Market futures point to a flat day on Wall Street on Tuesday plus stocks to watch today in the Money and Markets Wall Street Wake-Up.
The Morning Open
Major U.S. market indexes are all down after Tuesday’s open.
As of 10 a.m. Eastern time, the Dow Jones Industrial Average was down 109 points, or 0.3%, to 28,593. The Nasdaq was down 0.1% while the S&P 500 was off 0.3%.
This is similar to premarket trading when all three major indexes were down, but flatter compared to Monday.
The Opening Bell
The U.S. trade deficit fell to $43.02 billion in November 2019. The deficit is the lowest it’s been in three years, according to CNBC.
In the U.S., exports increased by $1.14 billion while imports fell $2.5 billion in the month.
Stocks to Watch Today
Tesla Inc. (Nasdaq: TSLA) — Shares of the electric carmaker were up 1.7% in premarket trading to $459 a share — a new high for the company — on news it began production of its Model Y electric SUV at its Shanghai factory.
FireEye Inc. (Nasdaq: FEYE) — The cybersecurity company was up nearly 3% in Tuesday premarket trading after being upgraded to “buy” from “hold” by SunTrust Banks.
Microchip Technology Inc. (Nasdaq: MCHP) — The Arizona-based chipmaker was up more than 4% in premarket trading on news it raised its projected sales guidance and suggested growth in sales in 2020.
In the News
General Motors Co. (NYSE: GM) said it sold 3.09 million vehicles in China — its biggest overseas market — in 2019. That is a 15% drop from 2018, according to The Wall Street Journal.
It was the second straight year GM posted a drop in vehicle sales in China. Additionally, the company said it expects the downturn to continue in 2020.
GM shares were up 0.1% in premarket trading Tuesday.
World’s Largest Bitcoin Mine Lures New Clients to Texas
An American company and Japanese internet service provider are getting set to start mining Bitcoin at the world’s largest crypto mine — in Rockdale, Texas — according to Bloomberg.
SBI Holdings Inc. (Over-the-Counter: SBIGF) and GMO Internet Inc. (Over-the-Counter: GMOYF) are working with Germany’s Northern Bitcoin AG to start processing Bitcoin transactions in the coming months.
The data center in Texas will have an initial capacity of 300 megawatts and is expected to reach 1 gigawatt by the end of the year. It is located in a former aluminum smelting plant once operated by Alcoa Corp. (NYSE: AA)
Goldman Sachs Renames Business Units Ahead of Quarterly Results
A week before it unveils its quarterly results, Goldman Sachs Group Inc. (NYSE: GS) announced it renamed its main business units, according to Reuters.
The company said it renamed its institutional client services business as global markets and its investment management was renamed to asset management.
The changes are part of a strategic overhaul under CEO David Solomon, who is trying to expand the company’s consumer business to shield the company from market swings.
Other Morning Reads
Ron Paul: War Lies and Why I Don’t Trust Trump on Iran (Money and Markets)
Japanese Prosecutors Obtain Arrest Warrant Against Carole Ghosn (Bloomberg)
Bonner: America’s First Disastrous Mistake of the 21st Century (Money and Markets)
Earnings Report
Here are the companies releasing earnings reports today:
AngioDynamics Inc. (Nasdaq: ANGO)
Exfo Inc. (Nasdaq: EXFO)
Northern Technologies International Corp. (Nasdaq: NTIC)
Chart of the Day
Rather than bolster its own military and overall financial strength, Iran has invested money and military hardware into regional allies, proxies and militias, according to a report from The Soufan Center.
The country spends a significant amount of money on such groups, especially in Syria and Iraq where it spent a combined $7 billion with military groups and proxies in 2019.
Check back each morning before the opening bell for stocks to watch today with the Wall Street Wake-Up, here on Money and Markets.