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The Dow Jones Industrial Average projected a 125-point decline in pre-market hours as the G-20 conference kicks off in Buenos Aires, Argentina. Tonight, U.S. President Donald Trump and Chinese President Xi Jinping will meet for dinner and likely discuss ongoing trade relations between the two nations.
Markets are a bit concerned about reports that Trump's trade adviser, Peter Navarro, will be attending the dinner. Navarro is a long-time critic of China and has supported tariffs to avenge intellectual property theft in the Chinese economy.
Here are the numbers from Thursday for the Dow, S&P 500, and Nasdaq:
|Index||Previous Close||Point Change||Percentage Change|
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 Friday
- Markets are showing confidence after Fed Chair Jerome Powell said this week that the benchmark interest rate "might currently be near its neutral level." Investors now expect that the Fed will be less aggressive with rate hikes in December and beyond. New York Fed President John Williams will likely discuss rates, the U.S. economy, and monetary policy during a panel discussion on the global economy this morning.
- Oil prices are now off 22% in November as concerns about increasing global supply and waning demand continue to weigh on trader sentiment. Look for members of OPEC and other major producers to use the G-20 conference to discuss ways to curb declining prices. Russian President Vladimir Putin and Saudi Arabian Crown Prince Mohammed bin Salman are set to meet this weekend. OPEC and Russian officials are planning to meet in Vienna to discuss potential production cuts next week.
- The holidays are coming. And that's big news for the retail sector. It's even bigger for investors who know how to trade during the volatile month of December. But what if you could become a millionaire by next year just by playing a few trends that create life-changing wealth? That's what America's No. 1 Pattern Trader, Tom Gentile, has set out to achieve for readers over the next 12 months. If you're ready for a new way of life, go here now.
Three Stocks to Watch Today: MAR, DB
- Shares of Marriott International Inc. (NYSE: MAR) slumped 4% in early trading after the company announced a massive cybersecurity breach. The hotel and resort operator says that hackers broke into their system and compromised the accounts of 500 million customers. The firm admitted that hackers gained access to a database of information that included customers' names, addresses, phone numbers, email addresses, passport numbers, birth dates, and gender.
- Shares of Deutsche Bank AG (NYSE: DB) are now off 48% this year. The problems continue to mount for the German bank after authorities raided its Frankfurt offices over suspicions of money laundering. German officials have said that bankers helped wealthy individuals set up tax havens outside the country. Authorities believe that the company might have failed to report suspicious financial activities.
- Shares of HP Inc. (NYSE: HPQ) added 0.5% after the company reported earnings on Thursday afternoon. The firm said that adjusted EPS came in at $0.54. That figure matched earnings expectations. The firm's revenue number also topped expectations thanks to stronger growth in the firm's personal systems business.
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.