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The Dow Jones today will build on Monday's gains.
Markets are responding to news that the United States will temporarily allow its semiconductor companies to sell to China's Huawei Technologies Ltd.
Also, see what Home Depot Inc. (NYSE: HD) is doing after its earnings report today.
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
- President Donald Trump may be kicking around the idea of reducing the payroll tax on workers and employers. These taxes fund Social Security and other social programs. According to White House official Larry Kudlow, Trump is not considering any cut, but speculation builds that he is looking to prevent a recession. Trump has blamed the Federal Reserve for weakness in the economy in recent months.
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- Today, pay close attention to ongoing tariff battlers here in the United States. According to reports, United States Steel Corp. (NYSE: X) will lay off approximately 200 employees. The company cited lower steel prices and weakened demand, two factors that are expected in a weak global economy. Domestic demand and higher steel prices failed to materialize after President Trump hit foreign suppliers with tariffs. U.S. Steel's stock is now off 73% since Trump announced the tariffs.
- Oil prices ticked lower Tuesday as markets pay close attention to the inventory report this afternoon from the American Petroleum Institute. In addition, markets are looking for more stimulus from central banks around the globe.
Stocks to Watch Today: HD, GE, JPM, AAL
- Shares of Home Depot Inc. (NYSE: HD) will be on the move this morning after the home improvement retailer reports earnings. The iconic brand that recently bragged about millennial demand saw revenue performance fall short of forecasts. The firm also slashed its outlook and said that tariffs could impact customer spending.
- JPMorgan Chase & Co. (NYSE: JPM) CEO Jamie Dimon led a major shift in U.S. business sentiment Monday with the release of a new "statement of corporate purpose." The leaders from more than 180 American companies – including those at American Airlines Group Inc. (NASDAQ: AAL) and Amazon.com Inc. (NASDAQ: AMZN) – issued a statement that defied the argument that companies exist solely to serve their shareholders. Instead, the emphasis centers on a "stakeholder" responsibility.
- General Electric Co. (NYSE: GE) formally replied to allegations by forensic accountant Harry Markopolos. The Bernie Madoff whistleblower fueled a 13% decline in GE stock Thursday after he accused the firm of engaging in Enron-like fraud. The firm issued a detailed response, and CEO Larry Culp even purchased an additional $2 million in company shares during the downturn. The firm said it stands behind its financial reporting. Markopolos argued that the firm lacks sufficient financial reserves to keep its long-term care insurance business sustainable.
- Look for additional earnings reports from Cree Inc. (NASDAQ: CREE), Medtronic Plc. (NYSE: MDT), The Madison Square Garden Co. (NYSE: MSG), Kohl's Corp. (NYSE: KSS), the TJX Companies Inc. (NYSE: TJX), and Urban Outfitters Inc. (NASDAQ: URBN).
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