A high school basketball coach speaks to his team before a game on the Cheyenne River Reservation in Eagle Butte, South Dakota. Reuters/Stephanie Keith
Here is what you need to know.
- The US indicts Huawei and its CFO. The Chinese tech giant Huawei and CFO Meng Wanzhou on Monday were charged with bank and wire fraud in a crackdown on the company which is required to aid China's Communist Party upon request.
- We now know the damage the government shutdown caused to the US economy. The shutdown cost the US economy $3 billion that it'll never recover, according to an estimate from the Congressional Budget Office.
- The housing market isn't as bad as it seems. "Don't believe the narratives of a housing collapse," Bank of America Merrill Lynch economists led by Michelle Meyer told clients in a recent note. "The sector is challenged but should only be a slight drag on growth.
- The Fed meets. The Federal Reserve kicks off a two-day meeting Tuesday. The central bank is expected to keep interest rates on hold, but traders will be looking for clues as to when the next rate hike may occur
- The co-chief investment officer at the world's biggest hedge fund says the US economy is headed for '20 years of ugliness.' Bob Prince, the co-chief investment officer at Bridgewater Associates - the world's biggest hedge fund by assets- sat down with Business Insider CEO Henry Blodget and explained why the US economy's next set of problems will be different from the 2008 financial crisis.
- PG&E files for bankruptcy. The embattled California utility filed for Chapter 11 bankruptcy protection Tuesday morning as it faces $30 billion in fire costs.
- Nvidia gets slammed after warning about soft conditions in China. Nvidia shares plunged nearly 14% Monday after CEO Jensen Huang said declining macroeconomic conditions, particularly in China, hurt demand for his company's gaming graphics processing units.
- Stock markets around the world were mixed. Hong Kong's Hang Seng (-0.16%) led the losses in Asia and Britain's FTSE (+1.37%) was out front in Europe. The S&P 500 was set to open little changed near 2,642.
- Earnings reporting picks up. 3M, Harley-Davidson, Lockheed Martin, Pfizer, and Verizon report ahead of the opening bell while AMD and Apple release their quarterly results after markets close.
- US economic data is expected to be heavy. The government continues to get back up to speed following the shutdown.