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The Dow Jones today will hit a new all-time record with the latest round of earnings reports. Read on to see who's delivering this week.
In addition, investors saw good news in the housing market. Housing starts increased by nearly 4% last month, while single-family home starts increased for the fifth straight month. Permits jumped to their highest level in more than 12 years.
Before we get into it, 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
- U.S. President Donald Trump is still facing challenges from China on a potential trade deal. Chinese officials have raised concerns about Trump's reluctance to roll back tariffs. The markets still anticipate that the two countries will sign a phase one deal in December. However, it's clear that the Dow is hovering at all-time levels based on hope for a deal. Any surprise moves could quickly sap investor sentiment and recreate a pullback similar to what we saw during the summer.
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- This morning, shares of Boeing Co. (NYSE: BA) helped propel the Dow to new records. The company has received roughly $5.6 billion in bids for 50 new 737 Max jets. The entire fleet has been grounded since March after the second deadly crash involving this specific jet model. However, international airlines Air Astana and SunExpress have put in orders for planes over the last two days at the Dubai Air Show.
- In earnings news, shares of Home Depot Inc. (NYSE: HD) were down 3.7% as the U.S. home improvement giant reported Q3 numbers this morning. Shares are on pace for its worst day in more than 18 months after the firm cut its 2019 forecast, reported weak same-store sales, and missed on revenue expectations. The report carried multiple surprises due to expectations for a healthy home remodeling industry. Rising home prices mixed with low inventory spurred the belief that more Americans would stay in their existing houses and remodel them instead of buying new homes on the market.
Stocks to Watch Today: SPOT, AMZN, AAPL, BABA
- Shares of Spotify Technology SA (NASDAQ: SPOT) fell nearly 5% Monday night after Amazon.com Inc. (NASDAQ: AMZN) announced plans to provide its free music service on multiple devices. The service will now feature on iPhone, Android devices, and Fire TV. The company previously only provided the ad-supported music service on its Amazon Echo devices.
- Tech companies are leading the headlines on Tuesday. Apple Inc. (NASDAQ: AAPL) announced that it will host a press event on Dec. 2. A press release suggests that the company might hold an awards ceremony for its favorite apps and games.
- Alibaba Group Holding Ltd. (NYSE: BABA) is generating buzz after closing its Hong Kong listing. The company is set to raise $13.8 billion due to very strong demand. The firm will close its book at noon today. Shares for Alibaba will begin trading on the Hong Kong exchange on Nov. 26.
- Look for earnings reports today from Medtronic Plc. (NYSE: MDT), Kohl's Corp. (NYSE: KSS), ESCO Technologies Inc. (NYSE: ESE), TJX Cos. Inc. (NYSE: TJX), AZZ Inc. (NYSE: AZZ), and Urban Outfitters Inc. (NASDAQ: URBN).
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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.