10 things you need to know before the opening bell
Here is what you need to know.
- Trump threatens to raise tariffs on $325 billion of Chinese goods. "For 10 months, China has been paying Tariffs to the USA of 25% on 50 Billion Dollars of High Tech, and 10% on 200 Billion Dollars of other goods," President Donald Trump tweeted on Sunday. "These payments are partially responsible for our great economic results. The 10% will go up to 25% on Friday. 325 Billions Dollars of additional goods sent to us by China remain untaxed, but will be shortly, at a rate of 25%.
- China could cancel trade talks with the US. Chinese Vice Premier Liu He could cancel this week's trip to Washington after Trump's threat to hit Chinese goods with higher tariffs, according to multiple reports.
- Stocks are getting slammed. China's Shanghai Composite plunged 5.58% and the Euro Stoxx 50 was down 2%. The S&P 500 is set to open lower by 1.7% near 2,895, which would be its lowest print since April 18.
- The Chinese yuan tumbles. The onshore Chinese yuan plunged by as much as 1.29% to a low of 6.8218 per dollar late Sunday evening. It's currently trading down 0.53% near 6.7810.
- Stocks are 'entering the danger zone.' Vincent Deluard, a macro strategist at INTL FCStone, gives four reasons why the stock market could plunge in May.
- Berkshire Hathaway holds its annual meeting. Warren Buffett and Charlie Munger answered shareholders' questions on topics ranging from Wells Fargo to bitcoin. Here are the biggest things you missed.
- Boeing says it made a key alert signal optional on 737 Max planes. The planemaker admitted on Sunday that a key alert system linked to faulty sensors was sold as an optional feature on 737 Max planes. Shares were down more than 3% ahead of Monday's opening bell.
- Occidental Petroleum tweaks its bid for Anadarko. The $76 a share offer will now include $59 of cash, The Wall Street Journal reports.
- 'Avengers: Endgame' has another big weekend. Disney's blockbuster movie has raked in more than $2 billion at the global box office in just 11 days, making it the second-highest grossing movie of all-time.
- Earnings reporting is light. AIG reports after the closing bell.