The Dow Jones today won't shift much after China announced its slowest economic growth rate in decades...
... but one major investment bank expects a big rally from the S&P 500 by the end of the year. Details below.
Here are the numbers from Friday for the Dow, S&P 500, and Nasdaq:
Index
Previous Close
Point Change
Percentage Change
Dow Jones
27,332.03
+243.95
+0.90
S&P 500
3,013.77
+13.86
+0.46
Nasdaq
8,244.14
+48.10
+0.59
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, Chinese officials announced that the nation's economic growth hit its lowest rate in 27 years. China's GDP fell to 6.2% in the second quarter. Although that figure was better than most economists had anticipated, global investors remain concerned about the ongoing trade feud between the United States and China.
Investors continue to cheer the U.S. Federal Reserve and welcome the start to earnings season. This morning, JPMorgan Chase & Co. (NYSE: JPM) projected that the S&P 500 will hit 3,200 by the end of the year. The investment bank expects that the United States and China will strike a trade deal while the Federal Reserve offers a rate cut to help expand the U.S. economy.
Amazon.com Inc. (NASDAQ: AMZN) kicked off its fifth annual Prime Day at 3 a.m. The tech giant will extend its annual shopping holiday across two days. Amazon said that the company sold more than 100 million products last year during the event and plans to expand deals and increase its annual membership price for Prime members.
Oil prices ticked higher as markets reacted to economic news out of China. Despite concerns about China's GDP, markets anticipate that the nation's central bank will announce new stimulus measures soon to ensure economic growth. WTI crude oil hit $60.40, while Brent crude topped $67 this morning.
Stocks to Watch Today: FB, BA, C
Shares of Facebook Inc. (NASDAQ: FB) are under pressure as the social media giant faces a $5 billion fine over privacy issues with the Federal Trade Commission. Shares were off 0.5% this morning. The agency has been investigating the firm's privacy practices and will reportedly announce a settlement soon.
Boeing Co. (NYSE: BA) could see its 737 Max jet grounded through 2020. Government and industry officials told The Wall Street Journal that more flights have been grounded due to safety concerns. American Airlines recently announced that flights will be grounded through at least November. This was the fourth time that American Airlines extended the grounding of 737 Max flights.
Shares of Citigroup Inc. (NYSE: C) were up 0.7% in pre-market hours after the Wall Street bank topped earnings expectations for the second quarter. The firm reported EPS of $1.95, a figure that topped consensus expectations for $1.81.
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