1. China stimulus: China is freeing up more than $100 billion to help its economy, which is facing fears of a slowdown and an escalating trade war. The country's central bank said late Sunday that it is set to release as much as 700 billion yuan ($107 billion) into the financial system by reducing the amount of deposits that most commercial banks are required to hold.
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| Where U.S. stocks are heading | | Dow
Futures | | Nasdaq
Futures | | S&P
Futures | | -196.00 | | -68.25 | | -18.75 | | -0.80% | | -0.94% | | -0.68% | | | |
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| | | Japan | | China | | U.K. | | Nikkei 225 | | Shanghai Composite | | FTSE 100 | | -178.68 | | -30.42 | | -83.41 | | 22,338.15 | | 2,859.34 | | 7,598.86 | | -0.79% | | -1.05% | | -1.09% | | | |
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| | | Biggest Winners | | Campbell Soup Co | +7.51% | | | | Tapestry Inc | +0.55% | | | | BorgWarner Inc | +0.42% | | | | Exxon Mobil Corp | +0.23% | | | Biggest Losers | | MSCI Inc | -2.48% | | | | Intel Corp | -2.38% | | | | Adobe Systems Inc | -2.06% | | | | NVIDIA Corp | -1.87% | | | | | | | |
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| News: What you need to know about the markets | | | | | | | China stimulus; Turkey reaction; Oil after OPEC | | By Alanna Petroff | | | | 1. China stimulus: China is freeing up more than $100 billion to help its economy, which is facing fears of a slowdown and an escalating trade war. | | | | The country's central bank said late Sunday that it is set to release as much as 700 billion yuan ($107 billion) into the financial system by reducing the amount of deposits that most commercial banks are required to hold. | | | | The move to cut the requirement by half a percentage point comes as the Chinese government is dealing with an emerging trade war with the United States and concerns its economy is weakening faster than expected. | | | | 2. Turkey reaction: Currency traders are focused on the Turkish lira after President Recep Tayyip Erdogan emerged victorious in a high-stakes election on Sunday. | | | | The lira surged by as much as 3% on Monday. | | | | The struggling currency's rally could be brief. Erdogan unnerved investors during the campaign by suggesting he would seek to influence monetary policy. | | | | "All eyes will now be on Erdogan's appointment of ministers and markets will be watch closely if pragmatic reformists are appointed," said Paul Greer, a portfolio manager at Fidelity International. | | | | 3. Oil remains elevated: US crude futures were trading at nearly $69 per barrel after OPEC and other major producers, including Russia, pledged to increase production. | | | | OPEC and its allies are targeting a production increase of up to 1 million barrels a day. But some cartel members will struggle to increase their output. | | | | Oil analysts are worried that the additional supply won't be enough to satisfy rising global demand. | | | | 4. Stock market overview: There's a negative mood in the markets thanks to continued fears over trade. | | | | US stock futures declined ahead of the open. | | | | Many European markets dropped in early trading. Asian markets ended the day with losses, with many down by more than 1%. | | | | The Dow Jones industrial average gained 0.5% on Friday, but still posted a loss of 2% for the week. The S&P 500 and Nasdaq both shed nearly 1% last week. | | | | Before the Bell newsletter: Key market news. In your inbox. Subscribe now! | | | | 5. Earnings and economics: Carnival will report earnings before the opening bell. The US Census Bureau will publish May data on new home sales. | | | | Markets Now newsletter: Get a global markets snapshot in your inbox every afternoon. Sign up now! | | | | | | | |
| | | | | | Monday — Carnival earnings
Tuesday — Walgreens will officially replace General Electric on the Dow; US Consumer Confidence Index released for June
Wednesday — Bed Bath & Beyond, General Mills, Rite Aid earnings
Thursday — Nike, Walgreens Boots Alliance earnings; Foxconn breaks ground in Wisconsin; Federal Reserve releases bank stress test results
Friday — The White House plans to announce proposed restrictions on Chinese investments in the United States | | | | | | | |
| Key Market Stats | Latest | Today's Change | | | Oil | $68.73 | +0.15 / +0.22% | | | Gold | $1,270.80 | +0.10 / +0.01% | | | 10-yr | 2.90% | 0.00 / 0.00% | | | Euro | $1.16 | -0.00 / -0.11% | | | |
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