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The Dow Jones today is projecting a winning day thanks to Boeing Co. (NYSE: BA) firing its CEO. Trading on the stock was briefly halted before the announcement, but shares are up 3% after the news broke.
And that's not the only executive shakeup today. More on another company clearing room in its c-suite below..
Here are the numbers from Friday 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 Monday
- First up, markets continue to cheer the positive developments on the trade front. The ongoing rally sparked by U.S. President Donald Trump and Chinese President Xi Jinping will likely carry on through the end of the year. Over the weekend, Chinese officials announced plans to slash tariffs on more than 850 U.S. products. The cuts will go into effect on Jan. 1.
- Meanwhile, as we start the final week of the decade, the S&P 500 is up more than 28% in 2019. If the markets close up that level, it would be the second best yearly performance for the index since 1997. That said, investors may want to be more cautious when it comes to expecting a repeat of the year. Since 1928, the S&P 500 has averaged an annual return of just 6.6% following a year where the index rallied more than 20%.
- Finally, defense stocks are poised for a big 2020. Last week, President Trump signed a $738 billion defense bill that will pump more money into major projects like hyper-sonic missile systems. But the National Defense Authorization Act wasn't the only major bill to cross Trump's desk last week. Trump also signed a bill that will scrap certain taxes used to fund the Affordable Healthcare Act, including the so-called "Cadillac Tax" on high-cost healthcare plans. In addition, Trump signed a bill that raises the national age for tobacco purchases to 21.
Money Morning Insight of the Day
Angel investing is taking the world by storm.
Everyday people from coast to coast are now backing little-known startups long before they IPO, and they're exploding in value, becoming worth billions upon billions of dollars.
But when you're in the position to have all of these exciting deals at your fingertips, you need a way to determine which could be winners – and which are nothing more than hype.
Stocks to Watch Today: NGEN, ACB, DEAC, UBER
- Cannabis investors might be in for a surprise this morning. Shares of Aurora Cannabis Inc. (NYSE: ACB) were in the red on news that COO Cam Battley has left the firm. The COO reportedly stepped down on Friday. Battley had joined Aurora back in 2016. He played a major role in expanding the marijuana producer's business outside of Canada.
- Shares of Diamond Eagle Acquisition (NASDAQ: DEAC) popped more than 6% on news that it will merge with sports betting giant DraftKings and technology provider SBTech. According to reports, the newly combined company will trade publicly under the name DraftKings under a new symbol. This could potentially be a game-changing merger as more companies catch the wave of legalization around the sports betting space. With more states on tap to legalize sports gambling in the near future, DraftKings looks to capitalize on new markets opening around the United States.
- Finally, pay close attention to shares of Uber Technologies Inc. (NYSE: UBER). According to reports, Travis Kalanick has sold roughly 90% of his stake in the company that he co-founded. According to SEC filings, Kalanick began unloading the stock after the lockup period ended for insiders at the company. While multiple outlets have reports on the associated SEC filings, no one has been able to determine the reasons for the sale of the stock. Check back in as we attempt to learn more about Kalanick's Uber sell-off.
- Look for an earnings report from Neogen Corp. (NASDAQ: NEOG).
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.