Here are five things you must know for Monday, Sept. 10:
1. -- U.S. Stocks Seen Higher Despite Trump Trade Threats
U.S. stock futures rose on Monday, Sept. 10, as investors reset their focus on developments in the ongoing trade war between Washington and Beijing.
Donald Trump went after China at the end of last week, saying he was ready to impose tariffs on essentially all of the goods imported from the country. China's trade surplus with the U.S. widened to a record $31 billion in August as exports surged despite the first round of tariffs targeting $50 billion in China-made goods.
Trump over the weekend also pushed Ford Motor Co. (F) - Get Ford Motor Company Report and Apple Inc. (AAPL) - Get Apple Inc. (AAPL) Report to move their manufacturing operations to the U.S. to avoid the tariffs.
The economic calendar in the U.S. on Monday is quiet. Earnings reports are expected from Hovnanian Enterprises Inc. (HOV) - Get Hovnanian Enterprises, Inc. Class A Report and Sonos Inc. (SONO) - Get Sonos, Inc. Report .
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2. -- Les Moonves Is Out at CBS
Les Moonves, the longtime chairman and CEO of CBS Corp. (CBS) - Get CBS Corporation Class B Report, resigned Sunday, Sept. 9, after more than two decades with the broadcaster amid new allegations of sexual harassment and inappropriate conduct.
The company also said Moonves, 68 years old, would donate around $20 million to "one or more organizations that support the #MeToo movement and equality for women in the workplace" and that the money would be deducted from any severance he may or may not receive from his departure, based on an independent investigation into the allegations.
The ouster of Moonves followed new revelations in the Sunday edition of the New Yorker magazine, which included allegations from six different women who claimed Moonves used physical intimidation and violence as part of a pattern of abusive sexual behavior, all of which he denied.
"Untrue allegations from decades ago are now being made against me that are not consistent with who I am," Moonves said in a statement on Sunday. "Effective immediately I will no longer be chairman and chief executive officer of CBS."
Joseph Ianniello, the company's chief operating officer, will serve as interim CEO while a formal search for Moonves' replacement is conducted.
CBS shares closed up nearly 3% on Friday, Sept. 7, to $56.06.
3. -- Ford Won't Build Focus Active in the U.S.
Ford said it wouldn't begin building the Focus Active hatchback in the U.S., despite a tweet from Donald Trump that suggested the company could do so instead of importing it from China.
"It would not be profitable to build the Focus Active in the U.S. given an expected annual sales volume of fewer than 50,000 units," Ford said Sunday.
Ford last month announced it was canceling a plan to import the Focus Active, saying the tariffs Trump threatened to impose on vehicles built in China would increase costs too much for the company to hit its profit targets.
Trump hailed the decision in a tweet on Sunday, apparently after he saw a report about the Focus Active on television, The New York Times reported.
"Ford has abruptly killed a plan to sell a Chinese-made small vehicle in the U.S. because of the prospect of higher U.S. Tariffs." CNBC. This is just the beginning. This car can now be BUILT IN THE U.S.A. and Ford will pay no tariffs!," Trump tweeted.
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4. -- Apple: Trump's China Tariffs Will Hurt
Apple shares were up 0.4% in premarket trading after a weekend tweet from Donald Trump that warned consumers would be forced to pay higher prices for its iPhones and computers once fresh tariffs on China-made imports were imposed by the White House.
Apple said Friday, Sept. 7, that the current tariff proposal, which targets $200 billion in China-made goods, could impact pricing for AirPods and the Apple Watch, but didn't specifically mention the iPhone in a letter to the U.S. government.
"Our concern with these tariffs is that the U.S. will be hardest hit, and that will result in lower U.S. growth and competitiveness and higher prices for U.S. consumers," Apple said.
5. -- Alibaba's Jack Ma to Step Down as Chairman
Jack Ma, co-founder and executive chairman of Alibaba Group Holding Co. (BABA) - Get Alibaba Group Holding Ltd. Sponsored ADR Report , said Monday he would step down as chairman of the e-commerce giant in exactly one year on Sept. 10, 2019. He will remain on the company's board until 2020.
Alibaba CEO Daniel Zhang will succeed Ma in 12 months. Zhang, who has been CEO since 2015, will continue in that role. Zhang is the architect of Alibaba's "Singles' Day," the one-day internet shopping extravaganza.
Ma turned 54 on Monday. He is one of China's wealthiest men, with his net worth estimated at $40 billion.
American depositary receipts of Alibaba fell 1.3% in premarket trading on Monday.
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