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The Dow Jones today will continue its positive streak, thanks to optimism on trade with Mexico and strong gains in Asian markets. Details further down.
Plus: What will be the "fork in the road" at the Tesla Inc. (NASDAQ: TSLA) annual shareholder meeting?
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, markets are pushing higher after U.S. President Donald Trump canceled tariffs against Mexico over the weekend. Trump said Sunday that he has "full confidence" Mexico will combat the ongoing migration surge from Central America. President Trump also tweeted over the weekend that Mexico plans to purchase "large quantities" of agricultural products from U.S. farmers.
- The markets are still paying close attention to updates on the trade drama between the United States and China. President Trump told CNBC that he expects China to take a deal with the White House "because they're going to have to." Trump said that he will impose new levies on China if President Xi Jinping skips the G20 meeting later this month. Trump has threatened tariffs on another $300 billion in Chinese goods if the world's two largest economies fail to reach an agreement. In related news, the White House is considering a plan that would delay restrictions against Chinese telecom giant Huawei.
- Oil prices ticked slightly higher, thanks to news that OPEC will continue making cuts to production. However, crude prices are off roughly 20% since hitting 2019 highs in April. Ongoing concerns about the global economy have outstripped any optimism about falling supply. OPEC plans to meet later this month or in early July to discuss plans to control crude oil output for the balance of the year. That decision comes as U.S. oil production is back on pace to hit record output.
Stocks to Watch Today: PLAY, CRM, DATA, APO, SFLY, TSLA
- Dave & Busters Entertainment Inc. (NASDAQ: PLAY) will lead a light day of earnings reports. Look for earnings reports from H&R Block Inc. (NYSE: HRB), HD Supply Holdings Inc. (NYSE: HDS), and Chico's FAS Inc. (NYSE: CHS).
- Shares of Salesforce.com Inc. (NYSE: CRM) will try to rebound a day after losing more than 5.2%. The stock is under pressure after the software giant announced plans to purchase data visualization giant Tableau Software Inc. (NYSE: DATA) for $15.7 billion in an all-stock deal. Shares of Tableau popped more than 33% on news of the deal.
- In other deal news, private equity giant Apollo Global Management LLC (NYSE: APO) announced it has purchased photo site Shutterfly Inc. (NASDAQ: SFLY) in a deal worth $1.74 billion. The firm also purchased Snapfish and has plans to combine the two acquisitions under a single umbrella.
- Tesla Inc. (NASDAQ: TSLA) will generate a lot of buzz today as shareholders gather for their annual meeting. Today's event is considered a "fork in the road" for the embattled automotive giant. Investors remain highly concerned about the firm's bloated debt on its balance sheet and demand for electric vehicles. However, shares have increased in recent trading sessions after it fell under $200 per share.
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