Here are five things you must know for Monday, Jan. 6:
1. -- Stock Futures Extend Declines Amid U.S.-Iran Tensions
U.S. stock futures extended declines Monday and oil prices continued higher as investors assessed rising military tensions in the Gulf region following last week's killing of Iranian general Qassem Soleimani.
Contracts linked to the Dow Jones Industrial Average slumped 129 points, futures for the S&P 500 were down 13.40 points and Nasdaq futures fell 46.25 points.
Stocks fell Friday and oil prices jumped after tensions were raised in the Middle East following the killing of the Iranian general. The S&P 500 fell 0.7% on Friday and 0.2% for the week, putting an ending to a five-week winning streak.
Millions of Iranians mourned the general's death Sunday as his killing - which was directly ordered by Donald Trump - rippled through regional politics and financial markets around the world.
Stocks in Asia and Europe posted steep declines on Monday.
The general's sister, Zeinab Soleimani, vowed revenge in a nationally televised address, while Iran's leaders said they would immediately roll back on commitments linked to the 2015 non-proliferation agreement that Trump abruptly abandoned in 2018.
Trump, for his part, warned that any retaliation from Tehran would trigger potential strikes on any of 52 separate targets - including cultural sites - while leaders in Asia and Europe attempted to de-escalate the growing crisis with calls for diplomacy from both sides.
Iraqi's parliament, meanwhile, said it supported a recommendation from Prime Minister Adil Abdul-Mahdi that all foreign troops - including U.S. military servicemen - leave the country.
The economic calendar in the U.S. Monday includes the PMI Services Index for December at 9:45 a.m. ET.
2. -- Oil Prices Add to Friday's Surge
Oil prices on Monday added to Friday's surge amid concerns of reprisal attacks on tankers and installations in the Gulf region - which is home to around half of the world's crude production.
Brent crude futures contracts for February delivery, the global benchmark, were rising 1.06% on Monday to $69.33 a barrel, while West Texas Intermediate crude contracts for the same month gained 0.81% to $63.56.
Both Brent and WTI prices rose more than 3% on Friday.
3. -- Boeing, at Urging of FAA, Reviewing Wiring of 737 MAX
Boeing (BA) - Get Report appeared to acknowledge that it was looking into potential wiring problems at the urging of the Federal Aviation Administration of its 737 MAX aircraft - the jets that were involved in two crashes and which have been grounded globally since mid-March.
“We identified this issue as part of that rigorous process, and we are working with the FAA to perform the appropriate analysis. It would be premature to speculate as to whether this analysis will lead to any design changes,” wrote a Boeing spokesman in an email to TheStreet following a request for a comment on the matter that was first published in The New York Times over the weekend.
“Our highest priority is ensuring the 737 MAX meets all safety and regulatory requirements before it returns to service," the spokesman said in the statement that was identical to the one in the Times article. Boeing also said it was working closely with the FAA and other regulators.
The New York Times reported that potential bugs with the jet may "go beyond the software" issues that were earlier discovered.
Meanwhile, The Wall Street Journal reported that federal aviation regulators are considering mandatory flight-simulator training before U.S. pilots can operate 737 MAX jets again.
The Federal Aviation Administration months ago rejected the idea as unnecessary. But in recent weeks, requiring such training before returning the grounded MAX fleet to the air has gained momentum among agency and industry safety experts, the Journal reported, citing government and industry officials familiar with the deliberations.
4. -- Netflix Comes Up Short at Golden Globes
Sam Mendes’ World War I tale “1917” won best picture, drama, and Quentin Tarantino’s “Once Upon a Time ... in Hollywood” won for best film, comedy or musical.
The win for 1917 topped Netflix's “Marriage Story,” which had six nominations, and Martin Scorsese’s “The Irishman,” another film from the streaming service.
Netflix took home just two awards during the evening - Laura Dern’s supporting performance as a divorce attorney in “Marriage Story,” and Olivia Coleman's win for best actress in a drama TV series for her role of Queen Elizabeth II in “The Crown.”
5. -- CES 2020 Kicks Off Tuesday
The Consumer Electronics Show is scheduled to kick off Tuesday and run through Friday.
The Street's Eric Johnsa wrote on Real Money that CES often is jokingly referred to as the car electronics show since automakers and suppliers "have long had an outsized presence" at CES.
Jhonsa noted that "both went the extra mile to promote their voice assistant platforms at CES last year, and (with the help of various chip and hardware partners) it looks like they'll be at it again this year. A few new voice assistant features and partnerships could be announced along the way."