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The Dow Jones today projected a 134-point gain on news that the United States is close to a trade deal with Mexico. Reuters reported yesterday that Mexico's economy minister, Ildefonso Guajardo, believes the discussions for a new trade deal between the NAFTA partners are in the "final hours."
Talks extended through the weekend, and a number of news reports suggest that a deal could be announced as early as this week. While that is positive news for U.S. trade, markets are still paying attention to tensions with China. As we noted Friday, Trump's tariffs on China aren't going away soon.
Here are the numbers from Friday for the Dow, S&P 500, and Nasdaq:
|Index||Previous Close||Point Change||Percentage Change|
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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The Top Stock Market Stories for Monday
- Americans are mourning the death of Sen. John McCain, who passed away Saturday at the age of 81. The longtime Arizona statesman was the Republican nominee during the 2008 election and was well-respected in Washington on both sides of the political aisle. McCain's death comes less than three months before a highly contentious mid-term election season that will likely determine the nation's political direction for the foreseeable future.
- This morning, news broke that Twitter Inc. (NYSE: TWTR) CEO Jack Dorsey will testify before the House Energy and Commerce Committee on Sept. 5. The company has been under fire for the monitoring of user posts and enforcement of its content standards. Republican Committee Chair Greg Walden issued a statement that called on Dorsey to be "forthright and transparent regarding the complex processes behind the company's algorithms and content judgment calls." The firm has faced a lot of criticism in recent weeks after the firm removed content produced by conservatives.
Money Morning Insight of the Day
While we're experiencing the longest bull market in history, Money Morning Quantitative Specialist Chris Johnson sees a few cracks appearing in the stock market.
You see, seasonality and sector rotation are in play right now. That means Q3 is not often very kind to the bulls. That's why you need to pay close attention to one of the most important indicators in the market right now. Chris explains what it is – and what to buy – right here.
Three Stocks to Watch Today: TSLA, PFE, AAPL
- Tesla Inc. (Nasdaq: TSLA) will likely generate a lot of buzz on Monday. Three days ago, company CEO Elon Musk announced that Tesla would remain a publicly traded firm. The statement comes just weeks after Musk tweeted that he had secured investment to take the company private at $420 per share. That tweet spurred an investigation by the U.S. Securities and Exchange Commission and a lawsuit by short sellers of Tesla stock. TSLA shares were off 3% this morning.
- All eyes today are on Pfizer Inc. (NYSE: PFE) stock. The drug giant is poised to release the results of its phase 3 study for its drug Tafamidis. The specialty drug targets a heart disease known as transthyretin cardiomyopathy.
- Apple Inc. (Nasdaq: AAPL) hit a historic milestone on Aug. 2. The tech giant's market capitalization topped $1 trillion, making it the first firm to ever hit that value. The company continues to churn profits as more firms tap into its product pipeline. AAPL stock predictions are a dime a dozen, but the fact is that this stock remains a bargain because of its price/earnings ratio. We explain why AAPL stock is still a bargain.
- Look for earnings reports from HEICO Corp. (NYSE: HEI) and American Wordmark Corp. (Nasdaq: AMWD).
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.