Here are five things you must know for Monday, Dec. 10:
1. -- Stocks Mixed Amid Concerns Over U.S.-China Trade Talks
U.S. stock futures turned mixed on Monday, Dec. 10, as investors continued to express concerns over the fate of U.S.-China trade talks.
Contracts tied to the Dow Jones Industrial Average declined 37 points, futures for the S&P 500 were down 2.75 points, and Nasdaq futures were rising 2.25 points.
U.S. Trade Representative Robert Lighthizer told CBS's "Face the Nation" that trade talks with China must be completed by March 1 or tariffs will be either accelerated or added on China-made goods coming into the United States.
"As far as I am concerned it is a hard deadline. When I talk to the president of the United States he is not talking about going beyond March," he said. "The way this is set up is that at the end of 90 days, these tariffs will be raised."
The deadline has put added pressure on negotiators to set the tone of the talks, which already have been affected by the arrest last week of Huawei Technologies Co. Chief Financial Officer Meng Wanzhou in Vancouver over allegations she misled multinational banks about Huawei's control of a company operating in Iran. The deception put the banks at risk of violating U.S. sanctions and incurring severe penalties, according to court documents seen by Reuters. China has demanded the executive's release.
Meanwhile, stocks in Asia tumbled Monday after Japan's revised third-quarter GDP data showed the economy contracted by a more-than-expected 2.5%, the worst in more than four years, while China's exports in November rose only 5.4%, down from an increase of 12.6% in October.
The economic calendar in the U.S. on Monday includes the Job Openings and Labor Turnover Survey for October at 10 a.m.
2. -- Elon Musk Doesn't Respect the SEC
Tesla Inc. (TSLA) CEO Elon Musk hinted the company was close to producing a low-priced electric car, but raised further concerns over the electric carmaker's governance as he insisted its new chairwoman wouldn't be able to oversee his actions.
Speaking with CBS's "60 Minutes," Musk said it was "not realistic" to think new Chairwoman Robyn Denholm, who replaced Musk in October as part of a multi-million settlement with the Securities and Exchange Commission, could hold him to account as CEO. He also said his Twitter account, the catalyst for both the stock's recent volatility and the ultimate SEC settlement, wasn't being monitored by company executives.
"It's not realistic in the sense that I am the largest shareholder in the company," Musk said when asked if his role in the company he founded would be subject to oversight from Denholm. "I can just call for a shareholder vote and get anything done that I want."
Musk also noted that his tweets are only reviewed by the company if there is a "probability of causing a movement in the stock." He added: "I want to be clear. I do not respect the SEC."
Tesla rose 1.2% in premarket trading on Monday.
3. -- Carlos Ghosn and Nissan Are Indicted in Japan
The charges imposed Monday involved allegations Ghosn's pay was underreported by about 5 billion yen ($44 million) in 2011-2015, according to the Associated Press. The Japanese prosecutors said earlier the allegations were the reason for Ghosn's arrest on Nov. 19.
The prosecutors also outlined new allegations Monday against Ghosn and Kelly. The fresh allegations are of underreporting another 4 billion yen ($36 million) in 2016-2018, the Associated Press reported. Nissan as a company wasn't mentioned in the latest allegations.
Nissan confirmed the charges against it in a statement and vowed to strengthen its governance and compliance.
"Nissan takes this situation extremely seriously," the company said.
Ghosn denies wrongdoing.
4. -- Gilead Names O'Day as CEO
Gilead has been experiencing declining sales of its lucrative hepatitis C drugs, including Sovaldi and Harvoni. Those drugs helped Gilead's sales to nearly triple to $32.6 billion in 2015 from $11.2 billion in 2013. But sales have dropped because of competitive pricing pressures and declining patient demand, and the company's total revenue this year is projected to be $21.7 billion, according to S&P Capital IQ, The Wall Street Journal reported.
The stock was rising 1.8% in premarket trading.
5. -- Uber Begins the IPO Process
Barely a day after Lyft Inc. filed plans to go public, rival Uber Technologies Inc. followed suit with its own plans for an initial public offering, The Wall Street Journal reported.
Uber last week filed a confidential Form S-1, the Securities and Exchange Commission registration form for new securities, the Journal reported, citing "people familiar with the matter."
Uber's IPO could come as soon as the first quarter, according to the Journal, and has been widely anticipated. Uber previously said it hopes to garner a market value of more than $100 billion.
San Francisco-based Lyft announced last Thursday it confidentially submitted a registration statement for an IPO of its common stock with the SEC.