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In Dow Jones news today (Monday, May 1), the index was ticking higher in pre-market hours as traders keep a tight watch on another busy round of earnings reports and economic data.
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
- The Dow Jones projected a 22-point gain ahead of an extremely busy day of economic data. Keep a lookout for the Institute for Supply Management April manufacturing index, a monthly update on personal incomes and the core PCE Price Index data for March. Finally, an update on construction spending will likely influence the performance of industrial and house construction stocks. Today's economic calendar is the start of buildup toward Friday, when the U.S. Labor Department will report the April jobs report.
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- On the global front, many international markets are closed Monday for May Day. Markets including Brazil, France, Germany, and Hong Kong will be shut. Other markets are reacting to negative news that China's manufacturing sector cooled down in April. According to The National Bureau of Statistics' official Purchasing Managers' Index (PMI), Chinese manufacturing slumped to a six-month low in April.
- The U.S. Navy's top officer in the Pacific theater told the Senate Armed Services Committee (SASC) last week that the North Korean nuclear crisis has escalated to its most worrisome point ever. On Sunday, President Donald Trump hinted the United States may have had a role in sabotaging North Korea's recent missile tests. Even if true, the U.S. isn't going to be able to contain the Hermit Kingdom forever without a serious change to the situation. Money Morning Executive Editor Bill Patalon explains the three immediate risk of the United States posed by North Korea right now. Check it out, right here.
- Keep a close eye on automotive stocks as manufacturers release April sales reports throughout the morning. Shares of General Motors Co. (NYSE: GM) and Ford Motor Co. (NYSE: F) will generate the most attention during the trading session.
- Crude oil prices were sliding in pre-market hours as concerns about a global supply glut weigh on trader sentiment. Prices have been falling on news of rising U.S. production and news that major oilfields in Libya have resumed production. Most energy analysts anticipate that OPEC will extend its deal to cap excessive production. However, U.S. shale producers have ramped up production as drilling costs fall and prices remain competitive to bring rigs back online. The WTI crude oil price today dipped 0.3%. Brent crude slid 0.3%.
Three Stocks to Watch Today: AMD, AMZN, UPS
- Shares of semiconductor giant Advanced Micro Devices Inc. (Nasdaq: AMD) are in focus as the firm prepares to report quarterly earnings after the bell. Wall Street expects the company will report its fourth consecutive quarter of increased revenue. However, analysts expect the company will report a loss of $0.05 per share. The firm has successfully gained market share from rivals Intel Corp. (Nasdaq: INTC) and NVIDIA Corp. (Nasdaq: NVDA) in the desktop and mobile sectors over the last year.
- Shares of Amazon.com Inc. (Nasdaq: AMZN) are in focus after investment bank Pacific Crest downgraded the e-commerce giant. In a research note, Pacific Crest said the company's recent earnings report was "as good as it gets" thanks to increasing competition from Wal-Mart Stores Inc. (NYSE: WMT) and Microsoft Corp. (Nasdaq: MSFT).
- Shares of United Parcel Service Inc. (NYSE: UPS) are under pressure on news that the company's air maintenance workers are preparing to strike ahead of the company's annual shareholder meeting. In a letter signed by 78% of the members of Local 2727 of the Teamsters Union, maintenance workers asked the company CEO to maintain current healthcare plans and not force additional concessions. The union members also plan to protest the shareholder meeting on Thursday. A strike could disrupt the company's massive air logistics network.
- Look for additional earnings reports from Texas Roadhouse Inc. (Nasdaq: TXRH), Tenet Healthcare Corp. (NYSE: THC), Diamond Offshore Drilling Inc. (NYSE: DO), Flowserve Corp. (NYSE: FLS), Nautilus Inc. (NYSE: NLS), DISH Network Corp. (Nasdaq: DISH), and Cardinal Health Inc. (NYSE: CAH).
Monday's U.S. Economic Calendar (all times EDT)
- Personal Income and Outlays at 8:30 a.m.
- PMI Manufacturing Index at 9:45 a.m.
- ISM Manufacturing Index at 10 a.m.
- Construction Spending 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.
- Gallup US Consumer Spending Measure at 2 p.m.
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