1. Elon Musk vs. the SEC: Tesla CEO Elon Musk is in trouble again because of something he said on Twitter. The US Securities and Exchange Commission on Monday asked a federal judge to hold Musk in contempt for violating a settlement deal reached with the powerful regulator last year.
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| Where U.S. stocks are heading | | Dow
Futures | | Nasdaq
Futures | | S&P
Futures | | -89.00 | | -21.25 | | -6.00 | | -0.34% | | -0.30% | | -0.21% | | | |
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| | | Japan | | China | | U.K. | | Nikkei 225 | | Shanghai Composite | | FTSE 100 | | -78.84 | | -19.77 | | -75.26 | | 21,449.39 | | 2,941.52 | | 7,108.48 | | -0.37% | | -0.67% | | -1.05% | | | |
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| Biggest Winners | | Mosaic Co | +5.13% | | | | Macy's Inc | +2.91% | | | | TechnipFMC PLC | +1.57% | | | | Qualcomm Inc | +0.38% | | | Biggest Losers | | Caterpillar Inc | -3.37% | | | | Home Depot Inc | -2.36% | | | | General Electric Co | -2.22% | | | | ONEOK Inc | -1.74% | | | | | | | | |
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| News: What you need to know about the markets | | | | | | | Elon Musk and the SEC; Oil stabilizes; Brexit endgame? | | By Charles Riley, CNN Business | | | | 1. Elon Musk vs. the SEC: Tesla CEO Elon Musk is in trouble again because of something he said on Twitter. | | | | The US Securities and Exchange Commission on Monday asked a federal judge to hold Musk in contempt for violating a settlement deal reached with the powerful regulator last year. | | | | The SEC said that Musk violated the agreement by tweeting inaccurate information about Tesla production levels on February 19 without first seeking approval from his lawyers. | | | | Tesla shares were 3.6% lower in premarket trade. | | | | Musk showed no signs of contrition, firing back at the SEC in a tweet that sought to explain away his actions. The CEO has previously disparaged the settlement and said he doesn't "respect" the SEC. | | | | The episode is bound to raise more questions about the management of Tesla and Musk's leadership. | | | | The billionaire stepped down as chairman of Tesla last year as part of the settlement agreed after the SEC accused him of misleading investors with tweets about taking the carmaker private. | | | | Tesla also agreed to appoint two new independent directors to its board and establish a committee to oversee Musk's communications. | | | | 2. Oil markets: Crude oil prices stabilized on Tuesday after losing more than 3% in the previous trading session. | | | | US crude oil futures slipped a little to around $55 per barrel. The price of Brent crude, the global benchmark, gained slightly to trade near $65. | | | | Crude prices tanked on Monday after President Donald Trump called on OPEC to "take it easy." | | | | "Oil prices getting too high," Trump said on Twitter. "OPEC, please relax and take it easy. World cannot take a price hike - fragile!" | | | | 3. Brexit moves: Two significant Brexit developments have pushed the pound well above $1.31 to its highest level in a month. | | | | Media reports suggest that Prime Minister Theresa May is preparing to rule out the possibility of Britain leaving the European Union on March 29 without a deal to protect trade. If she's unable to win parliamentary approval for the divorce deal she negotiated, she would seek to delay Brexit instead. | | | | The pound also got a boost after the country's main opposition party said it would back a second referendum if its Brexit proposals are rejected by parliament later this week. | | | | Both moves should help reassure investors and companies that are worried about a disorderly Brexit. Kit Juckes, a currency strategist at Societe Generale, said the pound could strengthen to $1.40 if that outcome is avoided. | | | | 4. Global market overview: US stock futures were higher. Stocks in Asia closed with losses, while European markets opened lower. | | | | The Dow closed up 0.2% on Monday. The S&P 500 added 0.1% and the Nasdaq gained 0.4%. | | | | 5. Earnings and economics: Investors will turn their attention on Tuesday to Capitol Hill, where Federal Reserve Chairman Jerome Powell is testifying before the Senate Banking Committee. | | | | The US Census Bureau will release housing starts data for December at 8:30 a.m. ET. | | | | Autozone, Home Depot, JM Smucker, LendingTree, Macy's, Shutterstock and Thomson Reuters will release earnings before the open. Papa John's and TiVo will follow after the close. | | | | Investor expectations are high for the retailers. The US economy is strong and retailers make an outsized chunk of their sales during the holiday stretch. | | | | Before the Bell newsletter: Key market news. In your inbox. Subscribe now! | | | | | | | |
| | | | | | Tuesday — Home Depot, Macy's, Papa John's and JM Smucker earnings, Powell appears before the Senate Banking Committee
Wednesday — Lowe's, Best Buy and Campbell Soup earnings, Powell appears before House Financial Services Committee
Thursday — GDP report, JCPenney, PG&E, Gap, Nordstrom and Anheuser-Busch earnings
Friday — Marriott earnings | | | | | | | |
| Key Market Stats | Latest | Today's Change | | | Oil | $55.44 | -0.04 / -0.07% | | | Gold | $1,328.20 | -1.30 / -0.10% | | | 10-yr | 2.67% | +0.02 | | | Euro | $1.14 | -0.00 / -0.03% | | | |
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