The Dow ekes out a gain after surrendering 300 points in the final hour of trading

Markets Insider

US stocks surged early, but struggled to hold onto their gains. The Dow Jones industrial average nearly erased its 400-point gain, finishing higher by just 46 points, or 0.19%.

Here’s the scoreboard:

Dow Jones Industrial Average: 23,979.10 +46.34 (+0.19%)

S&P 500: 2,614.13 +9.66 (+0.37%)

AUD/USD: 0.7701 +0.0024 (+0.29%)

ASX 200 SPI futures: 5,784.5 +47.5 (+0.83%)

  1. The US deficit is expected to surpass $1 trillion by 2020, according to Congressional Budget Office data, which is two years earlier than previously thought. The Republican tax overhaul and spending increases will boost growth in the near-term, the data suggested, but could slow to a sluggish 1.80% in two years.
  2. Still, many tech stocks climbed their way out of last week’s rout. Shares of Google and Apple were up about 1%.
  3. Russian stocks dropped the most in four years, and the ruble was down more than 3% versus the dollar. The Trump administration announced sanctions against Russian government officials, seven oligarchs with ties to the Kremlin, and the state-owned trading company Rosoboronexport, sending Russia’s stock market down more than 8%.
  4. Congress released the testimony of Mark Zuckerberg, who will go before US legislators this week.Shares of Facebook gained 0.34%. Despite a major data breach scandal, users don’t seem to be leaving the platform.
  5. Tesla fell below the key $300 level, signaling possible trouble ahead. Shares slid more than 3%.

Here is Tuesday’s economic calendar:

  • Reserve Bank of Australia Governor will give a speech.
  • US producer prices will be released at 8:30 a.m. ET.
  • Facebook CEO Mark Zuckerberg will testify before two Senate committees.