The Dow Jones today is on the decline as China continues to let its currency slide, accelerating China’s trade war with the United States.
But there’s a host of other geopolitical tensions pulling the DJIA this morning. Read on for details.
First, here are the numbers from Monday for the Dow, S&P 500, and Nasdaq:
Index Previous Close Point Change Percentage Change Dow Jones 25,897.71 -389.73 -1.48 S&P 500 2,883.09 -35.56 -1.22 Nasdaq 7,863.41 -95.73 -1.20
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 There’s been a sudden crash in the Argentinean peso. Argentina’s stock market plunged 35%, and the Peso slumped 25% against the U.S. dollar, after Mauricio Macri lost the first round of elections by a huge margin. The nation’s center-right leader’s reelection chances took a big hit after he and his running mate received just 32.1% of the primary vote. Center-left Alberto Fernandez and ex-leader Cristina Fernandez de Kirchner earned 47.7% of the vote. Singapore’s GDP is facing its weakest growth level in a decade. And, just like everyone else, they’re blaming the ongoing trade war between the United States and China. The country – which has one of the freest economies in the world and has been a major financial hub in the Pacific – said its growth could fall to zero this year. That figure is a far drop from the projected 2% it estimated earlier this year. The last time Singapore had a GDP this low was in 2009, when it fell to 0.6%, according to the IMF.
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Oil prices continued to dip Tuesday