Here Are 3 Hot Things to Know About Stocks Right Now

  • All three stock indexes struggled to a record close Monday as investors gear up for earnings season.
  • Amazon (AMZN) - Get Report shares rose as the online retailing giant kicked off its annual Prime Day shopping event, a 48-hour sale of more than a million products that rivals Black Friday and Cyber Monday for U.S. retail influence. Amazon is Real Money's Stock of the Day.
  • Facebook (FB) - Get Report shares fell following reports that Democratic lawmakers are planning legislation that would prevent tech companies from issuing digital currencies.

Wall Street Overview

All three stock indexes closed at record highs Monday in a day of cautious trading, after reaching intraday highs early in the session, as investors gear up for the start of the second-quarter earnings season.

All three indexes had closed at records on Friday.

The Dow Jones Industrial Average was up 27.13 points, or 0.10%, to 27,359.16. The S&P 500 rose 0.02% to 3,014.30. The Nasdaq advanced 0.17% to 8,258.19. 

In economic news, Peter Navarro, director of trade and manufacturing policy, said on Fox News that President Donald Trump would sign an executive order requiring 95% of steel and iron in federal government contracts to be American. Trump signed a similar order in January.

The Federal Reserve Bank of New York's Empire State manufacturing survey's main index rebounded 12.9 points to 4.3 in July, the New York Fed said. Economists were calling for a 0.5 reading.

In Asia, China's official estimate for second-quarter GDP growth slipped to 6.2% from a 6.4% tally over the first three months of the year, matching analysts' forecasts but nonetheless marking the weakest quarterly advance in more than 27 years.

However, June readings for retail sales, industrial output and fixed asset investment all surprised to the upside and suggested recent efforts to stimulate growth with tax cuts in order to offset the impact of its trade dispute with the U.S. are having some effect.

"Earnings weakness has been relatively isolated, suggesting calls for a broader-based recession may be premature," said Jason Pride, chief investment officer of private wealth at Glenmede Trust Co. "Much of the weakness is expected to reside in the semiconductor/hardware and metals/mining industries."

Amazon (AMZN) - Get Report shares rose $9.99 to $2,020.99 as the online retailing giant kicked off its annual Prime Day shopping event, a 48-hour sale of more than a million products that rivals Black Friday and Cyber Monday for U.S. retail influence. Amazon is Real Money's Stock of the Day.

Symantec (SYMC) - Get Report shares tumbled amid reports that chipmaker Broadcom (AVGO) - Get Report has walked away from takeover talks with the cybersecurity firm. CNBC said Broadcom was unwilling to extend any offer past $28 a share, a level that Symantec had insisted on in order to give what it viewed as a fair valuation to its overall business, which includes its Norton and LifeLock product suites. Shares of Symantec were down 10.7% to $22.84, while Broadcom was up 1% to $288.34.

Facebook (FB) - Get Report shares fell 0.5% to $203.91 following reports that Democratic lawmakers are planning legislation that would prevent tech companies from issuing digital currencies. Separately, Treasury Secretary Steven Mnuchin said during a press conference Monday that Facebook's proposed digital currency, Libra, "could be misused by money launderers and terrorist financiers."

Citigroup (C) - Get Report posted stronger-than-expected second-quarter profit. The third-largest U.S. bank booked an accounting gain on an investment in an electronic trading platform. The shares ended off slightly at $71.71. 

Boeing  (BA) - Get Report shares fell 1% to $361.61, while its European rival Airbus SE (EADSY)  rose 1.6% to $36.46, as investors reacted to news that American Airlines (AAL) - Get Report has extended cancellations of the grounded 737 MAX for a fourth time, taking the troubled aircraft out of commission until at least November.  

Amazon, Citibank, Goldman Sachs, JPMorgan Chase and Facebook are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells these stocks? Learn more now.

Hey, Canopy Growth...NFL Legend Says Small Cannabis Players Are Here to Stay