Here is what you need to know.
- Cyber Monday 2018 is forecast to be the biggest online-shopping day in US history. Sales are expected to hit $US7.8 billion, up 18% versus a year ago, according to Adobe Analytics.
- Amazon is gaining ground. Shares of the e-ecommerce behemoth are up 2.6% at $US1,541 apiece ahead of Monday’s opening bell. They are down more than 26% from their September peak.
- Elon Musk says Tesla was near death during its Model 3 ‘production hell.’Musk told Axios in an interview broadcast Sunday evening on HBO that Tesla was “bleeding money like crazy,” and that the haemorrhaging of cash got to the point where it was “single-digit weeks” from death.
- The stock market is flashing some terrifying parallels to the tech bubble. The Popular/Panned (PP) ratio, which looks at the performance of tech stocks (the popular group) relative to utilities (the panned area), eerily mirrors the reckoning that led up to the dotcom crash.
- Bitcoin is below $US4,000. The largest cryptocurrency by market value touched a low of $US3,675 Monday, its weakest since September 2017.
- Ohio is becoming the first state to accept bitcoin for taxes. Ohio businesses will be able to pay 23 types of taxes with bitcoin, including sales taxes and witholdings taxes, according to a report out Sunday from The Wall Street Journal.
- Feuding UK politicians aren’t united enough to torpedo Theresa May’s Brexit deal. Adrian Paul, a Goldman Sachs European economist says an “uneasy alliance” of MPs who currently oppose the UK’s deal to leave the EU will ultimately ratify it, perhaps on a second vote.
- Stock markets around the world are higher. Hong Kong’s Hang Seng (+1.73%) led the gains in Asia and Germany’s DAX (+1.17%) is out front in Europe. The S&P 500 is set to open up 1.08% near 2,661.
- US economic data trickles out. Dallas Fed manufacturing crosses the wires at 10:30 a.m. ET. The US 10-year yield is up 2 basis points at 3.06%.
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