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The Dow Jones today is pointed up as markets await renewed U.S.-China trade talks in Washington next week.
China's Communist Party is also celebrating its 70th birthday. More on this below.
But first, 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.
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The Top Stock Market Stories for Tuesday
- Chinese President Xi Jinping has issued a warning to the world. As his Communist Party celebrates its 70th anniversary, Xi said that no other force on earth will sway his nation's development. While he didn't mention any specific country (cough: the United States), he did say in the 10-minute speech that China would aim for peaceful development. While Xi calls for unification with Taiwan and Hong Kong, protests raged on for the 15th straight week in the latter region. This morning, at least one protester was shot by police. In addition, reports indicate that China has increased its troop presence near Hong Kong as geopolitical tensions rise.
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- This story could offer a few clues into the recent repo market efforts by the Fed. According to the International Monetary Fund, currency ratios don't look very good for the U.S. dollar. While the U.S. dollar has been the leading reserve currency for a long time, the allocation of total reserves is falling. The IMF said that the dollar is at a six-year low with an allocation of 61.63% of all reserves. China and Russia had a lot to do with this, as they dumped U.S. Treasuries and poured into gold.
- With the Federal Reserve back in focus Tuesday, look out for a speech from St. Louis Federal Reserve President James Bullard. The St. Louis Fed president has been very outspoken in recent weeks about his desire for additional cuts to the benchmark rate. Bullard recently said that he wanted to see a cut of 50 basis points during the Fed's September meeting. He was one of three members of the FOMC to dissent from last week's decision to cut rates by 25 basis points. But he was the only one to demand a larger cut. Bullard is concerned about the state of the U.S. economy and the lackluster inflation figures.
Stocks to Watch Today: SFIX, AMZN, AAPL, GM, JPM
- Amazon.com Inc. (NASDAQ: AMZN) will continue to dominate the U.S. economy at all costs. New reports indicate that the company is working to bring its cashier-less technology to movie theaters and airports. AMZN stock was flat this morning and traded at roughly $1,736 per share.
- The ongoing strike among General Motors Co. (NYSE: GM) employees is costing the company a lot of money. According to a report from JPMorgan Chase & Co. (NYSE: JPM), the ongoing work stoppage has cost the automotive giant at least $1 billion. The United Auto Workers just triggered strike pay at $250 per week after employees walked off the job on Sept. 16. The strike effectively halted the company's U.S. production and impacts 48,000 UAW members.
- The U.S. government has rejected the request to exempt tariffs on five-Chinese produced components in the new Mac Pro computer manufactured by Apple Inc. (NASDAQ: AAPL). The decision by the Trump administration comes a week after Apple announced plans to build the new computers in Texas instead of China.
- Look for earnings reports today from Stitch Fix Inc. (NASDAQ: SFIX), McCormick & Co. (NYSE: MKC), United Natural Foods Inc. (NASDAQ: UNFI), and Landec Corp. (NASDAQ: LNDC).
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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.