Here is what you need to know.
- The US indicts Huawei and its CFO. The US on Monday charged the Chinese tech giant Huawei and its CFO, Meng Wanzhou, with bank and wire fraud.
- We may know the damage the government shutdown caused to the US economy. An early estimate from the Congressional Budget Office concluded that the partial government shutdown cost the US economy $US3 billion that it’d never recover.
- The housing market isn’t as bad as it seems.“Don’t believe the narratives of a housing collapse,” Bank of America Merrill Lynch economists led by Michelle Meyer told clients in a recent note. “The sector is challenged but should only be a slight drag on growth.”
- The Fed meets. The Federal Reserve kicks off a two-day meeting Tuesday. The central bank is expected to keep interest rates on hold, but traders will be looking for clues as to when the next rate hike may occur.
- The cochief investment officer at the world’s biggest hedge fund says the US economy is headed for ’20 years of ugliness.’ Bob Prince, the cochief investment officer at Bridgewater Associates – the world’s biggest hedge fund by assets- sat down with Business Insider CEO Henry Blodget and explained why the US economy’s next set of problems would be different from those of the 2008 financial crisis.
- PG&E files for bankruptcy. The embattled California utility filed for Chapter 11 bankruptcy protection Tuesday morning as it faces $US30 billion in fire costs.
- Nvidia gets slammed after warning about soft conditions in China. Nvidia shares plunged nearly 14% Monday after CEO Jensen Huang said declining macroeconomic conditions, particularly in China, hurt demand for his company’s gaming graphics processing units.
- Stock markets around the world were mixed. Hong Kong’s Hang Seng (-0.16%) led the losses in Asia, and Britain’s FTSE (+1.37%) was out front in Europe. The S&P 500 was set to open little changed near 2,642.
- Earnings reporting picks up. 3M, Harley-Davidson, Lockheed Martin, Pfizer, and Verizon report ahead of the opening bell while AMD and Apple release their quarterly results after markets close.
- US economic data is expected to be heavy. The government continues to get back up to speed following the shutdown.
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