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The Dow Jones today is pointed up as investors cheer a solid start to earnings season. A number of U.S. banks reported positive earnings results, while shares of Johnson & Johnson (NYSE: JNJ) added 1.4% after beating Wall Street estimates.
Still, markets continue to weigh geopolitical tensions and economic data. More on this below.
First, here are the numbers from Monday for the Dow, S&P 500, and Nasdaq:
|Index||Previous Close||Point Change||Percentage Change|
And here are the most important market events and stories that I'm following right now.
The Top Stock Market Stories for Tuesday
- This morning, investors are trying to sort out the latest clues on global trade. The United States and China made progress last week on a "phase one" deal. However, diplomats need to apply these discussions to paper and obtain a few signatures. China is reportedly seeking a reduction in tariffs. One of the early concessions by China was its plan to purchase roughly $50 billion in U.S. agricultural goods. However, analysts recognize that they will need to slash tariffs to accomplish that goal. Chinese buyers will first want to see President Trump and his trade team offer concessions and cut tariffs.
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- All eyes are back on Downing Street. The European Union's top negotiator said Tuesday that a Brexit deal could arrive as soon as next week. However, he also noted that the conditions for a deal had grown more difficult. The two sides are still locked in a debate over the hard border between Ireland and Northern Ireland. EU negotiator Michel Barnier has set a midnight deadline for UK Prime Minister Boris Johnson to accept a customs border in the Irish Sea.
- Finally, discussions between General Motors Co. (NYSE: GM) and the United Auto Workers continue to show little progress. With the UAW's strike entering its fifth week, Michigan's economy is showing cracks. Economic damage is cycling down the firm's supply chain. The auto union has called for an emergency meeting this week to discuss the ongoing strike with its leadership around the country.
Stocks to Watch Today: GS, JPM, WMT, HGV
- Earnings season kicks off Tuesday. And you know what that means: a lot of chatter about the health of the U.S. economy and consumer confidence. Today, we started the rounds with positive earnings reports from Goldman Sachs Group Inc. (NYSE: GS) and JPMorgan Chase & Co. (NYSE: JPM). The latter reported record quarterly revenue and a third-quarter profit bump of 8%. JPM cited stronger demand in the home loan, auto loan, and credit card markets for its morning gains.
- Walmart Inc. (NYSE: WMT) has announced the launch of its "InHome" service. The company will deliver groceries from the store right to your refrigerator. The service will see testing in three markets – Pittsburgh, Kansas City, and Vero Beach, Fla. What's so special about these markets? Your guess is as good as mine. Perhaps the firm listed those random cities simply to distract you from the fact that strangers would be walking into other people's homes to put groceries into the refrigerator.
- Finally, shares of Hilton Grand Vacations Inc. (NYSE: HGV) continue to rally, thanks to rumors of a proposed takeover. Shares rallied nearly 6% Monday and continued climbing today on reports that private equity giant Apollo Global may offer $40 per share. That figure would represent a steep premium from the closing price of $34.57 on Monday.
- Look for earnings reports today from UnitedHealth Group Inc. (NYSE: UNH), Wells Fargo & Co. (NYSE: WFC), Citigroup Inc. (NYSE: C), United Airlines Holdings Inc. (NYSE: UAL), BlackRock Inc. (NYSE: BLK), and Charles Schwab Corp. (NYSE: SCHW).
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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.