Here is what you need to know.
- The UK is at a Brexit deadlock. Members of Parliament on Monday rejected plans to remain in the European Union Customs Union, to remain in the European Single Market, to hold a second referendum on Brexit, and to revoke Article 50, meaning the UK is on track to leave the EU without a deal on April 12.
- Saudi Aramco is printing money. The Saudi oil giant made $US111.1 billion last year, more than Apple, Amazon, and Alphabet combined, according to Moody’s.
- Bitcoin shoots above $US5,000. The cryptocurrency gained as much as 23% Tuesday morning, climbing above the $US5,000 mark for the first time since November. It’s since given up a portion of its gains and was trading up 16% near $US4,774.
- Tech stocks are headed for a rude awakening.“Despite a higher rate of companies missing EBIT margin estimates in 4Q amid slowing demand, management teams have remained positive,” said Mike Wilson, Morgan Stanley’s US equity strategist. “It would seem to us that management teams are not yet acknowledging a rising risk of margins disappointing.”
- The FAA expects a Boeing 737 Max fix in the next few weeks.“The FAA will not approve the software for installation until the agency is satisfied with the submission,” the Federal Aviation Administration said Monday.
- Lyft sinks below its IPO price. Shares plunged nearly 12% on Monday to $US69.01 apiece, finishing well below Friday’s initial public offering price of $US72.
- Slack is reportedly going to direct list on the New York Stock Exchange. The workplace-messaging platform is said to be planning an NYSE debut in June or July, The Wall Street Journal says.
- Stock markets around the world were mostly higher. Hong Kong’s Hang Seng (+0.21%) paced the gains in Asia and Britain’s FTSE (+0.6%) was out front in Europe. The S&P 500 was set to open little changed near 2,866.
- Earnings reporting is light. Walgreens Boot Alliance reports ahead of the opening bell and GameStop releases its quarterly results after markets close.
- US economic data keeps coming. Durable goods orders will be released at 8:30 a.m. ET and US auto sales will cross the wires throughout the day. The US 10-year yield was down 2.9 basis points at 2.47%.
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