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The Dow Jones today will keep climbing as investors grow more optimistic about a "phase one" trade deal between the United States and China.
There have also been some earnings surprises so far this week. See below for more on trade war developments and what to expect as earnings season continues.
Here are the numbers from Monday 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 Tuesday
- You wouldn't think that the odds of a recession in 2020 sit at around 20%. That's because the Dow Jones is back in record territory as optimism around China and trade continue to swell. The S&P 500 and the Nasdaq both hit record highs on Monday. The two indexes are up 23% and 27% this year, respectively.
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- China is pushing President Trump to remove tariffs as part of a "phase one" trade deal. Reuters reported that the proposed Dec. 15 tariffs have been floated as part of a broader part of trade negotiations. Beijing is requesting that the Trump administration drop the 15% tariffs on items like cell phones, laptop computers, and toys proposed for next month. These tariffs would affect about $125 billion in Chinese goods. Markets speculate that the two sides will reach an agreement and sign it before Dec. 15.
- Oil prices ticked higher due to increasing optimism on trade. WTI crude grained 0.88% to hit $57.04, while Brent crude gained 0.85% and sat at $62.66 per barrel. Today, pay close attention to the weekly inventory report from the American Petroleum Institute. Meanwhile, OPEC Secretary General Mohammad Barkindo said that the 2020 oil market might look better than previously expected. The voice of the world's largest oil cartel downplayed any suggestions that the market will require additional production cuts to help support prices.
Stocks to Watch Today: UBER, PTON, BA
- Shares of Uber Technologies Inc. (NYSE: UBER) were off 6% this morning after the firm reported weaker-than-expected quarterly earnings. The firm's CEO said that the ride sharing company could finally become profitable within two years. Although the firm reported a $1 billion loss, its CEO said that its rides segment saw a 19% increase in revenue year over year. That said, given the broader macroeconomic outlook, it's very hard to make a bullish case for the unicorn.
- Shares of Peloton Interactive Inc. (NASDAQ: PTON) popped more than 5% after the fitness giant topped Wall Street earnings expectations. The firm said that first-quarter revenue ticked up to $228 million – and that it saw a narrower loss than it registered one year ago. Although shares did move higher, it is still trading below its IPO price of $29.
- Boeing Co. (NYSE: BA) CEO Dennis Muilenburg has said he is willing to forgo his bonus this year as the firm continues its fallout from the grounding of the 737 Max jet. The statement comes from the firm's chair a week after Congress grilled the executive over the two crashes of the iconic aircraft. Congress criticized that he saw compensation of more than $20 million last year despite the two crashes.
- Look for earnings reports today from Match Group Inc. (NASDAQ: MTCH), Amarin Corp. Plc. (NASDAQ: AMRN), Oasis Petroleum Inc. (NYSE: OAS), Devon Energy Corp. (NYSE: DVN), and Tapestry Inc. (NYSE: TPR).
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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.