Here are five things you must know for Monday, Aug. 26:
1. -- Stock Futures Jump as Trump Says U.S. and China Will 'Get Back to the Table'
U.S. stock futures jumped on Monday after Donald Trump said China contacted U.S. officials on Sunday and said "let's get back to the table."
That's a "very positive development," the president said from the G-7 summit in Biarritz, France.
"China called last night our top trade people and said 'let's get back to the table' so we will be getting back to the table and I think they want to do something," Trump said. "They have been hurt very badly but they understand this is the right thing to do and I have great respect for it. This is a very positive development for the world."
Contracts tied to the Dow Jones Industrial Average rose 205 points, futures for the S&P 500 gained 16.40 points, and Nasdaq futures were up 59 points.
Stock futures had pointed lower prior to Trump's statements Monday and Asian shares closed with sharp losses after Trump said Friday he would raise tariffs on Chinese imports in retaliation for China's latest moves.
Japan's Nikkei 225 index sank 2.17% on Monday, and China's Shanghai Composite fell 1.32% after trade tensions heated up between the world's two largest economies.
Trump said Friday that tariffs to be imposed on Sept. 1 on $300 billion in goods imported from China will now be 15%, up from 10%. In addition, tariffs on $250 billion in goods that have been at 25% will rise to 30% on Oct. 1.
Trump responded to China's announcement it would impose up tariffs on more than 5,000 U.S. products, including soybeans and petroleum, worth a combined $75 billion. China also said it would resume import duties on U.S. automobile components.
The Dow plunged 623 points Friday after the latest escalation in the U.S.-China trade war. The S&P 500 rang up its fourth straight weekly loss.
On Sunday, Trump said he wasn't concerned about the effects of the trade war on the stock market. "The market is doing great. Our country is doing great," he said at the G-7 summit in France.
Trump also said Sunday through a spokeswoman that he felt he should have increased tariffs on Chinese imports higher than he had.
"He regrets not raising the tariffs higher," a White House spokeswoman said.
China, for its part, said Monday it was willing to resolve the trade dispute with the United States through "calm" negotiations and resolutely opposes the escalation of the conflict, Reuters reported.
Vice Premier Liu He, speaking at a tech conference in southwest China's Chongqing, said nobody benefited from a trade war.
"We believe that the escalation of the trade war is not beneficial for China, the United States, nor to the interests of the people of the world," he added.
2. -- Tiffany, Best Buy and Burlington Are Earnings Highlights This Week
Earnings reports are expected this week from Hewlett Packard Enterprise (HPE - Get Report) , J.M. Smucker (SJM - Get Report) , Five Below (FIVE - Get Report) , Box (BOX - Get Report) , H&R Block (HRB - Get Report) , Tiffany (TIF - Get Report) , Okta (OKTA - Get Report) , Best Buy (BBY - Get Report) , Abercrombie & Fitch (ANF - Get Report) , American Outdoor Brands (AOBC - Get Report) , Ulta Beauty (ULTA - Get Report) , Burlington Stores (BURL - Get Report) , Marvell Technology (MRVL - Get Report) , Dollar General (DG - Get Report) , Dollar Tree (DLTR - Get Report) , Dell Technologies (DELL) and Campbell Soup (CPB - Get Report) .
3. -- Durable Goods Orders in July Expected to Slow From June
The economic calendar in the U.S. on Monday includes Durable Goods Orders for July at 8:30 a.m. ET.
Economists are expecting a gain in new orders for manufactured durable goods of 1.1%, down from an increase of 1.9% in June. Spending by U.S. businesses has slowed, and many economists are concerned it will continue to weaken amid the trade uncertainties.
4. -- Disney Stores to Open Inside Target Locations
The Target-Disney stores will offer some 450 items, including toys, games, and clothing. About 100 products to be sold were previously only available at Disney retail locations.
Most the items for sale will cost around $20, with the priciest around $200.
5. -- Tesla to Raise Prices in China on Friday - Report
Tesla (TSLA - Get Report) will raise prices in China on Friday, earlier than planned, and could boost prices again in December should Chinese tariffs on U.S.-made cars take effect, people familiar with the matter told Reuters.
Tesla was considering lifting prices in China from September after the yuan weakened significantly against the U.S. dollar, Reuters reported earlier this month. One person told Reuters on Monday that the electric car company was bringing forward these plans to Aug. 30.
Tesla rose 1.18% to $213.90 in premarket trading Monday.
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