Here is what you need to know.
- Boeing’s stock is set for a big drop. Shares were set to plunge 9% Monday morning, wiping out more than $US20 billion of market value, after China ordered the grounding of the 737 Max 8 jet following its second deadly crash in five months.
- Stocks were set for a mixed open. The S&P 500 was set to open up 0.25% near 2,750 Monday morning after Federal Reserve Chairman Jerome Powell reassured investors in a “60 Minutes” interview that the US economy was set for more growth and after China pledged more stimulus. The Dow, however, was set to open down 0.47% near 25,328 amid weakness from Boeing, the index’s biggest weighting.
- Nvidia is closing in on a deal for the chipmaker Mellanox Technologies. A $US7 billion deal, which would be Nvidia’s largest, could be announced as early as Monday morning, Reuters reports.
- Tesla makes a U-turn. In a blog post out Sunday evening, the electric-car maker said it wouldn’t close as many stores as originally planned and would raise vehicle prices by about 3%.
- Amazon shareholders shouldn’t be worried about Elizabeth Warren’s proposal to break up big tech – yet. “I think we’re a long way from that going from noise, and a political issue, to reality,” the UBS analyst Eric Sheridan told Business Insider.
- UK banks have been told to load up on safe assets ahead of Brexit. The Bank of England has told some UK lenders to triple their holdings of easy-to-sell assets in case of a catastrophic no-deal exit from the European Union.
- Traders are making the same mistake they did before the past 2 crashes. “The next couple of years are likely to include several breathtaking waterfall declines, and several more ‘fast, furious, prone-to-failure’ clearing rallies,” says John Hussman, the former economics professor who is president of the Hussman Investment Trust. “The next couple of years are likely to include several breathtaking waterfall declines, and several more ‘fast, furious, prone-to-failure’ clearing rallies.”
- Economists are having a rough time predicting the jobs report. A bizarre series of events has caused economic forecasters to be their most inaccurate in more than 2 1/2 years in their jobs-report predictions.
- Earnings reporting is light. Casey’s General Stores and Stitch Fix report after the closing bell.
- US economic data tickles out. Retail sales will cross the wires at 8:30 a.m. ET. The US 10-year yield was up 1.8 basis points near 2.65%.
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