The Dow Jones Industrial Average climbed 103 points in pre-market trading after Chinese markets had their best day in two years. The Shanghai Composite Index rallied more than 4% after the nation’s financial leaders announced plans to offer more support to the nation’s embattled stock market and economy.
The benchmark index is off roughly 25% since earlier this year over ongoing concerns about a trade war with the United States and structural cracks in the economy. The news of potential stimulus efforts offered support to Boeing Co. (NYSE: BA) and Caterpillar Inc. (NYSE: CAT) shares in pre-market hours.
Here are the numbers from Tuesday for the Dow, S&P 500, and Nasdaq:
|Index||Previous Close||Point Change||Percentage Change|
Now, here’s a closer look at today’s Money Morning insight, the most important market events, and stocks to watch.
Critical Update: Forget Tech or Crypto, This Will Be the Next $1 Trillion Industry
The Top Stock Market Stories for Monday
- This week, former U.S. Speaker of the House John Boehner will lead America’s first-ever cannabis summit. Tomorrow, Tuesday, Oct. 23, Boehner will join Money Map Press founder Mike Ward to talk about ways that investors can tap into one of the fastest growth industries in the history of the United States. Click Here to Attend This Free Online Event.
- Oil prices were stable this morning as traders fretted about potential fallout from the death of The Washington Post reporter Jamal Khashoggi, who was recently killed in a Turkish consulate. As more nations continue to put pressure on the Saudi crown over Khashoggi’s disappearance, some have speculated we could see a rehash of the 1973 oil embargo that sent oil prices surging around the globe. According to Russian news agency TASS, there is no intention to follow through with such a plan. The Saudi government also reportedly indicated that it does not plan to use oil as a political weapon.
Money Morning Insight of the Day
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Stocks to Watch Today: HAL, CMG, HAS
- Shares of Halliburton Co. (NYSE: HAL) popped 2% this morning. The oilfield services giant topped Wall Street earnings expectations before the bell Monday. The company reported earnings per share of $0.50, a figure that beat expectations by $0.01. The firm reported earnings per share of $6.17 billion, a figure that also topped expectations. Rising oil prices and increased shale development have helped Halliburton squeak by and top analysts’ expectations.
- Shares of Chipotle Mexican Grill Inc. (NYSE: CMG) added 1.7% after the firm received an upgrade from the RBC Capital Markets. The Canadian bank hiked its price target from $450 to $510 and showed rising expectations for the firm’s same-store sales.
- Look for earnings reports today from Hasbro Inc. (NASDAQ: HAS), Polaris Industries Inc. (NYSE: PII), TD Ameritrade Holding Corp. (NASDAQ: AMTD), Superior Energy Services Inc. (NYSE: SPN), Brown & Brown Inc. (NYSE: BRO), Hexcel Corp. (NYSE: HXL), PetMed Express Inc. (NASDAQ: PETS), HNI Corp. (NYSE: HNI), and Crane Co. (NYSE: CR).
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