10 things you need to know before the opening bell
Here is what you need to know.
1. Hong Kong protests are continuing. Around 2 million protesters gathered on Monday to call for the territory's chief executive to withdraw a controversial extradition bill and resign.2. The Federal Reserve will meet on Tuesday. Investors are hoping the central bank will use the meeting to signal its intention to cut rates in the coming months.
3. Huawei is getting hammered. The Chinese tech giant is forecasting a 40% drop in smartphone sales after it was blacklisted by the US government.
4. India slaps tariffs on US goods. After Washington withdrew key trade privileges, India retaliated with higher duties on 28 US products including almonds, apples, and walnuts.
5. Lufthansa stock is tanking. Shares in the German airline plunged 11% after it issued a profit warning, saying its Eurowings unit is likely to suffer from intense competition in the budget airline industry.
6. Apple CEO Tim Cook criticized Silicon Valley for its lack of responsibility. "Lately, it seems this industry is becoming better known for a less noble innovation: the belief that you can claim credit without accepting responsibility," Cook said in a commencement speech at Stanford University, in reference to the tech sector.
7. South America experienced a massive power cut. More than 48 million people across Argentina, Uruguay, Brazil, and Paraguay were left in the dark.8. Deutsche Bank is planning an overhaul. The bank will reportedly gut its US equity and trading units as part of plan to create a €50 billion non-core asset unit or "bad bank." The stock rose 3%.
9. Boeing CEO admits "mistake" with 737 Max. Ahead of the Paris Air Show, Boeing CEO Dennis Muilenberg said the aviation giant made mistakes in their handling of a safety feature implicated in two deadly crashes that were "not acceptable."
10. UBS lost out on a major bond deal after "pig" comments. The Swiss bank was excluded from a billion-dollar bond sale by the China Railway Construction Corporation after its global chief economist used the phrase "Chinese pig" while talking about swine fever and inflation.