1. Trump tariff threat: Global stock markets plunged and oil prices fell after President Donald Trump threatened to hike tariffs on Chinese goods. The move could reignite a trade conflict between the world's two largest economies following months of relative calm in the markets and solid returns for investors.
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| Where U.S. stocks are heading | | Dow
Futures | | Nasdaq
Futures | | S&P
Futures | | -501.00 | | -173.00 | | -52.00 | | -1.89% | | -2.20% | | -1.76% | | | |
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| | | Japan | | China | | U.K. | | Nikkei 225 | | Shanghai Composite | | FTSE 100 | | -48.85 | | -171.87 | | +29.33 | | 22,258.73 | | 2,906.46 | | 7,380.64 | | -0.22% | | -5.58% | | +0.40% | | | |
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| Biggest Winners | | Newmont Goldcorp Corp | +0.93% | | | | Mattel Inc | +0.75% | | | | Occidental Petroleum Corp | +0.53% | | | | Franklin Resources Inc | +0.03% | | | Biggest Losers | | NVIDIA Corp | -5.36% | | | | Advanced Micro Devices Inc | -5.10% | | | | Micron Technology Inc | -4.68% | | | | Western Digital Corp | -4.53% | | | | | | | | |
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| News: What you need to know about the markets | | | | | | | Stocks fall after Trump threat; Oil drops; Occidental presses | | By Charles Riley, CNN Business | | | | 1. Trump tariff threat: Global stock markets plunged and oil prices fell after President Donald Trump threatened to hike tariffs on Chinese goods. | | | | The move could reignite a trade conflict between the world's two largest economies following months of relative calm in the markets and solid returns for investors. | | | | US stock futures were sharply lower. S&P 500 futures dropped 1.7%, Dow futures were down 1.8% and Nasdaq futures were off 2.2%. Losses for US crude oil futures exceeded 2%. | | | | Trump risked derailing trade talks scheduled for this week by warning on Sunday that he could increase tariffs on $200 billion of Chinese goods to 25% from 10% from Friday. | | | | China's Shanghai Composite plunged 5.6%, while the Shenzhen Composite, which includes many of the country's tech companies, shed 7.4%. The Hang Seng declined 3% in Hong Kong. | | | | European markets opened with losses. In export-driven Germany, the DAX was down 1.6% in early trading. Losses on France's CAC 40 approached 2%. | | | | Kit Juckes, a strategist at Societe Generale, said trade experts were unsure how to interpret Trump's threat. | | | | "Is he trying to apply pressure to get a deal done this week? And if so, will this work, or will it backfire?" Juckes asked. "It's in both US and Chinese interests to get a deal done." | | | | 2. Occidental offer: Occidental Petroleum has sweetened its offer for Anadarko Petroleum, the latest development in its battle with Chevron for prized US shale assets. | | | | The revised offer hikes the amount of cash included in the $76 per share offer to $59. | | | | Occidental was backed last week by Berkshire Hathaway's Warren Buffett, who invested $10 billion in the company to help finance its takeover of Anadarko. | | | | Vicki Hollub, the CEO of Occidental, increased pressure on Anadarko in a letter to its board of directors dated Sunday. | | | | "We remain perplexed at your apparent resistance to obtaining far more value for Anadarko shareholders which has been expressed clearly through our interactions over the last week," she wrote. | | | | The bidding war for Anadarko reflects an intense desire by US oil companies to acquire America's best shale assets. Occidental is already the No. 1 oil producer in the vast Permian Basin. | | | | Occidental reported Monday that its net income in the first quarter was $631 million, a decline of 11% from the final three months of 2018. | | | | 3. Global market overview: The Dow closed up 0.8% on Friday after another solid US jobs report. The S&P 500 added 1.0%, while the Nasdaq gained 1.6% to close at a record high. | | | | Before the Bell newsletter: Key market news. In your inbox. Subscribe now! | | | | 4. Earnings and economics: Sysco and Tyson Foods will release earnings before the opening bell. | | | | Del Taco and Hertz Global will follow after the close. | | | | | | | |
| | | | | | Monday �� Sohn Investment Conference; Occidental Petroleum earnings
Tuesday — US JOLTS; Anheuser-Busch InBev earnings; Papa John's earnings
Wednesday — SALT Conference; GE annual meeting
Thursday — SALT Conference; China consumer price inflation; US jobless claims and trade data for March, Ford annual meeting
Friday — US consumer price inflation; UK GDP; Marriott earnings | | | | | | | |
| Key Market Stats | Latest | Today's Change | | | Oil | $61.19 | -0.75 / -1.21% | | | Gold | $1,282.90 | +1.60 / +0.12% | | | 10-yr | 2.53% | -0.02 | | | Euro | $1.12 | +0.00 / +0.06% | | | |
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