10 things you need to know before the opening bell (SPY, SPX, QQQ, DIA, UBER, LYFT, DIS)
Here is what you need to know.
- Details on the next round of tariffs are coming. The Trump administration on Monday is expected to release details on a new round of tariffs it might impose on $300 billion worth of Chinese goods, Bloomberg says.
- Stocks are under pressure. The S&P 500 is set to open down 1.08% near 2,850. Overnight, China's Shanghai Composite (-1.2%) led the losses in Asia, and Germany's DAX (-0.7%) paced the decline in Europe.
- Saudi energy minister says 2 oil tankers were attacked in UAE waters. The two tankers were attacked off the coast of Fujairah at 6 a.m. local time, Saudi Arabia's energy minister, Khalid al-Falih, told the state-owned Saudi Press Agency. There were no spills or injuries, but the vessels were said to be severely damaged.
- Oil jumps. West Texas Intermediate crude oil was up 1.2% at $62.45 a barrel.
- Bitcoin soars above $7,000. The cryptocurrency was up 12.75% from Friday's closing price, trading near $7,100 a coin. It has gained 93% this year.
- Uber suffers the biggest first-day dollar loss in US IPO history. Uber investors who got in at the initial-public-offering price of $45 a share suffered a cumulative loss of $655 million on Friday.
- Unprofitable companies like Uber and Lyft are rushing to go public, and it could throw the market off track. "If underperformance of these blockbuster listings becomes the straw that breaks the unicorns' backs, the bull market could feel the pain," said Michael Arone, the chief investment strategist for State Street Global Advisors' US SPDR business.
- There are 360 ways to add Uber to FAANG. Check them all out.
- 'Avengers' is now the 3rd-highest grossing movie in US box-office history. Disney's "Avengers: Endgame" raked in $63.1 million at the US box office this weekend, running its domestic total to $724 million.
- Earnings season rolls on. Take-Two Interactive and Tencent Music report after the closing bell.
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