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The Dow Jones Industrial Average rose over 40 points this morning as Canadian Foreign Minister Chrystia Freeland arrived in Washington to discuss trade relations between Canada and the United States. Minister Freeland's trip to Washington comes on the heels of a preliminary trade deal between the United States and Mexico to replace the North American Free Trade Agreement.
According to the White House, Canadian officials will have until the end of the week to join the deal. Failure to join leaves America second-largest trading partner out of the new bloc and would likely force the White house to impose tariffs on Canadian auto imports...
Here are the numbers from Monday 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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The Top Stock Market Stories for Tuesday
- The White House has proposed a $4.7 billion bailout for farmers in the wake of an ongoing trade war with China. Yesterday, details of a massive farm aid package dropped, and soybean farmers are looking at hefty payments to offset big losses from the trade spat. The Trump administration hinted that more funds could come in the months ahead.
- Iran is rattling its sabers in the Persian Gulf. Oil prices have pushed higher thanks to geopolitical tensions and increased optimism over the trade deal between the United States and Mexico. Yesterday, the Iranian government claimed that it maintains control of the Strait of Hormuz and the United States military does not belong there. Roughly one-third of the world's oil supply passes through this small passage to the Persian Gulf on a daily basis. U.S. Secretary of State Mike Pompeo denied Iran's claim to the international waterway on Monday night. Pompeo said the United States will "continue to work with our partners to ensure freedom of navigation and free flow of commerce in international waterways."
- The markets are already chirping about the next iPhone series from Apple Inc. (Nasdaq: AAPL). According to DigiTimes, industry experts are expecting higher demand and greater momentum for the next iteration of these handheld devices. In addition to being a potential boon for the stocks of Apple suppliers, it will also help boost Apple stock in the future. Even though Apple is sitting at a market capitalization of more than $1 trillion, the stock is still a screaming buy. We explain why you should own AAPL right here.
Money Morning Insight of the Day
Earnings season kicks back into full stride on Tuesday. And if you're looking to make real money, it's not too late to get started. Money Morning Quantitative Specialist Chris Johnson argues the markets are at a tipping point. And with just a few smart plays in today's classic stock picker's market, you can pull in triple-digit gains with just a small investment.
Three Stocks to Watch Today: BBY, CGC, TIF
- Best Buy Co. Inc. (NYSE: BBY) leads a very busy day of earnings reports on Wall Street. The big-box retailer reported earnings per share (EPS) of $0.91 on top of $9.38 billion in revenue. The average analyst estimate came in at $0.83 on top of $9.25 billion in revenue. The company has benefited in recent quarters from aggressive cost-cutting under its Renew Blue program and has seen stronger demand due to increased consumer spending. However, the stock fell 5% after its forward guidance for the current quarter slipped below analysts' expectations.
- Are pot stocks in a bubble? It depends on how you define the term. It's an important question now that Canadian marijuana giant Canopy Growth Corp. (NYSE: CGC) now has a market capitalization higher than tech giant BlackBerry Ltd. (NYSE: BB). Canopy Growth stock has gained more than 548% in the last year alone. But Canopy and the rest of the top marijuana stocks are just getting started. Marijuana could be the defining social and financial event of this generation. And this FREE video reveals 16 reasons why cannabis stocks could break all profit records in 2018.
- Shares of Tiffany & Co. (NYSE: TIF) popped 7.1% after the luxury retailer easily topped Wall Street earnings expectations. The firm reported EPS of $1.17 with $1.076 billion in revenue. The firm beat EPS expectations by $0.17. Strong comparable store sales and a blockbuster full-year earnings outlook bolstered the stock's performance.
- Look for additional earnings reports from Box Inc. (NYSE: BOX), Hain Celestial Group Inc. (Nasdaq: HAIN), DSW Inc. (NYSE: DSW), H&R Block Inc. (NYSE: HRB), and Hewlett Packard Enterprise Co. (NYSE: HPE).
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.