Here are five things you must know for Monday, July 23:
1. -- Stock Lower Amid Simmering Trade Tensions
U.S. stock futures pointed lower on Monday, July 23, European shares fell and Asian stocks finished the session mixed as investors picked through a number of developments in the White House's ongoing trade disputes with its allies and trading partners.
An official communique from a meeting of G-20 finance ministers and central bankers over the weekend in Buenos Aires reiterated the downside risks to global growth, saying they included "rising financial vulnerabilities, heightened trade and geopolitical tensions, global imbalances, inequality and structurally weak growth" following Donald Trump's declaration last week that he was "ready to go" in imposing tariffs on $500 billion worth of China-made goods in his effort to reduce a record trade deficit with the world's second-largest economy.
Trump will be meeting later this week in Washington with European Commission President Jean-Claude Junker, which comes amid increasing pressure from the White House for other nations to revert to "zero tariff" barriers in bi-lateral agreements with the U.S.
The economic calendar in the U.S. on Monday includes Existing Home Sales for June at 10 a.m. ET.
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2. -- Alphabet Highlights Monday's Earnings Calendar
TheStreet's Eric Jhonsa doesn't expect a ton of drama from Alphabet Inc.'s (GOOGL) - Get Report earnings report on Monday but said the web giant's report and earnings call should help answer an important question or two about search - its largest business - and maybe provide some useful details about how smaller businesses are progressing.
3. -- Fiat Chrysler's Marchionne Steps Down as CEO
Jeep executive Mike Manley will be the new CEO of Fiat Chrysler Automobiles NV
after long-time leader
stepped down after suffering complications after surgery.
Marchionne, 66 years old, joined Fiat in 2004 and led the company's merger with bankrupt U.S. carmaker Chrysler. Manley, 54, has led the Jeep brand since June 2009 and the Ram brand from October 2015. He's been with the company since 2000.
Fiat Chrysler shares fell 3.6% in premarket trading on Monday.
4. -- Tesla Asks Suppliers for Help
The company, according to a memo reviewed by The Wall Street Journal that was sent to a supplier last week, said it was asking its suppliers for cash back to help it become profitable. Tesla requested the supplier return what it called a meaningful amount of money of its payments since 2016, the memo said.
Tesla declined to comment on the specific memo. But it confirmed it was seeking price reductions from suppliers for projects, some of which date back to 2016, and some of which haven't been completed. The company called such requests a standard part of procurement negotiations, the Journal reported.
5. -- Papa John's Adopts a 'Poison Pill'
Papa John's International Inc. (PZZA) - Get Report on Sunday adopted a shareholder rights plan, or "poison pill," likely to prevent John Schnatter, the pizza chain's founder, from gaining a controlling stake in the company.
Schnatter owns owns 29% of Papa John's shares and has indicated he won't give up control of the company without a fight.
Schnatter was forced to resign after Forbes reported earlier this month that the executive used the N-word in a media diversity training session in May. Shatter has admitted to using the word, but contends that it was to make a point, not as a racial epithet.
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