The Dow Jones Industrial Average Is Clawing Back After the Year's Worst Sell-Off

The Dow Jones Industrial Average will rebound today as investors recover from the worst daily performance of 2019. The Dow lost over 700 points after China was slow to stabilize its currency.

Plus: Another day of earnings reports, and Walt Disney Co. (NYSE: DIS) is in the spotlight.

Here are the numbers from Monday 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 Tuesday

• Today, the trade dispute between the United States and China remains in focus. The U.S. has officially called China a currency manipulator, despite efforts by the Peoples Bank of China to stabilize its currency over the last 24 hours. Monday's sell-off was largely fueled by speculation that China could weaponize the yuan in order to bolster its exports and strike back at the United States over its latest round of tariffs.

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• The Federal Reserve is facing criticism from several of the central bank's former chairpersons. In a column in The Wall Street Journal, former central bank chairs Paul Volcker, Alan Greenspan, Ben Bernanke, and Janet Yellen united to call for an independent central bank and critiqued recent complaints about the Fed by U.S. President Donald Trump. On Monday, Trump complained about China's currency and argued that the Fed should respond in kind. "China dropped the price of their currency to an almost a historic low," Trump tweeted. "It's called 'currency manipulation.' Are you listening Federal Reserve? This is a major violation which will greatly weaken China over time!"

• Oil prices are ticking slightly higher as traders attempt to measure supply and demand metrics in the face of the trade war. WTI crude oil hovered at $55 per barrel, while Brent crude sat at $60 per barrel. Brent crude slumped more than 9% last week after President Trump introduced the latest round of tariffs on Chinese imports. Today, crude prices could find some positive support if the American Petroleum Institute announces a cut in domestic inventory levels.

Stocks to Watch Today: DIS, TTWO, LB

• Walt Disney Co. (NYSE: DIS) will lead a busy day of earnings reports. The global entertainment giant had already set a box office record for yearly revenue with five months left in 2019. Markets will look for updates on its park traffic, the performance of sports channel ESPN, and its forward guidance on its massive film universe.
• Shares of Take-Two Interactive Software Inc. (NASDAQ: TTWO) popped more than 7% after the company topped earnings and revenue expectations for the quarter. The software company reported EPS of $0.23, well above the Wall Street consensus of $0.02. Revenue also ticked higher and topped forecasts thanks to stronger sales from its "Red Dead Redemption" and "Grand Theft Auto" gaming franchises.
• Shares of L Brands Inc. (NYSE: LB) are under pressure due to its struggling Victoria's Secret brand. This morning, the apparel maker announced its chief marketing officer was stepping down from the company after 36 years. The company is still facing scrutiny for its alleged connections with Jeffrey Epstein.
• Look for additional earnings reports from Wynn Resorts Ltd. (NASDAQ: WYNN), Pioneer Natural Resources Co. (NYSE: PXD), Devon Energy Corp. (NYSE: DVN), Match Group Inc. (NASDAQ: MTCH), Oasis Petroleum Inc. (NYSE: OAS), and Dean Foods Co. (NYSE: DF).

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