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The Dow Jones Industrial Average fell 19 points in pre-market trading after the latest round of tariffs from the White House came into effect. At midnight, the United States slapped tariffs on $200 billion in Chinese goods, an action that prompted a strong reaction from Beijing. The Chinese government has publicly accused the United States of "trade bullying." The new tariffs are set at 10%, but they will increase to 25% by the end of the year.
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 most important market events and stocks, plus Friday's economic calendar.
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The Top Stock Market Stories for Monday
- Over the weekend, Saudi Aramco's CEO Amin Nasser cast doubt on any future IPO for the massive oil company. In an interview with CNBC, Nasser wouldn't say if an IPO would be on tap by 2020. An IPO had been planned for 2018, but it was delayed after the company announced plans to purchase petrochemical firm SABIC. The nation of Saudi Arabia has publicly stated its goal to raise about $100 billion from an IPO and obtain a market capitalization of roughly $2 trillion. The proposed IPO is part of Crown Prince Mohammed bin Salman's effort to diversify the nation's economy and bolster the country's sovereign wealth fund.
- In deal news, Comcast Corp. (NASDAQ: CMCSA) outbid its rivals on Saturday to purchase European pay-TV broadcaster Sky. The final bid was worth $40.1 billion and topped final offers from 21st Century Fox Inc. (NYSE: FOX) and its backer Walt Disney Co. (NYSE: DIS).
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Four Stocks to Watch Today: P, AMRN, GOLD, ABX
- Shares of Pandora Media Inc. (NYSE: P) jumped more than 8% this morning on news it will be acquired by Sirius XM Holdings Inc. (NASDAQ: SIRI). The all-stock deal is worth roughly $3.5 billion. SIRI stock was off 3.5% after the announcement.
- This morning, Barrick Gold Corp. (NYSE: ABX) announced it has purchased Randgold Resources Ltd. (NASDAQ: GOLD) in an all-share deal that will create a new firm worth $18.3 billion. The new mining firm will have a massive presence in North America and Africa. Barrick shareholders will own 67% of the new organization, while Randgold shareholders will own 33%.
- Shares of Amarin Corp. (NASDAQ: AMRN) popped more than 285% in pre-market hours (from $2.99 to $11.55) after the biopharma company announced positive results from a clinical trial. The firm's fish oil capsule showed significant benefits to heart patients. Shares of Amarin had been off about 25% this year before the announcement.
- Look for an earnings report this afternoon from Ascena Retail Group Inc. (NASDAQ: ASNA).
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.