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The Dow Jones today is gaining as Congress has reached a deal to extend the U.S. debt ceiling for another two years. Further details below.
Plus: See Equifax Inc.'s (NYSE: EFX) solution to its massive data breach.
But first, 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
- Visa Inc. (NYSE: V) will lead a busy day of earnings reports this Tuesday. Analysts expect that the credit card giant will report earnings per share of $1.32 on top of $5.70 billion in revenue for the third quarter. Visa hasn't missed earnings expectations since the fourth quarter of 2015.
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- Markets are reacting positively to news that Congress has struck a two-year budget and debt ceiling deal. U.S. President Donald Trump announced the deal Monday night on Twitter and commended Senate Majority Leader Mitch McConnell, Senate Minority Leader Chuck Schumer, Speaker of the House Nancy Pelosi, and House Minority Leader Kevin McCarthy. The new deal suspends the debt ceiling through July 2021 and permanently ends the sequester that would see automatic cuts in January. With that said, some Republicans are poised to oppose the deal as they seek greater spending cuts.
- Democratic presidential candidate Elizabeth Warren is sounding the alarm about a potential recession around the corner. Warren – who recently released a bill taking direct aim at the U.S. private equity industry – said the United States is already experiencing a recession in the manufacturing sector and cited massive debt levels as the cause of an economic downturn. However, recent manufacturing data reports show no indication of a downturn in the sector.
Stocks to Watch Today: EFX, WHR, OXY
- Shares of Equifax Inc. (NYSE: EFX) are holding steady after the firm announced details of a $425 million restitution fund tied to a massive data breach. According to a company statement, the firm will provide customers with a number of different options for making fraud claims or credit monitoring. That said, it will be very difficult for any one individual to make a massive financial claim of up to $20,000 since the stolen data has never been discovered for sale on the dark web. All said, the firm will pay roughly $671 million to settle several class-action lawsuits and investigations from regulators.
- Shares of Whirlpool Corp. (NYSE: WHR) are under pressure after the company reported earnings on Monday. Shares initially popped yesterday after the firm topped both earnings and revenue expectations. However, the firm did report a large recall of tumble dryers in the United Kingdom over safety issues, and some investors remain concerned about the firm's outlook and the global economy.
- Occidental Petroleum Corp. (NYSE: OXY) has set off a battle of the billionaires. Carl Icahn has fumed in recent days about the generous deal terms offered by Occidental to Warren Buffett to help sweet its offer for Anadarko Petroleum Corp. (NYSE: APC). Buffett's Berkshire Hathaway Inc. (NYSE: BRK.A) offered $10 billion in additional financing in April to help Occidental top the bid from Chevron Corp. (NYSE: CVX). In exchange – and much to Icahn's ire – Berkshire will receive warrants to purchase up to 80 million shares of Occidental common stock.
- Look for additional earnings reports from Snap Inc. (NASDAQ: SNAP), Chipotle Mexican Grill Inc. (NYSE: CMG), Coca-Cola Co. (NYSE: KO), Harley-Davidson Inc. (NYSE: HOG), Lockheed Martin Corp. (NYSE: LMT), and Hasbro Inc. (NYSE: HAS).
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