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Stocks surrendered half of their gains Monday afternoon following a tweet from President Donald Trump announcing he will unveil his decision on the Iran nuclear deal Tuesday. A series of merger and acquisition announcements had pushed the broader market higher earlier with financials and technology leading as consumer staples lagged. Oil surged past $70 per barrel for the first time since 2014 and the US dollar hit its highest level this year.
Dow Jones Industrial Average: 24,319.52 (0.23%)
S$P 500: 2,669.82 (0.24%)
AUD/USD: 0.7515 (-0.28%)
ASX 200 SPI futures: 6,083.0 (-0.16%)
1. President Donald Trump announced he would unveil his decision on whether the US will stay in or leave the Iran nuclear deal Tuesday, leading investors to sell off shares and the broader market to lose half their gains.
2. Mergers, acquisitions and partnerships pushed the market higher: Nestle' agreed to pay Starbucks $7.15 billion in cash plus royalties for the right to sell its coffee around the world, Paul Singer's Elliott Management hedge fund made a $160 a share cash offer to buy AthenaHealth, and Blackstone Group made an offer to buy Gramercy Property Trust in a ~$7.6 billion deal.
3. Oil prices surged past $70 a barrel for the first time since 2014 as investors speculated about whether Trump will pull out of the Iran nuclear deal and reimpose sanctions which would limit Iran's oil exports.
4. The US dollar hit its highest level this year.
5. Billionaire investor Warren Buffett criticized cryptocurrencies, saying bitcoin is "probably rat poison squared," over the weekend during Berkshire Hathaway's annual shareholder meeting.
6. Apple shares hit another all-time high, and continued to its sixth straight day of gains. The stock hit a record $186.88 in early trading Monday after Warren Buffett expressed confidence in the company, pushing it closer to a $1 trillion valuation.
- Australia retail sales
- China's trade balance
- Fed Chair Jerome Powell speaks
- Australia's annual budget release
- President Donald Trump speaks
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