The Dow Jones news for today is stocks sliding as the "Trump rally" fades. Stocks are lower again today as the markets attempt to rebound for the first time since mid-March. The ongoing downturn has many wondering if the Trump rally has finally ended.
On Monday, the Dow Jones fell by 45 points and hit a six-week intraday low after markets reacted to Republicans pulling the healthcare bill from the floor of the House of Representatives. Friday's defeat of healthcare reform could have a profound impact on President Trump's other pressing priorities. The Dow fell for the eighth consecutive trading session.
Let's look at the numbers from Monday for the Dow, S&P 500, and Nasdaq:
Dow Jones: 20,550.98; -45.74; -0.22%
S&P 500: 2,341.59; -2.39; -0.10%
Nasdaq: 5,840.37; +11.64; +0.19%
Here's a look at today's most important market events and stocks, plus a look at Tuesday's economic calendar.
What's Ahead for the Dow Jones Industrial Average Today
The Dow Jones futures project a 31-point decline in pre-market hours. The eight-day downturn is the market's worst since 2011 and has many worried that a stock market crash is coming… Here's what you need to know about the impact of the failed healthcare agenda and its impact on the markets.
Energy stocks are generating headlines on news that the Trump administration plans to sign an executive order that will scale back a number of climate policies from the Obama era, according to various sources. Trump's administration plans to bolster U.S. energy independence and crude and natural gas production. In pre-market hours, shares of Exxon Mobil Corp. (NYSE: XOM) and Chevron Corp. (NYSE: CVX) were ticking higher.
Crude oil prices were rising on word of a supply disruption in Libya. A weakening U.S. dollar and chatter about a deal to extend OPEC's goals of reducing excessive production are also fueling higher prices. However, the upside from the three factors has been limited by rising U.S. production levels and increased domestic inventories.
The Ultimate 'Rocky' Stock
The WTI crude oil price today added 1.1%. Brent crude gained 1.2%.
But the big news is the U.S. Federal Reserve.
Fed Chair Janet Yellen will give a speech at a conference in Washington, D.C., today. The dollar has been weakening since the U.S. central bank hiked interest rates but failed to set a timeline for further changes to monetary policy. That indecision has bolstered gold prices, which pushed prices to a four-week high on Monday.
We anticipate that gold prices could see 12.1% upside from here. And if you want to make a nice profit on the precious metal, we show you how, right here.
Stocks to Watch Today, March 28, 2017:
- Shares of Snap Inc. (NYSE: SNAP) continue to gain attention after the firm received a bullish report on its revenue outlook. According to eMarketer, the company's social media firm, Snapchat, could see its advertising revenue top $3 billion by 2019. The report came out the same time that investment firm Oppenheimer initiated coverage of Snap, and set a "Perform" rating on the stock. In addition, several of the company's underwriters assigned it "Buy" ratings, which could raise some suspicion from potential investors.
- Shares of Tesla Inc. (Nasdaq: TSLA) gained roughly 2% in pre-market hours after Tencent Holdings Ltd. (OTCMKTS: TCTZF) reported a 5% passive stake in the electric vehicle manufacturer. The news comes after a Morgan Stanley (NYSE: MS) analyst Adam Jonas questioned the company's ability to reach its Model 3 production targets and to deliver the vehicle at the promised price of $35,000 per unit.
- In deal news, Amazon.com Inc. (Nasdaq: AMZN) was flat on news that the firm will purchase Middle Eastern online retailer Souq.com. The deal was highly competitive, and Amazon topped a bid from Dubai mall operator Emaar Malls. Though the final price was not disclosed, several media outlets report it to be worth more than $650 million.
- In earnings news, shares of McCormick & Co. Inc. (NYSE: MKC) were flat in pre-market hours after the firm topped Wall Street earnings expectations. The spice maker reported earnings per share (EPS) of $0.76, topping expectations of $0.74. Though the Maryland-based firm fell just short of revenue forecasts, analysts remained upbeat on word that the firm will slash total costs by $100 million in 2017.
- Look for additional earnings reports from Sonic Corp. (Nasdaq: SONC), Darden Restaurants Inc. (NYSE: DRI), FactSet Research Systems Inc. (NYSE: FDS), Dave & Busters Entertainment Inc. (Nasdaq: PLAY), and IHS Markit Ltd. (Nasdaq: INFO).
Today's U.S. Economic Calendar (all times EDT)
- International Trade in Goods at 8:30 a.m.
- Redbook at 8:55 a.m.
- S&P Corelogic Case-Shiller HPI at 9 a.m.
- Consumer Confidence at 10 a.m.
- Richmond Fed Manufacturing Index at 10 a.m.
- State Street Investor Confidence Index at 10 a.m.
- Four-Week Bill Auction at 11:30 a.m.
- 52-Week Bill Auction at 11:30 a.m.
- Kansas City Federal Reserve Bank President Esther George speaks at 12:45 p.m.
- Dallas Federal Reserve Bank President Dennis Kaplan speaks at 1 p.m.
- Five-Year Note Auction at 1 p.m.
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