Here is what you need to know.
The Dow closes in record territory for a 9th straigth day. During its winning streak, the Dow Jones industrial average has tacked on 2.8%.
China’s trade surplus swells. Imports rose 11% in US dollar terms versus a year ago while exports jumped 7.2%, causing China’s trade surplus to swell to $US46.74 billion, ahead of the $US46.08 billion that economists were anticipating.
China has suddenly stopped buying foreign property. Morgan Stanley estimates Chinese investment in global foreign property was $US1.7 billion this year, down 84% from 2016’s $US10.6 billion.
Bitcoin put in another record high. The cryptocurrency hit a record high of nearly $US3,500 a coin on Tuesday.
Jack Ma has been dethroned as China’s richest man. Alibaba CEO Jack Ma ($US35.6 billion) has been passed by Pony Ma ($US36.2 billion), the founder and CEO of internet company Tencent, according to Forbes’ billionaires list.
Avis Budget misses big on earnings. The rental car company earned $US0.30 a share, missing the Wall Street estimate of $US0.52 by a wide margin.
McDonald’s plans to nearly double its footprint in China. The fast-food giant plans to increase its number of stores on mainland China to 4,500 by the end of 2022, up from its current total of 2,500, Reuters says.
Stock markets around the world trade mixed. Australia’s ASX (-0.42%) lagged overnight and Germany’s DAX (+0.06%) clings to gains in Europe. The S&P 500 is on track to open lower by 0.10% near 2,478.
Earnings reporting remains heavy. CVS, Mallinckrodt, and Valeant report ahead of the opening bell while Hertz and Zillow release their quarterly results after markets close.
US economic data is light. JOLTS Job Openings will be released at 10 a.m. ET. The US 10-year yield is up 1 basis point at 2.26%.
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