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The Dow Jones Industrial Average fell over 100 points this morning as investors prepared for a critical meeting at the G-20 conference. On Wednesday, U.S. President Donald Trump and Chinese President Xi Jinping are expected to discuss the nations' ongoing trade conflict during the annual meeting of economic leaders in Argentina.
President Trump has downplayed odds of a significant breakthrough going into the summit, saying it is "highly unlikely" that his administration will roll back tariffs anytime soon. In fact, it's likely that these trade negotiations are dead on arrival thanks to a little-watched meeting that occurred earlier this month…
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.
Money Morning Insight of the Day: 63-Year-Old Retiree Devastated from Pension Cuts
Retired ironworker Frank Joseph used to receive $3,500 a month in pension checks from his Iron Workers Local 17 Pension Plan.
Then the plan started to run out of money, so his checks were slashed nearly in half to $1,900. Now, he's at risk of losing his home.
And your pension could be next. Click here to learn more.
The Top Stock Market Stories for Tuesday
- This morning, investors are paying close attention to the results of Cyber Monday. Heading into the annual e-commerce event, analysts projected that consumers would make $7.8 billion in purchases yesterday. Early estimates suggest that results were well above that level as more retailers offered discounts for consumers to snap up. Money Morning Chief Investment Strategist Keith Fitz-Gerald appeared on FOX Business Network Monday. He said that there are only two e-commerce stocks that you need to own right now. The first is Amazon.com Inc. (NASDAQ: AMZN). The second will shock you.
- Oil prices are in focus as they try to rebound from last week's slump. With ongoing uncertainty over China's trade battle with the United States (and the prospect of higher tariffs), rumors are swirling that OPEC could slash 1 million to 1.5 million barrels in daily production to help bolster crude prices. Such a decision would raise eyebrows as Saudi Arabia recently hiked its oil output to an all-time high of 11.1 million barrels per day this month. With uncertainty rising, be sure to stay on top of the oil markets. Our Global Energy Strategist Dr. Kent Moors offers his latest insight on global energy instability right here.
Stocks to Watch Today
- Salesforce.com Inc. (NYSE: CRM) will report earnings after the bell Tuesday. Today's report will be critical for the cloud-computing giant. Shares of CRM stock are off about 25% since September as the tech meltdown has weighed on investor sentiment.
- Apple Inc. (NASDAQ: AAPL) could soon be under the microscope of the U.S. Supreme Court. According to various reports, Supreme Court justices were skeptical about oral arguments that would allow iPhone owners to engage in a class-action lawsuit against the firm over allegations of price inflation in its App Store. Should the case proceed, it could end up leading to a shake-up in online sales and distribution and could hit the iconic tech giant with hundreds of millions of dollars in fines and other penalties.
- General Motors Co. (NYSE: GM) is facing public relations problems after the automotive giant announced plans to slash 15,000 jobs in North America, idle several plants, and end production of six models. The company claims it is part of a broader plan to focus on more energy efficient and safer vehicles. However, Ohio lawmakers have criticized the company in the wake of the massive tax hike it received earlier this year.
- Look for other earnings reports from Bank of Nova Scotia (NYSE: BNS), Cracker Barrel Old Country Store Inc. (NASDAQ: CBRL), Hibbett Sports Inc. (NASDAQ: HIBB), and Stein Mart Inc. (NASDAQ: SMRT).
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.