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The Dow Jones today is moving up after China extended an olive branch to settle the trade dispute between its government and the Trump administration.
Other things to watch for on the DJIA: new earnings reports and anti-trust pressures on Silicon Valley giants. Details further down.
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.
The Top Stock Market Stories for Tuesday
- Once again, trade talk is back in the headlines. Investors are optimistic that Congress may have the votes to block U.S. President Donald Trump's planned tariffs against Mexico over illegal immigration. The potential levy would stifle the U.S. technology sector in addition to trade barriers caused by disputes with China. But there's a huge catalyst keeping tech stocks alive – see the next technology boom right here.
- This morning, China's Commerce Ministry announced that the ongoing trade dispute between the two largest economies in the world should be resolved with fresh talks. According to a translation of the Commerce Ministry's statement, China has called for new trade talks, saying they "need to be based on mutual respect, equality, and mutual benefit."
- The markets are paying close attention to statements from a key member of the U.S. Federal Reserve. St. Louis Federal Reserve President James Bullard said Monday that a cut to interest rates may be required in the near future. Bullard cited the ongoing tensions between the United States and its trade partners, Mexico and China, for rising risks to the global economy. Markets will continue to follow updates from the central bank today when we hear scheduled talks from Fed Chair Jerome Powell, Governor Lael Brainard, and Dallas Fed President Robert Kaplan.
- Oil prices continue to slide this morning as concerns about global demand extend an epic sell-off in the sector. WTI crude oil is off another 0.4%, while Brent crude is down 0.8%, to hit $60.85 per barrel. Brent crude was about $10 higher just a few weeks ago. Ongoing concern about falling demand is outpacing the impact of cuts from OPEC and sanctions against Iran and Venezuela.
Stocks to Watch Today: T, DGX, CRM, GOOGL
- Shares of AT&T Inc. (NYSE: T) ticked higher despite calls for a boycott by President Trump. In a wild rant during his recent flight to the United Kingdom, Trump urged customers to stop using AT&T services because of its ownership of CNN. "I believe that if people stoped [sic] using or subscribing to @ATT, they would be forced to make big changes at @CNN, which is dying in the ratings anyway," Trump tweeted.
- Salesforce.com Inc. (NYSE: CRM) leads a busy day of earnings reports as technology stocks continue to face increased pressure. On Monday, shares of Alphabet Inc. (NASDAQ: GOOGL) fell more than 6% on speculation that Washington was investigating anti-competitive practices in Google's search business.
- Quest Diagnostics Inc. (NYSE: DGX) will likely be the next company facing scrutiny from Washington over data security breaches. The firm admitted that a breach may have exposed critical data points from 12 million consumer records.
- Look for earnings reports from Cracker Barrel Old Country Store Inc. (NASDAQ: CBRL), Tiffany & Co. (NYSE: TIF), and GameStop Corp. (NYSE: GME).
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