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The Dow Jones Industrial Average is retreating as U.S.-China trade relations remain uncertain. Despite their recent truce, the countries have yet to reach a comprehensive deal. More on this below.
Plus: U.S. President Donald Trump is considering more tariffs, on the European Union this time. Read on for details.
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
- Markets continue to monitor last weekend's developments in Osaka, Japan, at the G-20 conference. Chip manufacturers have led stocks to all-time highs after President Trump agreed to allow Huawei to conduct business in the United States and halted new tariffs on the Chinese economy. And here's why chip stocks will soar even further.
- Trade will once again dominate today's headlines. The Trump administration announced it has expanded a list of potential import duties on the European Union. The Trump administration said that it is looking at tariffs on another $4 billion in goods as it protests subsidies between Boeing Co. (NYSE: BA) and Airbus SE (OTCMKTS: EADSY).
- Oil prices were flat despite news that OPEC has extended production cuts to support crude through 2019. The world's largest oil cartel and non-members like Russia will now wait until March 2020 to discuss production. That said, crude prices faced pressures today as global investors worry about demand and slowing economic growth. Today, pay close attention to a private report on U.S. inventories from the American Petroleum Institute.
Stocks to Watch Today: NKE, JWN
- Shares of Nike Inc. (NYSE: NKE) dropped nearly 1% on news that it has pulled a sneaker featuring the flag of Betsy Ross ahead of the Fourth of July. Reports indicate that the product was pulled after former NFL quarterback Colin Kaepernick said the flag would be offensive to some Americans. The Air Max 1 USA has been recalled from retailers. "Nike has chosen not to release the Air Max 1 Quick Strike Fourth of July as it featured the old version of the American flag," a Nike spokeswoman said.
- Shares of Nordstrom Inc. (NYSE: JWN) fell more than 1% after the retailer received a downgrade from Swiss investment bank UBS (NYSE: UBS). The bank cut its rating on the stock from "Buy" to "Neutral" and slashed its price target from $65 to $33 per share.
- Look for earnings reports from Acuity Brands Inc. (NYSE: AYI), Simply Good Foods Co. (NASDAQ: SMPL), and Greenbrier Cos. Inc. (NYSE: GBX).
WATCH: Silicon Valley Insider Makes Controversial Prediction That Could Make You $565,640
Michael Robinson has been a Silicon Valley insider for 35 years. He's been involved in some of the biggest tech breakthroughs of the last two decades, including the PC, the iPhone, and MEMS sensors. So he knows a little about the "Next Big Thing." However, his latest prediction is turning a lot of heads. Is he right? You decide. Go here.