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The Dow Jones today is flat after the Dallas Fed chief said that the U.S. economy looks "weak" in the fourth quarter, which could impact earnings statements and the broader markets in the months ahead.
More on what's moving the Dow today, below. Plus: why investors are still cheering U.S.-China trade talks.
Here are the numbers from Monday 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 Tuesday
- Federal Reserve Chair Jerome Powell spoke on Monday night in Providence, Rhode Island. The Fed chair said he is committed to maintaining the U.S. inflation rate at 2%. Despite three rate cuts this year, inflation has remained low and under the target. Powell reiterated the importance of the Fed using its tools to prevent an "unhealthy downward drift in inflation expectations and inflation."
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- This morning, pay close attention to the latest update to the Case-Schiller home prices index. An ongoing dearth of existing homes is expected to provide a boost to home prices. Home data for October will also arrive this morning. The report comes as markets have increased chatter about the stability of the housing market over the long term. With millions of baby boomers retiring and possibly moving into long-term care facilities over the next decade, many analysts question who will purchase their homes. Millennials and younger Americans are dealing with stagnating wages and rising debt due to student loans, factors that make first-time homebuying far less affordable.
- Finally, we'll hear even more today about trade between the United States and China. According to various reports, the top negotiators on both sides held a phone call on Tuesday morning. China's Ministry of Commerce released an online statement confirming the phone call. "Both sides discussed resolving core issues of common concern, reached consensus on how to resolve related problems, [and] agreed to stay in contact over remaining issues for a phase one agreement," the Chinese-language statement read. The two sides are working to find a resolution on a few key trade considerations before they announce and sign a phase one deal.
Stocks to Watch Today: BBY, HPE, VEEV, DLTR
- In earnings news, shares of Best Buy Co. Inc. (NYSE: BBY) are on the move after the Big Box retailer reported earnings before the bell. Shares added 4.8% after the firm topped earnings expectations by 10 cents. In addition, the firm reported a 1.7% increase in same-store sales alongside a boost to its full-year guidance.
- Hewlett Packard Enterprise Co. (NYSE: HPE) shares fell more than 4% after the company reported weaker-than-expected quarterly earnings on Thursday afternoon. The firm reported earnings per share of $0.49, $0.03 above analysts' expectations.
- Look for earnings reports from VMWare Inc. (NYSE: VMW), Veeva Systems Inc. (NASDAQ: VEEV), Dick's Sporting Goods Inc. (NYSE: DKS), Dollar Tree Inc. (NASDAQ: DLTR), Abercrombie & Fitch Co. (NYSE: ANF), Guess? Inc. (NYSE: GES), Eaton Vance Corp. (NYSE: EV), and Autodesk Inc. (NASDAQ: ADSK).
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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.