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The Dow Jones today is gaining on another busy day of earnings reports.
Investors continue to hope for a trade deal between the United States and its partners in China, Europe, and North America. But it appears that investors are more concerned about the stability of the U.S. market and American companies than the soap opera in the White House.
I've got more on what's moving the Dow today, below.
But first, here are the numbers from Friday for the Dow, S&P 500, and Nasdaq:
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Now, here are what I think will be the most important market events and stocks to watch this morning.
The Top Stock Market Stories for Monday
- Trade will continue to drive headlines over the coming months. Over the weekend, Chinese Vice Premier Liu He said that his government is working with the United States to address mutual trade concerns. Liu cited "substantial" progress on trade and expressed what most of us already know: Ending the trade battle would be extremely beneficial to global economic growth. The statement comes on the heels of a report from the IMF that warns about the slowing China economy. The IMF said over the weekend that Chinese GDP could plunge under 6% in the year ahead. U.S. President Donald Trump has said he hopes the two nations can sign a "phase one" deal by mid-November. During that time, the U.S. and China will attend the Asia-Pacific Economic Cooperation in Chile.
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- The Brexit saga will likely continue into the fall. Over the weekend, Parliament postponed a vote in the United Kingdom that would have approved a deal between the country and the European Union. United Kingdom Prime Minister Boris Johnson is now pushing for an extension following this vote. It wasn't surprising that Parliament didn't go on the record for a vote. Without a deal, Britain is effectively on the verge of crashing out of the European Union at the end of the month. Another extension would give the country time to cement policy to address concerns like the hard border in Ireland and issues in the financial sector.
- Finally, earnings season is in full swing, and it's been a positive start for U.S. companies. According to S&P 500 data, about 81% of firms have matched or topped Wall Street expectations so far this quarter. This week is especially busy for corporate communications departments. More than 120 S&P 500 companies will report earnings this week. To get it started, Halliburton Co. (NYSE: HAL) reported earnings on Monday. The oilfield services giant reported earnings per share of $0.34. That figure was in line with consensus forecasts. HAL revenue, however, missed due to falling spending in North American shale production.
Stocks to Watch Today: BA, HPE, SPN, AMTD, CE, HSTM, PETS
- Shares of Boeing Co. (NYSE: BA) are in focus after new emails emerged around the safety of the company's 737 Max Jet. On Friday, news outlets reported that a series of 2016 emails raised concerns about the security and safety of that plane's flight control system. Congress has received those emails, and a major investigation will likely follow. It's possible that we will see further delays to the plane's reintroduction into the market.
- Shares of Hewlett Packard Enterprise Co. (NYSE: HPE) popped nearly 3% after the firm received a rare double upgrade from Bank of America Corp. (NYSE: BAC) analysts. The investment team pointed to an improving balance sheet, cash flow, and management focus as reasons to jump the stock from "Underperform" to "Buy."
- Look for additional earnings reports from Superior Energy Services Inc. (NYSE: SPN), TD Ameritrade Holding Corp. (NASDAQ: AMTD), Celanese Corp. (NYSE: CE), HealthStream Inc. (NASDAQ: HSTM), and PetMed Express Inc. (NASDAQ: PETS).
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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.