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The Dow Jones today will stay up as the United States and China inch toward their next meeting to discuss a trade agreement.
I'll cover more on this and other global economic developments below. And be sure to look in my "Stocks to Watch Today" - AT&T Inc. (NYSE: T) just got a huge pop.
Here are the numbers from Friday 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 Monday
- The ongoing trade war is leading headlines on Monday as markets try to maintain positive momentum. The Dow is off just 2% from its all-time highs in July, while the Nasdaq is back within range of its record as well. This week consists of a busy U.S. economic calendar and an update from the European Central Bank. The ECB will meet on Thursday to discuss whether it will cut interest rates yet again. Keep in mind, Europe is already the leader in negative-yielding interest rates. The world's largest economic bloc is doing everything it can to spur economic growth.
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- Bond yields pressed higher (finally) this morning as investors gauge optimism over next month's trade talks between the United States and China. With that in mind, investors are paying close attention to any statements made by the White House. According to reports, JPMorgan Chase & Co. (NYSE: JPM) has created an index to track U.S. President Donald Trump's Twitter account and correlate it to the performance of U.S. bond prices.
- This morning, I'm paying very close attention to oil prices. Saudi Arabia has hinted that production cuts will continue well into 2020 as OPEC aims to support global crude prices. The oil cartel's largest producer is still attempting to diversify its economy away from oil. However, the nation has faced significant delays as it aims to bolster its balance sheet. Look for Brent crude to push above $62 this week, while WTI crude attempts to break $58 by midweek. The key factor for U.S. crude will be this week's inventory report from the Energy Information Administration.
Stocks to Watch Today: T, JPM, AMZN
- Shares of AT&T Inc. (NYSE: T) popped more than 8% after activist hedge fund Elliot Management purchased a $3.2 billion stake in the telecom giant. This is one of the largest stakes in the history of Paul Singer's hedge fund. Shares currently trade under $40. The hedge fund thinks that the stock could easily hit $60 by the end of 2021.
- In deal news, JPMorgan Chase & Co. (NYSE: JPM) is making a lot of noise. According to reports, the investment bank is close to locking up a lead role in the IPO of Saudi Aramco. This IPO will be the largest in corporate history with Saudi Aramco's valuation expected to be well into the trillions of dollars.
- Amazon.com Inc. (NASDAQ: AMZN) is on a hiring spree. The e-commerce giant is holding Career Day on Sept. 17 as it aims to fill roughly 30,000 open positions by next year. All of the jobs are full time and will pay benefits, according to a press release. The jobs are not tied in any way to seasonal hiring ahead of the holiday shopping season.
- Look for additional earnings reports from Ctrip.com International Ltd. (NASDAQ: CTRP), Casey's General Stores Inc. (NASDAQ: CASY), and Limoneira Co. (NASDAQ: LMNR).
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.