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The Dow Jones today is on the decline as China continues to let its currency slide, accelerating China's trade war with the United States.
But there's a host of other geopolitical tensions pulling the DJIA this morning. Read on for details.
First, here are the numbers from Monday for the Dow, S&P 500, and Nasdaq:
|Index||Previous Close||Point Change||Percentage Change|
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
- There's been a sudden crash in the Argentinean peso. Argentina's stock market plunged 35%, and the peso slumped 25% against the U.S. dollar, after Mauricio Macri lost the first round of elections by a huge margin. The nation's center-right leader's reelection chances took a big hit after he and his running mate received just 32.1% of the primary vote. Center-left Alberto Fernandez and ex-leader Cristina Fernandez de Kirchner earned 47.7% of the vote.
- Singapore's GDP is facing its weakest growth level in a decade. And just like everyone else, they're blaming the ongoing trade war between the United States and China. The country – which has one of the freest economies in the world and has been a major financial hub in the Pacific – said its growth could fall to zero this year. That figure is a far drop from the projected 2% it estimated earlier this year. The last time Singapore had a GDP this low was in 2009, when it fell to 0.6%, according to the IMF.
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- Oil prices continued to dip Tuesday as global demand concerns rattled traders around the globe. Although oil markets anticipate that OPEC will move to cut more production to support prices, banks around the world continue to slash global growth forecasts. Brent crude prices are now off 20% since hitting 2019 highs in April. Although OPEC has cut 1.2 million barrels of oil per day since Jan. 1, the ongoing trade war between the United States and China continues to lead a slate of geopolitical woes that are weighing down global crude prices.
Stocks to Watch Today: AAP, VZ, NFLX, AXP
- Advance Auto Parts Inc. (NYSE: AAP) leads today's string of earnings reports. The firm's stock slumped 8.2% this morning after it fell well short of Wall Street EPS expectations. The firm reported EPS of $2, missing average forecasts by $0.21. The firm also missed on revenue, cut its full-year revenue forecast, and slashed its same-store sales expectations for the balance of the year.
- Verizon Communications Inc. (NYSE: VZ) will be selling one of the last remnants of the Yahoo! empire that it purchased. The firm announced plans to sell social media site Tumblr to WordPress.com owner Automattic.
- Hedge funds are being active with the release of 13Ds. One that caught our attention today is news that Third Point hiked its stake in Netflix Inc. (NASDAQ: NFLX) by 25% during the second quarter, according to an SEC filing. The hedge fund now owns 500,000 shares of the video streaming giant. Daniel Loeb's hedge fund also cut its stake in American Express Co. (NYSE: AXP).
- Look for additional earnings reports JD.com Inc. (NASDAQ: JD), Tilray Inc. (NASDAQ: TLRY), Brinker International Inc. (NYSE: EAT), YY Inc. (NASDAQ: YY), and Myriad Genetics Inc. (NASDAQ: MYGN).
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