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The Dow Jones today will rise as the United States and China seem eager to reach a trade agreement. More on this below.
Plus: See what Johnson & Johnson (NYSE: JNJ) is paying the state of Oklahoma.
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
- Investors are hoping China is able to return to the negotiating table and strike a deal with the United States. And according to Reuters, the Chinese are hoping for the very same thing. China's foreign ministry said that it wants the United States to halt any wrong actions and establish more equitable conditions for a new series of discussions. U.S. President Donald Trump said Monday that he expects a deal with China.
- The United States and France have reached a deal over the latter nation's so-called "digital tax" on American technology giants. France will repay companies any difference between its digital tax and whatever tax mechanism is designed by the Organization for Economic Cooperation and Development (OECD). The deal likely calms the waters in the markets a little bit as some analysts were predicting that the United States and France could start their own small trade war.
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- Markets once again are hyper-focused on the Federal Reserve and interest rates. With greater economic uncertainty swirling and the 10-year bond sitting near record lows, the central bank may be forced to cut interest rates again. According to CME Group's FedWatch, the markets have priced in a 95.8% probability that the Fed will cut rates next month.
Stocks to Watch Today: JNJ, TEVA, ENDP, SJM, PAPA
- A judge has ordered Johnson & Johnson (NYSE: JNJ) to pay $572 million to the state of Oklahoma for its role in the opioid crisis. The company will appeal the decision even though the fine is well below what state attorneys were seeking. Attorneys previously sought damages of $17 billion. This is considered a landmark case and will likely fuel additional lawsuits against the company in other states around the country. JNJ stock added 1.4%. Opioid producers Teva Pharmaceutical Industries Ltd. (NASDAQ: TEVA) and Endo International Plc. (NASDAQ: ENDP) gained 4.3% and 3.8%, respectively.
- Shares of J.M. Smucker Co. (NYSE: SJM) fell more than 5% after the packaged food manufacturer fell short of quarterly revenue expectations. The firm reported earnings per share of $1.58, well below the $1.74 expected by analysts. The company blamed price competition in key categories like coffee and peanut butter sales.
- Papa John's International Inc. (NASDAQ: PAPA) has a new CEO. The company has hired Arby's President Rob Lynch to the role. Lynch is taking over for Steve Ritchie, who served as interim CEO following the messy departure of founder John Schnatter.
- Look for additional earnings reports from Veeva Systems Inc. (NASDAQ: VEEV), Momo Inc. (NASDAQ: MOMO), Autodesk Inc. (NASDAQ: ADSK), Hewlett Packard Enterprise Co. (NYSE: HPE), and Lannett Co. Inc. (NYSE: LCI).
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