Here is what you need to know.
Leaked documents show China’s game plan to drive a wedge into Donald Trump’s base. China is using targeted tariffs to split “apart different domestic groups in the US,” according to leaked documents recovered by the censorship-monitoring site China Digital Times.
Australia’s central bank calls out US trade policy as a concern for the global outlook. “One uncertainty regarding the global outlook stems from the direction of international trade policy in the United States,” the Reserve Bank of Australia said in Tuesday’s statement as part of its decision to keep rates on hold.
The truck-driver shortage is getting worse, and everyone loses in the most likely outcome. Costs across the trucking industry are likely to continue rising and could reach a breaking point where shippers explore other options, Morgan Stanley says.
Tesla hits its Model 3 target but misses on total deliveries. Tesla gave up its early gains Monday and finished lower by 2.3% after announcing it met its goal of delivering 5,000 Model 3s in a week but fell short of Wall Street estimates on total deliveries.
Dell is about to be public again, but its CEO says there are no plans to merge with VMware. “I love VMware,” CEO Michael Dell told CNBC after announcing his company’s return to the public markets through a deal to buy DVMT, a stock that tracks VMware, a Dell Technologies subsidiary. “We want it to remain an independent public company. VMware is doing great.”
Nasdaq is going after CME Group in the bond market.Nasdaq is launching a new futures contract tied to US Treasurys that aims to take advantage of a $US1 trillion shift in the economy.
Glencore is being subpoenaed as part of a US Department of Justice money-laundering investigation. Shares of the commodities giant are down more than 12% in London on word its operations in Venezuela, Nigeria, and the Democratic Republic of Congo are being looked at as part of a money-laundering investigation.
US markets close early on Tuesday. Ahead of Independence Day, the New York Stock Exchange will close at 1 p.m. ET and the US Treasury market will close at 2 p.m. ET. Markets will remain closed Wednesday.
Stock markets around the world are mostly higher. China’s Shanghai Composite (+0.41%) led in Asia, and Germany’s DAX (+1.06%) is out front in Europe. The S&P 500 is set to open up 0.35% near 2,736.
Economic data keeps coming. Factory orders and durable goods will be released at 10 a.m. ET. US auto sales will be released throughout the day. The US 10-year yield is up 1 basis point at 2.88%.
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