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The Dow Jones news today will focus on whether the Dow can notch a tenth consecutive day of record-high closes. On Monday, the Dow Jones closed for a ninth-straight all-time high, while the S&P 500 also hit a new high. Markets continue to digest a steady stream of earnings reports and economic data, while trying to mitigate ongoing concerns about the stability of the Korean peninsula.
Here are the numbers from Monday 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 Tuesday's economic calendar.
The Five Top Stock Market Stories for Tuesday
- In deal news, Netflix Inc. (Nasdaq: NFLX) has engaged in its first-ever acquisition with the purchase of comic book publisher Millarworld. The company plans to develop new original shows and film series with the new assets. The stock has been one of the best performers of the year and recently saw a 5 million subscriber spike in the most recent quarter. Netflix has more than 104 million subscribers around the globe and has beaten back challenges from streaming rivals like Amazon.com Inc. (Nasdaq: AMZN) and traditional cable outlets like Time Warner Inc. (NYSE: TWX).
- Crude oil prices were flat in premarket hours after Saudi Arabia announced plans to cap September exports in order to help steady supply levels and global prices. The WTI crude oil price today was flat. Brent crude dipped 0.1%. Markets are keeping a close eye on the ongoing meeting between OPEC and non-OPEC leaders, who have joined together in Abu Dhabi to discuss the cartel's ongoing plan to cap excessive production. At the conclusion of the meeting, investors will be turning an eye to a weekly supply report that will be released by the American Petroleum Institute after the bell.
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- Activist investor and hedge fund manager Bill Ackman is making headlines again. This time, his hedge fund, Pershing Square Capital, aims to appoint Ackman and two others to the board of directors of Automatic Data Processing (Nasdaq: ADP), a firm best known for its monthly private jobs report. Ackman was pushing for five board seats, but says he is now seeking the "right balance" of leadership and new perspectives on how to propel the company to new heights. ADP stock was off 0.1% in premarket hours.
- Another day, another threat from North Korea. The secluded nation once again has threatened to use its nuclear weapons against the U.S. The threat came after the United Nations hit the Hermit Kingdom with additional sanctions over its nuclear weapons program. This has helped support gold prices and led investors to other safe haven assets. Looking forward, it's unclear how the United States and its allies are going to be able to mitigate this growing threat. As we explained yesterday, it will be hard to negotiate with Kim Jong Un, a leader who doesn't use "normal logic."
- Bitcoin prices hit another all-time high Monday as traders cheered the planned Segwit2x implementation and ignored any threat from last week's hard fork. The global cryptocurrency market has exploded in recent days, and Bitcoin was trading at a staggering $3,459 before the bell opened on Tuesday. For more on why Bitcoin and its rivals are trading at record levels, read more, right here.
Three Stocks to Watch Today: DIS, CVS, KORS
- Walt Disney Co. (NYSE: DIS) will post third-quarter earnings after the bell Tuesday. The global entertainment giant is expected to issue a report showing a pop in revenue thanks in part to its latest round of films. Still, investors are very interested in the impact of cable subscription cord cutting and the impact on its massive sports franchise, ESPN. Wall Street expects earnings per share (EPS) of $1.53 on top of $14.44 billion in revenue.
- Shares of Michael Kors Holdings Ltd. (NYSE: KORS) are up more than 12% on Tuesday morning after the fashion retailer crushed Wall Street earnings expectations. The firm reported EPS of $0.80 on top of $952.4 million in revenue. Wall Street had expected EPS of $0.62 on top of $917.8 million.
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- Shares of CVS Health Corp. (NYSE: CVS) fell more than 0.2% in premarket hours after the company reported quarterly earnings before the bell on Tuesday. The firm reported EPS of $1.33 on top of $45.6 billion in revenue. Wall Street had expected EPS of $1.41 on top of $45.3 billion in revenue. The second-largest drugstore operator in the nation had beaten earnings reports in recent quarters thanks to improved sales and higher margins, but this report narrowly topped expectations.
- Look for additional reports today from Priceline Group Inc. (Nasdaq: PCLN), Michael Kors Holdings Ltd. (NYSE: KORS), TripAdvisor Inc. (Nasdaq: TRIP), Zillow Group Inc. (NYSE: ZG), Valeant Pharmaceuticals International Inc. (NYSE: VRX), Monster Beverage Corp. (Nasdaq: MNST), Fossil Group Inc. (Nasdaq: FOSL), Ralph Lauren Corp. (NYSE: RL), Hertz Global Holdings Inc. (NYSE: HTZ), Dean Foods Co. (NYSE: DF) and Jazz Pharmaceuticals Plc. (Nasdaq: JAZZ).
Tuesday's U.S. Economic Calendar (all times EDT)
- NFIB Small Business Optimism Index at 6 a.m.
- Redbook at 8:55 a.m.
- JOLTS at 10 a.m.
- Four-Week Bill Auction at 11:30 a.m.
- Three-Year Note Auction at 1 p.m.
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