Here is what you need to know.
- Huawei says it’s ‘fully prepared’ for a conflict with the US. CEO Ren Zhengfei told Chinese media on Tuesday that a conflict with the US is inevitable as Huawei works toward becoming a global tech leader.
- Google puts Huawei’s Android suspension on hold.The decision comes after the US Department of Commerce granted Huawei a 90-day licence in order to help existing customers.
- The trade war could cause the biggest engine of the US economy to slow. “Confidence shocks matter,” Bank of America Merrill Lynch’s economists wrote. “Keep a close eye on confidence indicators. A protracted trade war could have a meaningful impact on consumer spending.”
- Tesla closes at a 2.5-year low. Shares fell by as much as 7.5% on Monday before closing down 2.7% at $US205.36 apiece, making for the lowest close December 2016.
- Ford is cutting 10% of its global workforce.The automaker is eliminating 7,000 white-collar jobs in a cost-cutting measure that will save $US600 million a year, AP reports.
- Slack changes its ticker ahead of its direct listing.The workplace-collaboration company will trade under the ticker WORK when it goes public via a direct listing in the coming weeks.
- Here are the 15 best-performing S&P 500 stocks this year. The S&P 500 has gained 14% in 2019, and these 15 stocks are leading the gains.
- Stock markets around the world were higher. China’s Shanghai Composite (+1.22%) was the standout in Asia and Germany’s DAX (+0.95%) is out front in Europe. The S&P 500 was set to open up 0.6% near 2,857.
- Earnings season rolls on. Home Depot, Kohl’s, and TJX report ahead of the opening bell while Nordstrom and Toll Brother’s release their results after markets close.
- US economic data trickles out. Existing home sales will be released at 10 a.m. ET. The US 10-year yield was little changed near 2.42%.
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