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The Dow Jones news today focuses on stocks rising after a fresh round of earnings reports. Today's stock market news also features a new controversy over President Trump's handling of classified intel, the aftermath of a major cybersecurity breach, and the stability of the Greece financial system.
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
- It will be another busy day of earnings reports for the embattled retail sector, plus a new round of economic data. Today, the market will react heavily to first-quarter updates on U.S. industrial production. Markets will also be keeping a close eye on a housing starts and building permits report from the U.S. Commerce Department. Investors anticipate both metrics increased in April. Keep an eye on housing stocks like KB Home (NYSE: KBH) and Toll Brothers Inc. (NYSE: TOL) after the report.
- Keep an eye on cybersecurity stocks as markets continue to monitor the aftermath of the global WannaCry "ransomware" attack that affected 300,000 machines in more than 150 counties. Yesterday, cyber stocks rallied on expectations that government agencies and companies will invest more money to bolster their digital defenses. Meanwhile, shares of Walt Disney Co. (NYSE: DIS) are under pressure on news that hackers breached the company's servers and may have stolen a copy of one of its upcoming films. The entertainment giant refused to pay a ransom to prevent piracy and release of the movie.
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- Crude oil prices are pushing higher on rising expectations that OPEC nations will extend their deal to cap excessive production. Yesterday, both Russia and Saudi Arabia voiced their support to extend the deal by another nine months. However, the deal has largely failed to push prices toward $60.00 per barrel thanks to rising production and inventory levels in the United States. The WTI crude oil price today added 0.7%. Brent crude gained 0.6%.
- Investors need to keep an eye on events happening in Greece, which is seeking an endorsement from the International Monetary Fund over a possible bailout. Ongoing worries about the sustainability of the nation's swelling debt have driven the global body to skip multiple funding rounds for the country. But the IMF could endorse a possible deal at a meeting on May 22.
- Tuesday is one of the biggest days of the year in the hedge fund industry. The annual SALT Conference kicks off in Las Vegas this evening and will feature money managers such as Bill Ackman, Dan Loeb, David Rubenstein, Jim Chanos, and Sam Zell. Speakers will discuss their top investment ideas, President Donald Trump's proposed tax reform, national security, and the pressure of money management.
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- What is Warren Buffett buying? That question was answered Monday after his firm Berkshire Hathaway Inc. (NYSE: BRK.A) unveiled its holdings in a regulatory filing. Buffet has increased his stakes in American Airlines Group Inc. (Nasdaq: AAL) and Southwest Airlines Co. (NYSE: LUV), while cutting his holdings in Twenty-First Century Fox Inc. (Nasdaq: FOXA).
- In earnings news, shares of Home Depot Inc. (NYSE: HD) gained more than 2% after the company reported first-quarter earnings and raised its 2017 earnings expectations. Home Depot, the nation's top home improvement retailer, reported a 5.5% jump in same-store sales thanks to a strengthening housing sector. The firm has been a bright spot in an otherwise weak brick-and-mortar retail industry.
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- Jamie Dimon, the CEO of JPMorgan Chase & Co. (NYSE: JPM), will generate headlines today when he speaks to shareholders at the firm's annual shareholder conference. Dimon is expected to take on a number of issues, including the impact of regulations and U.S. infrastructure. Shares of JPM stock were up slightly in pre-market hours.
- Shares of Snap Inc. (Nasdaq: SNAP) rallied more than 8% Monday after 13D filings revealed a number of big names who are invested in the social media giant. Institutional investors who snapped up shares of Snapchat's parent company include Coatue Management, Soros Fund Management, Goldman Sachs Group Inc. (NYSE: GS), and Jana Partners. Here's more on what the "smart money" is doing right now.
- Look for additional earnings reports from Urban Outfitters Inc. (Nasdaq: URBN), Dicks Sporting Goods Inc. (NYSE: DKS), The TJX Cos. (NYSE: TJX), Jack in the Box Inc. (Nasdaq: JACK), Stratasys Inc. (Nasdaq: SSYS), and Staples Inc. (Nasdaq: SPLS).
Tuesday's U.S. Economic Calendar (all times EDT)
- Housing Starts at 8:30 a.m.
- Redbook at 8:55 a.m.
- Industrial Production at 9:15 a.m.
- E-Commerce Retail Sales at 10 a.m.
- Four-Week Bill Auction at 11:30 a.m.
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