The Dow Jones Industrial Average rose slightly this morning on reports that U.S. President Donald Trump intends to pursue trade talks with Chinese Premier Xi Jinping. Treasury Secretary Steven Mnuchin is reportedly discussing America’s trade relationship with Vice Premier Liu He ahead of the upcoming G20 summit in Argentina.
The news comes on the heels of a punishing market sell-off that saw the Dow Jones lose 602 points in one trading session.
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 Money Morning insight, the most important market events, and stocks to watch.
The Top Stock Market Stories for Tuesday
- Amazon.com Inc. (NASDAQ: AMZN) announced it was splitting its highly anticipated headquarters between two locations. The e-commerce giant will have additional headquarters in northern Virginia and Long Island City, New York. The company plans to hire at least 50,000 new employees as it expands its reach across the Atlantic seaboard. Amazon had considered 20 different cities as candidates, and announced the split just a few weeks ago. Its northern Virginia location will provide it better access to Washington, D.C., and a centralized spot along the I-95 corridor. Its Long Island location will provide it better access to Manhattan and a massive pool of qualified candidates to fill finance, operations, and marketing positions.
Home Depot Inc. (NYSE: HD) leads a busy day of earnings reports Tuesday. Ongoing pressures in the housing market continue to weigh on the construction and home improvement sector. In addition, rising commodity costs due to the ongoing trade spat have also affected margins. That said, the firm topped earnings, revenue, and same-store sales estimates. Shares of HD stock gained 3% in pre-market hours.
Money Morning Insight of the Day: This Company Could Be Holding the Biggest Tech Breakthrough of the DECADE
Global Market Insights sees this market worth over $80 billion by 2024. Technology giants like Apple and Microsoft are making huge, multimillion-dollar investments in this space.
Defense contractors and the U.S. military are using this market’s technology to give soldiers a competitive “advantage at sea, land, and air.” And one company is at the center of it all. See it here…
Four Stocks to Watch Today: AAPL, LITE, K, TLRY
- Goldman Sachs Group Inc. (NYSE: GS) slashed its outlook for Apple Inc. (NASDAQ: AAPL) over concerns about iPhone sales. The downgrade comes a day after AAPL stock fell by 5%, and suppliers’ stocks plunged as much as 9.5% (Japan Display). The downturn came after its supplier Lumentum Holdings Inc. (NASDAQ: LITE) slashed its sales and earnings forecast due to declining consumer demand.
- Kellogg Co. (NYSE: K) announced it plans to sell off a few iconic brands from its portfolio of products. The firm’s CEO said that Kellogg must make strategic choices and that it will sell its Famous Amos, Keebler, and fruit snack business. Shares of K stock added 0.7% in pre-market hours.
- Tilray Inc. (NASDAQ: TLRY) stock was up 2.2% in pre-market hours. The cannabis company has staved off warnings from short-seller Citron Research as it prepares to report third-quarter earnings today. For more on the booming trend of marijuana legalization, read the latest insight from Money Morning Director of Cannabis Investing Research Greg Miller.
- Look for additional earnings reports from Advance Auto Parts Inc. (NYSE: AAP), Bayer AG (OTC MKTS: BAYRY), Tyson Foods Inc. (NYSE: TSN), Vodafone Group Plc. (NYSE: VOD), and Wix.com Ltd. (NYSE: WIX).
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