The Dow Jones Industrial Average will rise only by a small margin after modest earnings reports from Goldman Sachs Group Inc. (NYSE: GS) and Citigroup Inc. (NYSE: C).
Read more below on how this impacts the Dow today - and why it might be time to invest in Bitcoin again...
Here are the numbers from Friday for the Dow, S&P 500, and Nasdaq:
Index
Previous Close
Point Change
Percentage Change
Dow Jones
26,412.30
+269.25
+1.03%
S&P 500
2,907.41
+19.09
+0.66%
Nasdaq
7,984.16
+36.80
+0.46%
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
Goldman Sachs has a prediction for the 2020 election. The investment bank said in a report over the weekend that U.S. President Donald Trump is likely to win reelection next year. More importantly, Goldman Sachs announced its first-quarter earnings report this morning. Revenue came in lower than analysts had hoped, but the firm exceeded earnings expectations by 15%, at $5.71 per share. Goldman also increased its quarterly dividend from $0.80 per share to $0.85.
President Trump took another shot at the Federal Reserve over the weekend. Trump criticized the central bank's policies and said it has negatively impacted GDP growth and the stock market. Trump tweeted yesterday that "if the Fed had done its job properly, which it has not, the Stock Market would have been up 5,000 to 10,000 additional points." Trump's attack comes as opposition grows against his two picks for the Federal Reserve - Herman Cain and Stephen Moore.
The price of Bitcoin hovered at $5,138 this morning. The recent price rally stalled thanks to overbuying and some traders taking profits. However, it appears the bulls are back. PayPal board member Wences Casares said over the weekend that Bitcoin's price could surge to as much as $1 million, should it succeed in attracting new investors from around the globe over the next 10 years. Money Morning Technical Trading Specialist D.R. Barton, Jr., outlines the three reasons why Bitcoin prices are still on fire in 2019 - then tells you where to expect the price of Bitcoin to go in the months ahead.
Stocks to Watch Today: C, BBBY, AAL, BA
Shares of Citigroup Inc. (NYSE: C) were in the red this morning after the bank reported earnings before the bell. The firm reported an EPS of $1.87, which beat analysts' expectations by $0.07. However, the firm fell short of revenue expectations and reported weaker-than-expected equities trading. The more important news for Citigroup was that its president, Jamie Forese, retired last week. Many had seen Forese as a possible replacement for its CEO, Michael Corbat.
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The Retail Ice Age could claim yet another victim. Bed Bath & Beyond Inc. (NASDAQ: BBBY) announced it would close another 40 stores. The firm has said it will launch a series of "lab" stores where it will test product sales built around food and home décor.
American Airlines Group Inc. (NASDAQ: AAL) has canceled all 737 Max flights through Aug. 19. The cancellations will affect roughly 115 flights per day or 1.5% of the company's planned flights this summer. It's unclear how much longer the fleet of Boeing Co. (NYSE: BA) planes will remain grounded around the globe. Boeing has been working on a fix to address the anti-stall software responsible for a crash in Ethiopia in March.
Look for earnings reports from Kona Grill Inc. (NASDAQ: KONA), JB Hunt TransportServices Inc. (NASDAQ: JBHT), and American Renal Associates Holdings Inc. (NYSE: ARA).
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Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.