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The Dow Jones Industrial Average slipped 57 points in pre-market hours on reports that Saudi Arabia intends to limit oil production in December. The news sent WTI and Brent crude higher in New York. Saudi Arabia plans to cut its oil production by 500,000 barrels per day and suggested that OPEC could limit the global supply in 2019.
Oil prices are off roughly 20% from their 2018 highs on concerns about global growth and word that the United States has allowed some nations to purchase Iranian crude despite sanctions on the country.
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.
Money Morning Insight of the Day: How You Can Join "the Perfect Pot Stock Portfolio"
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The Top Stock Market Stories for Monday
- Concerns about Britain's departure from the European Union once again rattled the British pound. Prime Minister Theresa May is playing defense after former UK Foreign Secretary Boris Johnson argued that her cabinet should mutiny over the plan. In an editorial to The Daily Telegraph, Johnson suggested that May's plans would convert Britain into a "vassal state."
- Canada just legalized all marijuana use on Oct. 17, and Mexico may not be too far behind. On Nov. 8, Sen. Olga Sanchez Cordero submitted a 26-page bill that would legalize marijuana and allow its commercial sale in all of Mexico. This is massive news, and it could fuel another wave of legalization across the United States. If you're serious about making money on this trend, then stop what you're doing and go here now.
Stocks to Watch Today: BAT, BABA, SAP
- The FDA is considering a ban on menthol cigarettes. The New York Times reported over the weekend that the agency is targeting flavored cigarettes and e-cigarettes and that it could make an announcement in the coming weeks. Shares of British American Tobacco (NYSE: BAT), which owns the brand Newport, fell more than 8% on the news.
- Shares of Alibaba Group Holding Ltd. (NYSE: BABA) were off in pre-market hours despite crushing spending records on Singles Day. The firm announced it earned almost $31 billion on Sunday, a double-digit percentage jump from the previous year's levels.
- In deal news, German software giant SAP SE (NYSE: SAP) shares fell nearly 5% after the company announced plans to purchase private survey giant Qualtrics for $8 billion.
- Look for earnings reports today from Aecom (NYSE: ACM) and YY Inc. (NYSE: YY).