 | 2,833.28 | -20.30 | -0.71% |
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
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The Top Stock Market Stories for Monday
- The Turkish lira is off 11% this morning, compounding the 20% slide that it faced last week. Turkish President Recep Tayyip Erdogan and his team have failed to reassure investors that they know how to manage their economy. The president has refused calls to raise interest rates in order to stabilize the currency. Instead, he blamed the United States on Sunday, arguing in a speech, "We will not give in. If you come at us with your dollars then we will find other ways to do business."
- Elon Musk is facing a big lawsuit from investors who claim that he fraudulently schemed to hammer short sellers last week. The lawsuit comes just days after the head of Tesla Inc. (Nasdaq: TSLA) sent out a tweet that claimed he was looking to take the company private and that funding at $420 per share had "been secured." Musk failed to file an 8-K with the U.S. Securities and Exchange Commission before making the announcement, which pushed shares up significantly. Reuters also reported that Saudi Arabia's Public Investment Fund has not shown any interest in helping to take Tesla private.
- Finally, shares of German chemical giant Bayer AG (OTC MKTS: BAYRY) slumped more than 11% after a U.S. jury awarded a groundskeeper $289 million in a ruling that the weed killer Roundup was responsible for his cancer. The chemical is produced by Monsanto, an agricultural giant that Bayer purchased last year. The ruling could set a precedent for thousands of other cases in the international court system that have made similar claims that Roundup causes non-Hodgkin's lymphoma.
Three Stocks to Watch Today: SYY, PZZA, LNG
- Sysco Corp. (NYSE: SYY) reported earnings before the bell Monday. The food-distribution giant was expected to report earnings per share of $0.93 on top of $15.45 billion in revenue. Shares popped 4.8% in pre-market hours after the firm reported adjusted earnings of $0.94 and revenue of $15.32.
- Papa John's International Inc. (Nasdaq: PZZA) announced it will be providing financial assistance to its franchisees in the wake of its ongoing public relations crisis. The firm has seen a significant slump in sales due to highly controversial remarks by its founder and former CEO John Schnatter. The company said it will reduce marketing royalty costs, food prices, and other associated costs with operating a franchise location.
- Cheniere Energy Inc. (NYSE: LNG) announced it has signed a 25-year deal to provide natural gas to a state-owned oil and gas firm in Taiwan. The deal will begin in 2021 and is worth roughly $25 billion. The stock is a longtime favorite of Money Morning Global Energy Strategist Dr. Kent Moors.
- Look for additional earnings reports from YY Inc. (NYSE: YY), Vipshop Holdings Ltd. (NYSE: VIPS), JinkoSolar Holding Co. Ltd. (NYSE: JKS), and Consolidated Water Co. Ltd. (Nasdaq: CWCO).
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.