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The Dow Jones Industrial Average was little changed at the opening bell as ongoing trade tensions continued to rattle investors. Yesterday, reports emerged that China is seeking permission from the World Trade Organization to hit the United States with trade sanctions. China originally lodged the request in 2013, accusing the United States of skirting up to $8.4 billion in duty fees.
The news came shortly after U.S. President Donald Trump said his administration is "ready to go" with an addition $267 billion worth of tariffs on Chinese goods. These tariffs would follow a proposed $200 billion in tariffs on various Chinese industries.
Here are the numbers from Tuesday 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
- This morning, residents along the East Coast of the United States are evacuating ahead of what could be the worst hurricane to hit the Carolinas in more than 60 years. Hurricane Florence continues to build strength and will likely make landfall with winds of 140 miles per hour and rain and flooding that could last for days.
- Bank of England Governor Mark Carney said this week that another financial crisis could be on the horizon. On the 10th anniversary of the collapse of Lehman Brothers, the central banker cited four major risks to the global financial system: China's slowing growth, a poorly executed Brexit, cyberattacks on financial institutions, and rising household debt.
- The 5G Revolution is about to hit American cities. This morning, Verizon Communications Inc. (NYSE: VZ) said it plans to launch 5G service in four cities in October. Houston, Indianapolis, Los Angeles, and Sacramento will be the first towns to access the new network speeds. Verizon's rival AT&T Corp. (NYSE: T) has said it will launch its own 5G service in several cities later this year.
Three Stocks to Watch Today: AAPL, SNAP, WCG
- Apple Inc. (NASDAQ: AAPL) is generating headlines today at its annual press conference in Cupertino, Calif. Analysts expect that the firm will unveil its latest iteration of the iPhone and a new version of the Apple Watch. The event will be livestreamed at 1 p.m. ET.
- Shares of Snap Inc. (NYSE: SNAP) were off more than 5.4% this morning after an analyst at Jefferies downgraded the company's stock price target from $14 to $11 per share. The analyst said that he was discouraged by the company's user growth trends. Investment research firm BTIG also downgraded the stock to a "Sell" rating.
- Shares of WellCare Health Plans Inc. (NYSE: WCG) will be active today as it joins the S&P 500 for the first time. The managed-care provider will replace XL Group Ltd. (NYSE: XL), which was recently purchased by French insurance agency AXA SA.
- Look for earnings reports from Tailored Brands Inc. (NASDAQ: TLRD), Oxford Industries Inc. (NYSE: OXM), and Aceto Corp. (NASDAQ: ACET).
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.