Here are five things you must know for Monday, Oct. 8:
1. -- Stock Futures Fall After a Sharp Tumble in Shanghai
U.S. stock futures fell on Monday, Oct. 8, following a drop of 3.7% for shares in Shanghai after the Chinese government injected extra money into its cooling economy.
Contracts tied to the Dow Jones Industrial Average fell 82 points, futures for the S&P 500 were down 5.35 points, and Nasdaq futures tumbled 16.50 points.
China injected money into its economy by reducing bank reserve levels. Economists said the change would free up about 1.2 trillion yuan ($175 billion) for additional lending. The tariff battle with the United States has pressured growth in the world's second-largest economy.
Stocks in the U.S. fell Friday, Oct. 5, after investors digested a weak U.S. payrolls number and grew concerned over a three-day surge in bond yields.
The U.S. economic calendar in the U.S. on Monday is light. The bond market is closed for Columbus Day.
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2. -- Department of Homeland Security Backs Apple and Amazon's China 'Spy Chips' Denial
The Department of Homeland Security said it has "no reason to doubt the statements" from Apple Inc. (AAPL) and Amazon.com Inc. (AMZN) that denied their systems were compromised following a report from Bloomberg last week that said attempts were made by the Chinese military to insert spying chips on server motherboards ultimately used by many U.S. companies.
"The Department of Homeland Security is aware of the media reports of a technology supply chain compromise," the agency said on Saturday, Oct. 6. "At this time we have no reason to doubt the statements from the companies named in the story."
Cybersecurity officials in the U.K. said they too were aware of the reports, but like the Department of Homeland Security also said they had no reason to doubt the companies' denials.
Apple's top security officer told Congress in a letter that the tech giant had found no sign of suspicious transmissions or other evidence that it had been penetrated in a sophisticated attack on its supply chain, Reuters reported.
3. -- Ford to Cut Its Salaried Workforce
Ford Motor Co. (F) will reorganize its salaried workforce worldwide, flatten its business operations and create a more efficient company that results in fewer white collar jobs.
Ford said it was in the "early stages of reorganizing" its global salaried work force. The automaker said the reorganization "will result in headcount reduction over time and this will vary based on team and location."
Ford has 201,000 employees globally, including an estimated 70,000 salaried workers, and is the largest car manufacturing employer in the U.S.
The automaker told employees about the plan on Thursday, Oct. 4, the Detroit Free Press reported, saying the changes are part of trying to identify how the company can become stronger by limiting corporate bureaucracy and identifying weaknesses in all areas of business, from communications and finance to manufacturing and human resources.
Ford rose 0.1% in premarket trading on Monday.
4. -- Walmart Partners With MGM to Create Content for Vudu
Walmart Inc. (WMT) said Monday it was partnering with movie studio Metro Goldwyn Mayer to create content for its Vudu video-on-demand service.
Monthly viewership for Vudu remains well below that of competitors like Netflix Inc. (NFLX) and Hulu LLC, which is controlled by Walt Disney Co. (DIS) , Comcast Corp. (CMCSA) and Twenty-First Century Fox Inc. (FOXA) , according to Reuters.
Reports have said Walmart was looking to launch a subscription streaming video service and produce TV shows to attract customers. But Walmart isn't planning such a move, company sources told Reuters. The world's largest retailer continues, however, to look for options to boost the video-on-demand business.
5. -- 'Venom' Rakes in $80 Million on Opening Weekend
Comic-book movie "Venom" debuted over the weekend with ticket sales of $80 million, breaking the October box-office record, while "A Star Is Born," directed by Bradley Cooper and starring Cooper and Lady Gaga, took in $41.3 million.
About $174.5 million in tickets were sold over the weekend at U.S. and Canadian theaters, according to comScore, making it the best October weekend ever.
Venom was made by Sony Pictures, a unit of Sony Corp. (SNE) .