The Dow Jones today is heading for a flat morning as traders wait to hear from U.S. Federal Reserve Chair Jerome Powell. The head of the U.S. central bank will speak at 1 p.m. at the Council on Foreign Relations. He is expected to discuss his outlook on the U.S. economy and the road ahead for interest rates.
Here are the numbers from Monday for the Dow, S&P 500, and Nasdaq:
Index Previous Close Point Change Percentage Change Dow Jones 26,727.54 +8.41 +0.03% S&P 500 2,945.35 -5.11 -0.17% Nasdaq 8,005.70 -26.01 -32%
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 In deal news, AbbVie Inc. (NASDAQ: ABBV) announced plans to purchase Botox manufacturer Allergan Plc. (NYSE: AGN) in a deal worth $63 billion. The deal will provide a mixture of ABBV stock and cash to Allergan shareholders. Shares of AGN stock popped more than 45% over Allergan’s closing price Monday. With the inclusion of debt, this deal will wind up costing AbbVie $83 billion.
Trade will once again generate the most buzz Tuesday as investors speculate on the pending meeting between U.S. President Donald Trump and Chinese President Xi Jinping later this week. This will be the first face-to-face meeting between the leaders of the world’s two largest economies since trade discussions collapsed in May. Oil prices saw little movement this morning as investors continue to weigh ongoing tensions between the United States and Iran – and ongoing demand concerns around the globe. With increased signs that the global economy is slowing, energy watchdogs have lowered expected demand around the globe. Those concerns have forced OPEC to continue to maintain output at current levels. The oil cartel’s largest member – Saudi