Here is what you need to know.
Trump slams China with tariffs on $US200 billion worth of goods. President Donald Trump on Monday ordered the US trade representative to impose tariffs of 10% on another $US200 billion worth of Chinese goods, meaning more than half of all goods coming into the US from China will be subject to the duties.
China says it has ‘no choice’ but to retaliate. “In order to safeguard its legitimate rights and interests and the global free trade order, China will have to retaliate as a response,” a statement from China’s Ministry of Commerce said.
Wall Street bankers are getting paid the most of any time since the financial crisis. Average Wall Street pay rose 13% in 2017 to $US422,500, according to the New York state comptroller, Thomas DiNapoli.
Saudi Arabia invests in a Tesla rival. The kingdom’s Public Investment Fund on Monday announced a $US1 billion investment in Tesla’s rival Lucid Motors.
Coca-Cola is reportedly eyeing a deal with one of Canada’s biggest cannabis producers. Coca-Cola has been in talks with Aurora Cannabis to produce drinks infused with CBD, one of the nonpsychoactive compounds found in cannabis, Bloomberg reported Monday.
The owner of MoviePass wants to do another massive reverse stock split. Helios & Matheson is expected to propose a 1-for-500 reverse stock split at a special shareholder meeting next month in an attempt to keep shares listed on the Nasdaq. MoviePass’ parent company engineered a 1-for-250 reverse stock split in August.
Oracle drops after missing on cloud revenue. Shares fell more than 5% in after-hours trading Monday after the business-software maker said revenue from its cloud services and licence support unit was up 3.2% to $US6.61 billion in its fiscal first quarter, missing the $US6.71 billion that was expected by analysts surveyed by Reuters.
Stock markets around the world are higher. China’s Shanghai Composite (+1.82%) paced the gains in Asia, and Germany’s DAX (+0.31%) is out front in Europe. The S&P 500 is set to open up 0.26% near 2,896.
Earnings reports trickle out. AutoZone and General Mills report ahead of the opening bell.
US economic data is light. The NAHB Housing Market Index will be released at 10 a.m. ET. The US 10-year yield is up 1 basis point at 3%.
Business Insider Emails & Alerts
Site highlights each day to your inbox.