Updated from 6 a.m. EST
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Here are five things you must know for Monday, Jan. 30:
1. -- U.S. stock futures fell, European stocks declined and Asian shares finished mostly lower Monday as investors reacted with increasing concern to the immigration ban introduced by Donald Trump.
The dollar fell against the yen following an executive order from the president that placed a 90-day ban on travel to the U.S. by citizens of Iraq, Syria, Iran, Sudan, Libya, Somalia and Yemen.
The ban drew huge protests in a number of U.S. cities over the weekend and had many investors reassessing the impact of other potential Trump policy decisions.
"World leaders were quick to condemn President Trump's executive order to ban U.S. travel from seven Muslim countries. The global reaction has been one of universal condemnation," Stephen Innes, a senior trader at OANDA, wrote in a commentary, the Associated Press reported. "The increase in civil unrest alone should be a concern for investors, and with a lack of clarity on the economic policy front, markets will be cantankerous early in the week as they're completely uncertain of what's next from President Trump on the geopolitical landscape."
The economic calendar in the U.S. on Monday includes Personal Income and Personal Spending for December at 8:30 a.m. EST and Pending Home Sales for December at 10 a.m.
2. -- Starbucks (SBUX) - Get Report CEO Howard Schultz, in response to the travel ban instituted by the Trump administration, said the coffee giant is developing plans to hire 10,000 refugees over the next five years across the 75 countries where it does business.
Starbucks will begin its hiring focus in the U.S. -- sending a clear message to Trump -- via those people who have served with U.S. troops as interpreters and support personnel in various countries where U.S. forces have sought support.
"I write to you today with deep concern, a heavy heart and a resolute promise," Schultz said in a new blog post on Sunday. He added, "We are living in an unprecedented time, one in which we are witness to the conscience of our country, and the promise of the American Dream, being called into question."
Starbucks shares fell slightly in premarket trading.
Apple CEO Tim Cook issued a letter, which was obtained by CNN, reacting to what he called "deep concerns" among employees. He assured workers that Apple doesn't support Trump's policy and the company is prepared to lend them aid.
"Apple would not exist without immigration, let alone thrive and innovate the way we do," Cook said.
3. -- Toyota (TM) - Get Reportlost its position as the top global seller of cars to rival Volkswagen (VLKAY) .
The maker of the Prius and Corolla models said Monday its global vehicle sales rose 0.2% year over year to 10.175 million units. That's below the 10.31 million sold by Volkswagen and the first slide by Toyota from the top spot in four years. Exports to North America, the Middle East, and Africa dropped for Toyota, while they fell in other regions as well for subsidiaries Daihatsu and Hino.
The announcement of the annual sales comes within a month of Trump threatening Toyota that it would need to pay "big border taxes" if it went ahead with its plan to build a new plant in Mexico for selling Corolla models in the U.S.
4. -- CSX (CSX) - Get Report is discussing a settlement with Hunter Harrison and the activist investor backing him that could make the railroad-industry veteran its CEO, less than two weeks after they launched a campaign for influence over the railroad company, The Wall Street Journal reported.
The two sides met in Atlanta on Friday, where Harrison presented his vision for CSX, people familiar with the matter told the Journal. In the early-stage talks, the parties are also discussing a request from the activist, Mantle Ridge LP, for more than three board seats, the people said. While CSX may be amenable to making Harrison CEO and giving the activist board representation, it has balked at handing over that many seats, the people told the Journal.
5. -- Fitbit (FIT) - Get Reportplans to cut between 5% and 10% of its employees, the company will announce on Monday, while disclosing that its fourth-quarter results were below expectations, according to a report from The Information.
The disclosures are the latest sign of a slowdown in the wearables market, according to two people briefed on the news, the technology news site said.
Fitbit shares fell 12.6% in premarket trading on Monday.