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The Dow Jones today might see a more than 100-point decline as American tech companies have begun suspending business with the pride of China's tech sector. Details below.
Also moving the DJIA today: climbing crude prices and Big Pharma's new gripe. 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, markets slipped on news that Alphabet Inc. (NASDAQ: GOOGL) suspended business with Huawei. The decision aims to comply with a new Trump administration rule that says American firms need a license to partner with the Chinese tech giant. Shares of semiconductor companies are sliding this morning as the battle between the United States and China accelerates. But chip stocks are still poised to gain from one trend sweeping the nation; to see how you can invest in the 5G revolution, go here.
- Cannabis stocks are on the rise again. And it's thanks to a new rule from the U.S. Department of Health & Human Services (HHS) that will require pharmaceutical companies to list drug prices in TV ads this summer. Find out why this is good for the cannabis industry – and which stocks will earn you the greatest profit heading into summer – right here.
- Crude prices pushed higher after Saudi Arabia and various members of OPEC announced plans to maintain production cuts for the foreseeable future. Tensions continue to rise between the United States and Iran, but OPEC has taken a front seat in the news after its decision to help support prices heading into the summer. Saudi Energy Minister Khalid al-Falih said over the weekend that the global energy cartel will continue to drive down global crude inventories "gently" in the continuously fragile crude market.
Stocks to Watch Today: TGT, TWTR, GS
- Shares of Target Corp. (NYSE: TGT) added 1% in pre-market hours after the retail giant's stock received an upgrade from Morgan Stanley (NYSE: MS). The investment bank signaled that Target can anticipate higher profit margins as it moves toward its earnings report later this week.
- Goldman Sachs Group Inc. (NYSE: GS) projects that the Trump administration's trade war could slash corporate profits by a whopping 6% heading into the next earnings season. The global investment bank released a report this morning that argued that President Trump's potential tariffs on another $300 billion in Chinese imports would hammer the balance sheets of U.S. companies before hitting the wallets of American consumers.
- Today, Twitter Inc. (NYSE: TWTR) will host its annual shareholder meeting. The focus will likely center on the 2020 election, given the social media giant's influence on public conversation about politics. Investors have chattered over the last two weeks that the company must do a better job to address "trolling" and improve the transparency of its operations.
- Look for earnings reports from International Game Technology Plc. (NYSE: IGT), Tata Motors Ltd. (NYSE: TTM), and Telecom Italia (NYSE: TI).
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