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The Dow Jones today may drop slightly as investors anticipate the weakest earnings season in three years.
Other factors moving DJIA today: Nike Inc. (NYSE: NKE) facing serious allegations by celebrity lawyer Michael Avenatti, and why U.S. President Donald Trump thinks Herman Cain should be on the board of the U.S. central bank. Read on for more.
Here are the numbers from Friday 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.
The Top Stock Market Stories for Monday
- This morning, investors are gearing up for the start of earnings season as we get our first look at first-quarter results. Wednesday will feature earnings from Delta Air Lines Inc. (NYSE: DAL), while Friday will show results from JPMorgan Chase & Co. (NYSE: JPM) and Wells Fargo & Co. (NYSE: WFC). Banking has generated a lot of news in recent days, after Warren Buffett received questions over who should become the next CEO of Wells Fargo. Buffett said the next CEO should not come from a major Wall Street bank like Goldman Sachs Group Inc. (NYSE: GS) or JPMorgan because the candidate could receive too much scrutiny from regulators and Congress.
- Oil prices are ticking higher following Friday's positive March jobs report and news of military conflict in Libya. At a time that global oil cartel OPEC plans to slash output to support prices, analysts project that growing conflict in Libya could tighten oil supplies even further. This morning, WTI crude traded at $63.49 per barrel, while Brent crude – the global benchmark – saw prices as high as $70.82 per barrel. To tap into rising oil prices, here are the top two energy stocks to buy in April.
- The Federal Reserve is back in focus as President Trump prepares to nominate former GOP candidate Herman Cain to the board of the U.S. central bank. Critics have argued that Trump's nomination threatens to "politicize" the Federal Reserve after the president criticized Chair Jerome Powell over the markets and the economy. Over the weekend, however, Trump economic adviser Larry Kudlow noted on "Meet the Press" that Cain was the former president of the Kansas City Federal Reserve.
Stocks to Watch Today: BA, AAL, NKE, BAC
- Boeing Co. (NYSE: BA) is under pressure after American Airlines Group Inc. (NASDAQ: AAL) announced plans to cut at least 90 flights per day involving the 737 Max jets. The airline says it has canceled flights into the first week of June over safety concerns. Boeing also announced plans to cut 737 Max production as it works to get existing planes back into the air after some software updates and maintenance. BA stock is off another 4.3%. Bank of America Corp. (NYSE: BAC) reduced its price target from $480 to $420 and cut the stock's rating to Neutral.
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- Nike Inc. (NYSE: NKE) in facing allegations that it bribed players to attend colleges where the university sells its shoes and apparel. The allegations come from attorney Michael Avenatti, who claimed Saturday that he had evidence of the scheme and that the company paid the mother of Duke University's Zion Williamson. In a statement over the weekend, Nike said it won't respond to "allegations of an individual facing federal charges of fraud and extortion and aid in his disgraceful attempts to distract from the athletes on the court at the height of the [NCAA] tournament."
- Pinterest has announced the price range of $15 to $17 per share during its upcoming initial public offering. A filing released with the U.S. Securities and Exchange Commission says the firm will offer 75 million shares. This IPO would raise $9 billion and raise $1.3 billion in net proceeds.
- Look for earnings reports from Emerge Energy Services LP (NASDAQ: EMES), Entravision Communications (NYSE: EVC), Kona Grill Inc. (NASDAQ: KONA), and American Renal Associates Holdings Inc. (NYSE: ARA).
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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.