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The Dow Jones today could gain over 200 points after U.S. President Donald Trump and Chinese President Xi Jinping promised not to accelerate tariffs on each other.
The two leaders met on Saturday at the G-20 Conference in Osaka, Japan. Here's what happened to chip stocks shortly after...
But first, 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
- President Donald Trump will not impose new tariffs on China as the world's two largest economies continue to work on a trade deal. The decision continues to provide a boost to the S&P 500 - which has had its best first half to start a year since 1997. The S&P 500 gained more than 17% over the first six months, despite a bad May due to U.S.-China trade concerns. In June, the Dow gained 7.2%, its best return for that month since 1938.
- Chip stocks are in focus after President Trump lifted a ban on Chinese firm Huawei. Shares of Skyworks Solutions Inc. (NASDAQ: SWKS), Qorvo Inc. (NASDAQ: QRVO), and Micron Technology Inc. (NASDAQ: MU) were all up more than 6% in premarket hours thanks to the White House's decision. All three firms have extended exposure to the Chinese tech giant. Over the weekend, White House advisor Larry Kudlow said that the United States was not giving Huawei "general amnesty" and stated that no timetable is set for a deal between both countries.
- WTI oil prices topped $60 thanks to increased optimism that OPEC will extend its production cuts through the end of the year. OPEC leaders met at the G-20 conference over the weekend, and general sentiment suggested that the world's largest oil cartel will continue to support global crude prices by extending the deal. OPEC leaders are poised to meet in Vienna, Austria this week to discuss supply cuts. Russian President Vladimir Putin told the media over the weekend that he agreed with Saudi Arabia to extend cuts of 1.2 million barrels per day over the next six to nine months.
Stocks to Watch Today: WYNN, MNST, KO, BRK.A
- Shares of Wynn Resorts Ltd. (NASDAQ: WYNN) added more than 4% this morning after a positive report out of China. The Macau gaming authority announced that gambling revenues increased by nearly 6% in June, a figure that crushed Wall Street analysts' expectations.
- Shares of Monster Beverage Corp. (NASDAQ: MNST) were off more than 3% after the firm announced the results of arbitration with Coca Cola Co. (NYSE: KO). The two companies were locked in a dispute due to a disagreement over contractual language. The decision will allow Coca Cola to "continue to sell and distribute Coca-Cola Energy, including in markets where it has already been launched. Coca-Cola is also free to launch the product in additional markets globally."
- Berkshire Hathaway Inc. (NYSE: BRK.A) Chairman Warren Buffett announced that he will donate $3.6 billion in stock to five charities, including the Bill & Melinda Gates Foundation. Buffett will convert 11,250 of his Class A shares into 16.875 million Class B shares.
- No major U.S. companies report earnings on Monday.
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