Here is what you need to know.
The Dow’s on the verge of making history. The Dow Jones industrial average edged up 0.08% on Monday to book its 12th straight close in record territory. The record for most consecutive all-time highs is 13 days, set back in January 1987.
A Fed rate hike in March is now a coin flip. World Interest Rate Probability data provided by Bloomberg shows the market is pricing in a 50% chance the Fed hikes its key interest rate 25 bps at its upcoming meeting. That’s up from a 34% chance on February 23.
Trump gets ready to address Congress. President Donald Trump will address Congress on Tuesday evening about “the renewal of the American spirit.” Topics for Tuesday night’s address include healthcare and military spending, Reuters reports.
Wilbur Ross is confirmed. Billionaire investor Wilbur Ross was confirmed as Commerce secretary by a Senate vote of 72 to 27.
Saudi Arabia wants higher oil prices. “They (the Saudis) want to see oil prices at $US60 towards the end of this year. It’s good for (oil) investments,” a Gulf oil industry source familiar with the matter told Reuters. Currently, crude oil is down 0.2% at $US53.92 per barrel.
Samsung’s vice chairman has been charged. Lee Jae-Yong has been charged with bribery, embezzlement, hiding assets overseas, and perjury in connection with the scandal that led to the impeachment of Korean President Park Geun-Hye, AFP reports.
CLSA America is shutting down a large chunk of its business. The firm is closing down its US-based research business, which will lead to the termination of about 90 jobs. CLSA will continue to offer execution and trading services, according to a statement.
Stock markets around the world trade mixed. Hong Kong’s Hang Seng (-0.8%) lagged in Asia and Britain’s FTSE (+0.1%) holds a small gain in Europe. The S&P 500 is set to open little changed near 2,371.
Earnings reports keep coming. AutoZone, Domino’s Pizza, Target, and Valeant Pharmaceuticals are among the names releasing their quarterly reports ahead of the opening bell while Ross Stores, Salesforce.com, and Weight Watchers report after markets close.
US economic data is heavy. GDP will be announced at 8:30 a.m. ET before S&P Case-Shiller home prices and Chicago PMI cross the wires at 9 a.m. ET and 9:45 a.m. ET, respectively. Data concludes with the 10 a.m. ET release of consumer confidence. The US 10-year yield is unchanged at 2.36%.