Here are five things you must know for Monday, Sept. 17:
1. -- Stocks Slide as Trump Ready to Slap $200 Billion in Tariffs on Chinese Goods
U.S. stock futures fell on Monday, Sept. 17, amid reports Donald Trump was ready to impose tariffs on $200 billion worth of China-made goods as early as Monday while officials in Beijing have vowed to retaliate to protect their nation's interests.
The Wall Street Journal's report of a Trump administration plan to slap tariffs of 10% on $200 billion worth of products kicked off a weaker Asia session, with caution increasing as China's reply -- in the form of an editorial in the state-run Global Times newspaper -- said the country was "looking forward to a more beautiful counter-attack and will keep increasing the pain felt by the U.S."
U.S. tech stocks could be the among the most vulnerable to downside risk if Trump goes ahead with his threat to impose tariffs and Beijing strikes back with targeted disruptions to U.S. supply chains with "export restraints."
Contracts tied to the Dow Jones Industrial Average
The economic calendar in the U.S. on Monday includes the Empire State Manufacturing Survey for September at 8:30 a.m. ET.
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2. -- Oracle and FedEx Report Earnings
3. -- Elon Musk Says Tesla Is in 'Delivery Logistics Hell'
Tesla Inc. (TSLA) CEO Elon Musk acknowledged Sunday that his electric vehicle company had entered "delivery logistics hell."
"Sorry, we've gone from production hell to delivery logistics hell, but this problem is far more tractable. We're making rapid progress. Should be solved shortly," Musk said in a tweet when responding to a customer complaint about a delivery delay.
Sorry, we've gone from production hell to delivery logistics hell, but this problem is far more tractable. We're making rapid progress. Should be solved shortly.— Elon Musk (@elonmusk) September 17, 2018
Musk last week warned customers they may see "longer response times" from Tesla amid what he said was a surge in North American volumes. Musk also said Tesla was reducing the choice of colors from some of its models in an effort to "simplify" production.
Tesla shares were down 0.5% in premarket trading on Monday.
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4. -- Time Magazine Is Sold to Salesforce CEO Benioff
Benioff, chairman and co-CEO of cloud giant Salesforce, will buy Time magazine for $190 million in cash.
Meredith had completed the purchase of Time along with other publications of Time Inc. earlier this year.
The Benioffs are purchasing Time personally, and the transaction is unrelated to Salesforce.
5. -- Amazon Launches a Small Business Shop
Amazon said more than 1 million products from about 20,000 businesses were selected to be featured on the site, based on ratings from customers. Similar stores will be launched on Amazon's sites in Germany and the United Kingdom.
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