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In Dow Jones news Monday, investors weighed the Trump administration's plans for financial and regulatory reforms in the wake of its failed healthcare reform push last week.
Global markets were also in the red as investors worry the Trump rally could be coming to an end.
Despite the downturn, volatility remained mute. The CBOE Volatility Index (VIX) – commonly referred to as the markets' fear gauge – was slightly down on the day.
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%
Now, here's a look at today's most important market events and stocks, plus a preview of Tuesday's economic calendar.
Dow Jones News: Market Slumps as Investors Doubt the Trump Agenda
Friday's defeat of healthcare reform could have a profound impact on President Trump's other pressing priorities. President Trump's team wants to engage in corporate tax reform by August. However, economists anticipate that a lack of healthcare reform – and the expected fiscal savings that would accompany it – would make it harder for President Trump to fulfill his campaign promise to reduce the U.S. corporate tax rate down to the 15% he promised.
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The news hammered banking stocks. Shares of Goldman Sachs Group Inc. (NYSE: GS) fell more than 1% and were a large drag on the Dow Jones. Meanwhile, shares of JPMorgan Chase & Co. (NYSE: JPM) and Bank of America Corp. (NYSE: BAC) were both down on the day.
In addition, investors are having doubts about the timing of a potential infrastructure program to "rebuild America." Steel stocks were hit the hardest due to increased pessimism. Shares of AK Steel Corp. (NYSE: AKS) were slightly down, and shares of United States Steel Corp. (NYSE: X) dropped 1.62%.
Gold prices hit a one-month high thanks to a downturn in the dollar and a shift by investors from equities to safety. The U.S. dollar hit its lowest level since November and set off alarms over the stability of the U.S. economic recovery.
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Investors will continue to listen to statements from members of the U.S. Federal Reserve this week in order to find clues about the timing of the next interest rate hike. Chicago Federal Reserve President Charles Evans and Dallas Fed Bank President Robert Kaplan spoke this afternoon. But markets seemed more interested in the statements planned by Fed Chair Janet Yellen at a conference tomorrow.
Oil prices were falling again as markets grow increasingly concerned that OPEC may not extend its deal to cap excessive production. The rumors come at a time that markets are deeply concerned about rising U.S. production levels and increased inventories.
The WTI crude oil price today dipped 0.4%, while Brent crude oil prices were flat.
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But the big story no one talked about in the mainstream press was the Saudi Aramco IPO.
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Which stock exchange will receive the rights to bring this massive firm public, the New York Stock Exchange (NYSE) or the Nasdaq? We answer that question (and more), right here.
Stock Market News and Top Stocks to Watch Today: March 27, 2017
- United Continental Holdings Inc. (NYSE: UAL) is generating some interesting headlines, and this time they have nothing to do with grounded flights. The company is under hot water after refusing to allow two women to board a plane who were wearing leggings. Though the airline has said it can refuse entry on a flight to individuals who are "not properly clothed," the incident set off a social media storm and calls for apologies. UAL stock was up 0.6% on the day despite the news.
- Shares of Best Buy Co. (NYSE: BBY) climbed over 3% after the company received a stock upgrade from investment firm Piper Jaffray. But the upgrade had less to do with the company's outlook or potential sales than it did with news about its competitors' flaws. Piper cited store closures of HHGregg and Sears Holding Corp. (Nasdaq: SHLD) as a reason for optimism for the big-box electronics retailer.
- In earnings news, shares of Cal-Maine Foods Inc. (Nasdaq: CALM) were flat after the egg producer posted net sales of $306.5 million for the quarter. That is almost 32% lower than the same quarter a year prior.
- Shares of Snap Inc. (NYSE: SNAP) added close to 5% after the company received a bullish report on its revenue outlook. According to eMarketer, the social media firm could see its advertising revenue top $3 billion by 2019.
- Shares of Apple Inc. (Nasdaq: AAPL) added 0.17% on news that the stock received a price target upgrade from investment bank JPMorgan Chase & Co. (NYSE: JPM). According to a recent research note, JPM anticipated increased demand for Apple gadgets ahead of the firm's 10th anniversary of the iPhone launch. JPM raised its price target for AAPL stock from $142.00 per share to $165.00.
- After the bell, look for earnings reports from Red Hat Inc. (NYSE: RHT) and SYNNEX Corp. (NYSE: SNX).
Tuesday'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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