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Stocks: BABA, BAC, GS, KB, TOL

 The Dow Jones Industrial Average today was sliding ahead of Steven Mnuchin's confirmation hearing for the role of Treasury secretary and another busy day of earnings reports from blue-chip companies, including International Business Machines Corp. (NYSE: IBM) and American Express Co. (NYSE: AXP).

On Wednesday, the Dow Jones dipped 22 points thanks to a sharp downturn in crude oil prices and concerns about valuations in the market.

Dow Jones: 19,804.72; -22.05; -0.11%

Nasdaq: 5,555.65; +16.93; +0.31%

What's Ahead for the Dow Jones Industrial Average Today

The Dow Jones Industrial Average projected an 11-point decline ahead of a busy day of economic data, Senate hearings, and monetary policy decisions in Europe.

First up, the markets will start reacting to key pieces of data before the official open Thursday. The monthly housing start report will provide insight into whether the new construction market can continue to maintain momentum and will influence stocks like KB Home (NYSE: KB) and Toll Brothers Inc. (NYSE: TOL). Weekly jobless claims will also roll out at the same time that the Philadelphia Federal Reserve releases its monthly Business Outlook Survey.

Traders are also anticipating a speech later today by Federal Reserve Chair Janet Yellen. On Wednesday, Yellen helped push the dollar and government bonds higher after signaling that the central bank is prepared to continue with several interest rate hikes in 2017.

Don't Miss: Our Essential Guide to Buying Gold and Silver

Next up, the U.S. Senate will hold the confirmation hearing of President-elect Donald Trump's Treasury secretary pick, Steven Mnuchin. Expect a contentious hearing and tough questions over his former firm OneWest's foreclosures on homeowners. The markets will pay attention to the Goldman Sachs Group Inc. (NYSE: GS) alumnus' quotes on the health of the U.S. dollar.

Third, all eyes are on Europe as the European Central Bank (ECB) meets in Frankfurt, Germany, to discuss monetary policy. The markets expect that Mario Draghi and his team will keep interest rates unchanged. However, notable critics of the European project have raised new concerns about the stability of the continental bloc's financial system. With Britain signaling plans for a "Hard Brexit," banks like Goldman Sachs and Bank of America Corp. (NYSE: BAC) have stressed that the changing system could alter their business and relationships in Europe.

Crude oil prices were pushing higher after the International Energy Agency (IEA) announced that international oil markets were tightening. These supply cuts come before OPEC completes its efforts to cap excessive production. The markets will be keeping an eye out for another critical report from the IEA during today's session. Later this afternoon, the energy agency will provide its official weekly report on U.S. crude inventory levels. The report comes a day after the American Petroleum Institute (API) announced yesterday that U.S. crude storage fell by 5.04 million barrels last week. That easily topped analyst expectations for a 342,000-barrel decline.

The WTI crude oil price today added 1.0%. Brent crude fell 0.9%.

Trending: Natural Gas Prices in 2017 Will Soar Double Digits

But the big story is that we are on the eve of President-elect Donald Trump's inauguration.

The cabinet hearings are in motion. Washington, D.C., is prepared to be on lockdown. And journalists are preparing for four years of political battles between Republicans and Democrats.

But Money Morning Capital Wave Strategist Shah Gilani explains that investors should begin making their last-minute preparations today for a Trump presidency. That's because Shah anticipates that the Dow Jones and the S&P 500 will continue to move higher in the months ahead.

As Shah explains, "When you consider the improving strength of the economy and mood of investors alongside prospects for future growth and wealth generation, the markets' path of least resistance is: up."

Shah's making some specific stock picks to profit from during the new administration, and he'll be updating his readers on developments after the inauguration, too. To get all of his Insights & Indictments updates and recommendations free, twice each week, click here.

Stocks to Watch Today, Jan. 19, 2017

Today's U.S. Economic Calendar (all times EST)



 

DJIA 173.86 (0.73%) 23,849.50
NASDAQ 37.41 (0.55%) 6,821.32
S&P 16.60 (0.65%) 2,562.76
KB 0.37 (0.86%) 42.80
TOL 0.82 (2.54%) 33.14
BAC 0.47 (1.92%) 24.94
GS 1.11 (0.65%) 172.61