Here are five things you must know for Monday, Dec. 7:
1. -- Stock Futures Fall Amid Renewed U.S.-China Tensions
Stock futures declined Monday on reports the U.S. was preparing to sanction at least a dozen more Chinese officials in response to Beijing’s crackdown on dissent in Hong Kong.
Contracts linked to the Dow Jones Industrial Average fell 108 points, S&P 500 futures declined 13 points and Nasdaq futures dropped 9 points.
Reuters reported the sanctions could be imposed on Chinese officials for their alleged role in Beijing’s disqualification of elected opposition legislators in Hong Kong. Reuters cited three three sources, plus a U.S. official familiar with the matter.
The move from the State Department will target officials from the Chinese Communist Party and could come as soon as Monday, according to Reuters.
Asian markets finished mostly lower Monday, while European stocks fell after the U.K. and the European Union failed to reach a trade agreement over the weekend.
For more on Asian markets read:
On Wall Street, stocks closed at record highs Friday after a considerable slowdown in a U.S. labor market recovery boosted the chances of more economic stimulus from Congress.
For the week, the Dow rose 1%, the S&P 500 added 1.7% and the Nasdaq tacked on 2.1%. Stocks posted their fourth weekly gain in five weeks.
2. -- Monday's Calendar: Earnings From Stitch Fix, Toll Brothers
Earnings reports are expected Monday from Toll Brothers (TOL) - Get Report, Stitch Fix (SFIX) - Get Report, Coupa Software (COUP) - Get Report, Sumo Logic (SUMO) - Get Report, Smartsheet (SMAR) - Get Report and HealthEquity (HQY) - Get Report.
Earnings will be issued later in the week from Costco (COST) - Get Report, Chewy (CHWY) - Get Report, GameStop (GME) - Get Report, AutoZone (AZO) - Get Report, Adobe (ADBE) - Get Report, Campbell Soup (CPB) - Get Report, Oracle (ORCL) - Get Report and Lululemon (LULU) - Get Report.
The economic calendar Monday is light but data on consumer prices, jobless claims and consumer sentiment will be released later in the week.
3. -- Airbnb Reportedly to Boost IPO Price Range
Airbnb plans to boost the proposed price range of its initial public offering, The Wall Street Journal reported.
Airbnb, which is expected to make its trading debut Thursday, will increase the price range to between $56 and $60 a share, from $44 to $50, the Journal reported, citing people familiar with the matter.
The new range would give Airbnb, the home-rental platform, a valuation of as much as $42 billion.
DoorDash, the food-delivery company that is expected to debut Wednesday, boosted the price target for its planned IPO on Friday to between $90 and $95 a share as it looks to raise around $3.1 billion. The previous range was between $75 and $85 a share. The new range values DoorDash at about $36 billion.
4. -- Coronavirus - The Latest
The number of confirmed global deaths from Covid-19, the disease caused by the coronavirus, rose to almost 1.54 million, according to Johns Hopkins University. Confirmed cases of the virus across the world have risen to 67,118,222.
The U.S. death toll is 282,312, the most in the world. The number of infected people in the U.S. was 14,760,627.
There were 213,875 new coronavirus cases in the U.S. as of Sunday and 2,254 deaths, according to data from the university.
The United Kingdom will roll out the Covid-19 vaccine from Pfizer (PFE) - Get Report and BioNTech (BNTX) - Get Report on Tuesday, becoming the first country to do so. The Food and Drug Administration in the U.S. could approve the vaccine as early as Thursday.
Rudy Giuliani, an attorney on the personal legal team of President Donald Trump who has been leading efforts to overturn the results of the Nov. 3 general election, has been diagnosed with Covid-19, according to the president.
5. -- Sports Illustrated's Sportsperson of the Year
Sports Illustrated has chosen five men and women as winners of the publication's Sportsperson of the Year award.
Patrick Mahomes, the Super Bowl MVP who used his platform as the NFL’s transcendent star to push the league to recognize the Black Lives Matter movement and players’ rights to protest; Naomi Osaka, the U.S. Open tennis champion who embraced her fame and fought against social injustice; Breanna Stewart, who returned from a devastating injury to lead her team to the WNBA title and who spoke out against racism and for women’s equality; Laurent Duvernay-Tardif, the Chiefs’ lineman who became a Super Bowl champion and then left the NFL to join the front lines of the battle against Covid-19; and LeBron James, who led the Lakers to the NBA title, won his fourth Finals MVP trophy and worked to end voter suppression and ensure that everyone - especially Black people - had equal access to the polls.