Dow Jones Industrial Average Falls as Global Oil Prices Rally

Article was originally posted here

The Dow Jones Industrial Average slipped 57 points in pre-market hours on reports that Saudi Arabia intends to limit oil production in December. The news sent WTI and Brent crude higher in New York. Saudi Arabia plans to cut its oil production by 500,000 barrels per day and suggested that OPEC could limit the global supply in 2019.

Oil prices are off roughly 20% from their 2018 highs on concerns about global growth and word that the United States has allowed some nations to purchase Iranian crude despite sanctions on the country.

Here are the numbers from Tuesday for the Dow, S&P 500, and Nasdaq:

Index Previous Close Point Change Percentage Change
Dow Jones 25,989.30 -201.92 -0.77%
S&P 500 2,781.01 -25.82 -0.92%
Nasdaq 7,406.90 -123.98 -1.65%

Now here’s a closer look at today’s Money Morning insight, the most important market events, and stocks to watch.

Money Morning Insight of the Day: How You Can Join “the Perfect Pot Stock Portfolio”

Utah and Missouri just legalized medical marijuana.

And Michigan just became the 10th state to open the recreational floodgates.

Pot stocks are already handing investors extraordinary gains. It might be the most profitable sector in the world right now.

And this portfolio is your ticket to become a part of the action.

Every single stock is in the black.

Click here to learn more.

The Top Stock Market Stories for Monday

  • Concerns about Britain’s departure from the European Union once against rattled the British pound. Prime Minister Theresa May is playing defense after former UK Foreign Secretary Boris Johnson argued that her cabinet should mutiny over the plan. In an editorial to The Daily Telegraph, Johnson suggested that May’s plans would convert Britain into a “vassal state.”
  • Canada just legalized all marijuana use on Oct. 17, and Mexico may not be too far behind. On Nov. 8, Sen. Olga Sanchez Cordero submitted a 26-page bill that would legalize marijuana and allow its commercial sale in all of Mexico. This is massive news, and it could fuel another wave of legalization across the United States. If you’re serious about making money on this trend, then stop what you’re doing and go here now.

Stocks to Watch Today: BAT, BABA, SAP

  • The FDA is considering a ban on menthol cigarettes. The New York Times reported over the weekend that the agency is targeting flavored cigarettes and e-cigarettes and that it could make an announcement in the coming weeks. Shares of British American Tobacco (NYSE: BAT), which owns the brand Newport, fell more than 8% on the news.
  • Shares of Alibaba Group Holding Ltd. (NYSE: BABA) were off in pre-market hours despite crushing spending records on Singles Day. The firm announced it earned almost $31 billion on Sunday, a double-digit percentage jump from the previous year’s levels.
  • In deal news, German software giant SAP SE (NYSE: SAP) shares fell nearly 5% after the company announced plans to purchase private survey giant Qualtrics for $8 billion.
  • Look for earnings reports today from Aecom (NYSE: ACM) and YY Inc. (NYSE: YY).

Follow Money Morning on Facebook, Twitter, and LinkedIn.

About Money Morning: Money Morning gives you access to a team of ten market experts with more than 250 years of combined investing experience – for free. Our experts – who have appeared on FOXBusiness, CNBC, NPR, and BloombergTV – deliver daily investing tips and stock picks, provide analysis with actions to take, and answer your biggest market questions. Our goal is to help our millions of e-newsletter subscribers and visitors become smarter, more confident investors.To get full access to all Money Morning content, click here.

Disclaimer: © 2018 Money Morning and Money Map Press. All Rights Reserved. Protected by copyright of the United States and international treaties. Any reproduction, copying, or redistribution (electronic or otherwise, including the world wide web), of content from this webpage, in whole or in part, is strictly prohibited without the express written permission of Money Morning. 16 W. Madison St. Baltimore, MD, 21201.

This post is from MoneyMorning. We encourage our readers to continue reading the full article from the original source here.