The Dow Jones Today Will Nose-Dive as China's Currency Tumbles

The Dow Jones today is taking a plunge after U.S. President Donald Trump threatened 10% tariffs on another $300 billion of Chinese imports. And here's how China is responding…

First, here are the numbers from Friday for the Dow, S&P 500, and Nasdaq:

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

• The trade war just got more intense. China responded to the president's latest tariff threat by failing to control its currency against the U.S. dollar. The Chinese yuan has broken an exchange rate level of 7 per greenback. China's spokesperson said Friday that the United States should bear some responsibility for the ongoing trade dispute and return to the negotiating table to find a resolution. Economists are increasingly concerned that new tariffs could affect U.S. consumer spending and press the global economy into a recession.

• Markets largely ignored Friday's jobs report from the U.S. Labor Department. The U.S. economy added 164,000 new jobs in July, a figure that fell short of expectations by 1,000. That said, U.S. job wages did increase 3.2% year over year. That uptick in wages is viewed as a driver of higher inflation, which could prevent the Federal Reserve from slashing interest rates again this year.

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• Oil prices ticked higher this morning after Iran seized a foreign tanker carrying 700,000 liters of fuel. The nation's state television said Iran detained seven sailors and accused the tanker of smuggling fuel to other Arab countries. The sailors all have different nationalities, and the ship's nation of origin is unknown, according to multiple media reports from the Middle East. The news came just weeks after the Iranian Revolutionary Guard seized a British tanker called the Stena Impero. Britain has been working with other European nations to form a coalition designed to protect oil shipments through the Strait of Hormuz. Roughly 30% of the world's oil tanker shipments pass through the narrow waterway to the west of Iran.

Stocks to Watch Today: TTWO, DIS, VIAB, BRK.A, GS, AAPL

• Earnings season continues to dominate the headlines this week. Nearly 60 companies from the S&P 500 will report earnings this week, including Walt Disney Co. (NYSE: DIS) and Viacom Inc. (NASDAQ: VIAB). Today, pay close attention to an earnings report from Take-Two Interactive Software Inc. (NASDAQ: TTWO), a software maker and developer of the popular video games Grand Theft Auto and Red Dead Redemption 2.
• Apple Inc. (NASDAQ: AAPL) is likely to launch its new credit card in partnership with Goldman Sachs Group Inc. (NYSE: GS) later this month. But there's one major caveat to the credit card for anyone interested in obtaining it. Customers will be prohibited from using the credit card to obtain cash advances or cash equivalents. The policy blocks users from buying cryptocurrencies, funding peer-to-peer transfers, or buying lottery tickets.
• Berkshire Hathaway Inc. (NYSE: BRK.A) had another solid quarter. Warren Buffett's company announced stronger profits on the back of "unrealized investment gains." The firm reported earnings of $14 billion, or $8,608 per Class A share. Those figures are up from $12 billion, or $7,301 a share, from the second-quarter report in 2018. The firm also has a record amount of cash on hand – $122 billion.
• Look for additional earnings reports from Marriott International Inc. (NYSE: MAR), Tyson Foods Inc. (NYSE: TSN), Cimarex Energy Co. (NYSE: XEC), Diamond Offshore Drilling Inc. (NYSE: DO), and Continental Resources Inc. (NYSE: CLR).

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