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The Dow Jones today is within striking distance of a fourth consecutive trading day in a row of a record-high close. Dow Jones futures are up 50 points in premarket hours as the index nears the 22,300 level for the first time.
Here are the numbers from Friday for the Dow, S&P 500, and Nasdaq:
|Index||Previous Close||Point Change||Percentage Change|
Now here's a closer look at today's most important market events and stocks, plus Monday's economic calendar.
The Five Top Stock Market Stories for Monday
- This week, the U.S. Federal Reserve will meet again to discuss its plan for interest rates through the end of the year. This is one of just four remaining FOMC meetings before Fed Chair Janet Yellen's term ends in February. This week, the Fed will be tasked with a series of challenges, including deciding when to raising interest rates again, setting a timeline to wind down the central bank's massive balance sheet, and more. Here's everything you need to know...
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- Monday will kick off an important week of economic data for the U.S. housing market. Look for the monthly housing market index, due out this morning. On Tuesday, we'll receive an update on monthly building starts and permits and a report on existing home sales Wednesday. We'll also see earnings reports this week from several construction firms, including Lennar Corp. (NYSE: LEN) and KB Home (NYSE: KBH).
- The retail sector is about to lose yet another iconic name to bankruptcy. Over the weekend, The Wall Street Journal reported that Toys R' Us is mulling the possibility of filing for bankruptcy. It's been a tough year for the retail industry, even at a time when the markets are rallying to all-time highs. Here are two other retailers set to struggle.
- WSJ offered conflicting reports on whether the Trump administration plans to pull the United States out of the Paris Climate Agreement. The journal initially reported that Trump planned to keep the U.S. in the global agreement; however, the newspaper changed its story after administration officials pushed back on the initial reporting.
- Crude oil prices were on the rise in premarket hours thanks to increased demand from U.S. refineries and news that the American rig count was falling. Last week, refinery demand for oil increased as more capacity was brought online in the wake of Hurricane Harvey. Meanwhile, the Energy Information Administration (EIA) reported that the number of U.S. rigs declined by seven for the week ending Sept. 15. The WTI crude oil price today added 0.1%. Brent crude gained 0.2%.
Three Stocks to Watch Today: OA, EFX, AAPL
- Shares of Orbital ATK Inc. (NYSE: OA) are rallying in premarket hours after Reuters broke news over the weekend that it is close to selling itself to Northrop Grumman Corp. (NYSE: NOC). The deal, which could be finalized today, is expected to be worth up to $7.5 billion. The purchase of Orbital would offer Northrop a greater foothold into the growing aerospace industry. Shares of OA are up 19.7% in premarket hours.
What Happened to America's Favorite Company?
- This week, Apple Inc. (Nasdaq: AAPL) will release two of its latest iPhones. The new iPhone 8 and 8 Plus will hit stores on Friday after it entered presales last week. The company's iPhone X, which generated most of the headlines during a product event last week, will begin shipping to customers on Nov. 3. AAPL stock is up 0.25% this morning.
- The problems continue to mount for credit-monitoring giant Equifax Inc. (NYSE: EFX). U.S. Sen. Elizabeth Warren (D-MA) has started an investigation into the massive breach that impacted 143 million Americans. Meanwhile, two executives overseeing the company's security and technology have "retired" immediately. EFX is still falling after last week's brutal sell-off. The stock is now getting close to its 52-week low.
- Look for earnings reports from Steelcase Inc. (NYSE: SCS) and Scorpio Tankers Inc. (Nasdaq: STNG). Wall Street analysts anticipate that Steelcase will report earnings per share (EPS) of $0.23 on top of $757.4 million in revenue. Meanwhile, analysts project that Scorpio Tankers will report an EPS loss of -$0.05 on top of $135.84 million in revenue.
Monday's U.S. Economic Calendar (all times EDT)
- Housing Market Index at 10 a.m.
- Four-Week Bill Announcement at 11 a.m.
- Three-Month Bill Auction at 11:30 a.m.
- Six-Month Bill Auction at 11:30 a.m.
- Treasury International Capital at 4 p.m.
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