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The Dow Jones Industrial Average fell 80 points in pre-market trading after the United States and Canada failed to negotiate a trade deal by last Friday's White House–imposed deadline. U.S. President Donald Trump said over the weekend that there was no political need to include Canada in a deal that his administration recently reached with Mexico.
Trump also warned that he would "simply terminate NAFTA entirely" should the U.S. Congress intervene. The United States and Canada will continue trade talks this week. While investors are focused on North American trade drama, there are also several flashing lights coming from the European Union…
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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The Top Stock Market Stories for Monday
- Argentina will eliminate half of its government ministries and hike taxes on exports in order to save its collapsing currency. The government announced a series of austerity measures yesterday as it prepares to meet with the International Monetary Fund about a $50 billion bailout plan. This year, the nation's currency has cratered by 50% against the U.S. dollar as global markets continue to worry about Argentina's heavy debt burden.
- Brexit will be back in focus on Tuesday. Today, the Bank of England's Governor Mark Carney will answer questions before his nation's lawmakers. While Carney will likely focus on monetary policy and the nation's interest rates, most investors are more interested in whether Carney plans to lead the country through its departure from the European Union.
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Three Stocks to Watch Today: WDAY, AMZN, NKE
- Workday Inc. (Nasdaq: WDAY) leads a busy day of earnings reports Tuesday. The firm will present its quarterly report after the bell. Wall Street expects that the company will report earnings per share of $0.26 on top of $633.1 million in revenue.
- Amazon.com Inc. (Nasdaq: AMZN) will be generating a lot of buzz today. The e-commerce giant apparently has its eyes on the $88 billion online advertising industry. The firm plans to take direct aim at rivals Alphabet Inc. (Nasdaq: GOOGL) and Facebook Inc. (Nasdaq: FB). Amazon is very close to becoming the second company to surpass the $1 trillion threshold for market capitalization.
- Nike Inc. (NYSE: NKE) is making headlines the week before the NFL's opening week starts. The sports apparel giant announced that former San Francisco quarterback Colin Kaepernick will be one of the faces of its 30th anniversary commemorations for its "Just Do It" campaign. Kaepernick has been one of the NFL's most polarizing figures after he began kneeling during the national anthem to protest police abuse against African Americans and other social injustices.
- Look for earnings reports from Restoration Hardware Holdings Inc. (NYSE: RH), Casey's General Stores Inc. (Nasdaq: CASY), Conns Inc. (Nasdaq: CONN), Caleres Inc. (NYSE: CAL), HealthEquity Inc. (NYSE: HQY), and Coupa Software Inc. (Nasdaq: COUP).
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.