| | | | | | | | 10 Things Before the Opening Bell | |
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Here is what you need to know. - A US recession could happen before next spring. "Recent conversations with investors have reinforced the sense that markets are underestimating the impact of trade tensions," Morgan Stanley's chief economist, Chetan Ahya, wrote. "Investors are generally of the view that the trade dispute could drag on for longer, but they appear to be overlooking its potential impact on the global macro outlook."
- Venezuela's inflation data is released for the first time in 3 years. Official data released Monday showed consumer prices in Venezuela rocketed higher by more than 130,000% last year.
- A crypto pioneer spends $4.6 million on lunch with Warren Buffett. Justin Sun, the founder of the cryptocurrency tron, said he would invite other blockchain industry leaders to the charity lunch with the goal of changing Buffett's mind about the technology.
- Facebook investors vote to oust Mark Zuckerberg as chairman, but it doesn't matter. Results from Facebook's shareholder meeting showed 68% of outside investors wanted Zuckerberg replaced as chairman, but the proposal didn't pass because the CEO has voting control of the company.
- Big tech gets wrecked. Facebook, Google, and Amazon all shed 4.5% to 7.5% on Monday after multiple reports suggested some of the biggest names in tech were being looked at over antitrust concerns.
- Beyond Meat sinks after Nestle enters the veggie-burger space. Shares of the plant-based-burger maker Beyond Meat slid more than 7% on Monday after Nestle said its Sweet Earth brand would lunch a veggie burger in the fall.
- 4 stock-market trends are confirming a recession signal that hasn't failed for the past 50 years. The action in small-cap, semiconductor, tech, and South Korean stocks suggests investors should not ignore the inverted yield curve, says Lisa Shalett, the chief investment officer of Morgan Stanley Wealth Management.
- Stock markets around the world are mixed. China's Shanghai Composite (-0.96%) trailed in Asia, and Germany's DAX (+0.94%) was out front in Europe. The S&P 500 was set to open up 0.68% near 2,763.
- Earnings reporting is light. Tiffany reports ahead of the opening bell, while GameStop and Salesforce.com release their quarterly results after markets close.
- US economic data flows. Factory orders and durable-goods orders will be released at 10 a.m. ET. The US 10-year yield is up 3.3 basis points at 2.10%.
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