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The Dow Jones Industrial Average is pointed down as markets react to the latest snag in trade discussions between the United States and China.
Plus: The General Motors Co. (NYSE: GM) strike enters its fifth week. Details further down.
First, the numbers from Friday 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 Monday
- According to reports, China is seeking additional discussions with the White House before it signs "phase one" of any trade deal. The news comes just days after both sides reported progress in face-to-face negotiations. U.S. Treasury Secretary Steven Mnuchin said that he expects to hike tariffs in December without a partial deal in place. Mnuchin said that the two sides have reached a "fundamental agreement" that requires documentation. The bottom could fall out quickly here, so be cautious speculating to the upside for China-centric companies.
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- Meanwhile, the Trump administration is facing heat for the decision to pull U.S. troops out of Syria. The White House is reportedly preparing economic sanctions against Turkey to prevent its NATO ally from attacking Kurdish forces in the region. In a rare case of bipartisanship, members of Congress from both sides of the aisle have criticized the Trump administration for pulling 1,000 troops out of the region.
- Finally, the ongoing strike of United Auto Workers Union members has entered its fifth week. Both the UAW and General Motors Co. (NYSE: GM) are trying to reach an agreement to end the strike. The union has increased strike pay by $25 per week for its 48,000 hourly workers. The strike continues to have a very negative impact on the Michigan economy and continues to ripple down the company's supply chain.
Stocks to Watch Today:
- Shares of Boeing Co. (NYSE: BA) are in focus after the firm's board of directors removed CEO Dennis Muilenburg from the role of chair. The company has split the roles as it continues to face pressures to get the 737 Max jet back in the air. Two fatal crashes occurred within five months, forcing the grounding of the plane. The firm has faced several lawsuits, while airlines have grounded thousands of additional flights heading into 2020. The FAA has provided no timetable for a return to the skies for the aircraft.
- Facebook Inc. (NASDAQ: FB) and its Libra cryptocurrency project is facing additional pressure on Monday. Both Visa Inc. (NYSE: V) and Mastercard Inc. (NYSE: MA) have pulled out of the project due to concerns and criticisms about the project's viability. Congress has recently raised concerns about money laundering and other policy challenges to the project. Those high-profile challenges – which included letters directly to the CEOs of both companies from congressional leaders – prompted an exodus.
- The City of New York is doing everything it can to destroy the gig economy. The latest news is that the city has instituted a rule that limits the amount of time that both Lyft Inc. (NASDAQ: LYFT) and Uber Technologies Inc. (NYSE: UBER) drivers can cruise the city without passengers. Both companies have sued the city in what appears to be a very orchestrated effort by policymakers to push drivers toward taxis, which are a powerful lobbying group in the town. The city claims that the ordinance would help reduce congestion.
- Look for earnings reports from AZZ Inc. (NYSE: AZZ) and NVE Corp. (NASDAQ: NVEC).
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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.