Here are five things you must know for Monday, Sept. 30:
1. -- Stock Futures Rise on Positive Trade News
U.S. stock futures were higher on Monday after a U.S. Treasury official said the Trump administration doesn't have plans to stop Chinese companies from listing on U.S. exchanges, disputing a report from Friday that sent stocks lower.
Contracts tied to the Dow Jones Industrial Average rose 92 points, futures for the S&P 500 gained 1.95 points, and Nasdaq futures were up 46.50 points.
"The administration is not contemplating blocking Chinese companies from listing shares on U.S. stock exchanges at this time," Treasury spokeswoman Monica Crowley said in an emailed statement to Bloomberg.
A report from Bloomberg on Friday said the White House was considering limiting investment in China, reigniting trade tensions between the world's two largest economies.
China's top trade negotiator, Vice Premier Liu, is expected to lead the upcoming 13th round of talks between China and the U.S. that are aimed at resolving a trade war that has been ongoing for more than a year. Reports last week said trade talks would resume Oct. 10-11 in Washington.
The economic calendar in the U.S. Monday includes Chicago PMI for September at 9:45 a.m. ET.
Earnings reports are expected Monday from Cal-Maine Foods (CALM) - Get Report and Thor Industries (THO) - Get Report . Later in the week reports will be released from PepsiCo (PEP) - Get Report , Stitch Fix (SFIX) - Get Report , McCormick & Co. (MKC) - Get Report , Bed Bath & Beyond (BBBY) - Get Report , Lennar (LEN) - Get Report , Paychex (PAYX) - Get Report , Constellation Brands (STZ) - Get Report and Costco Wholesale (COST) - Get Report .
2. -- Boeing Omitted Key Safeguards on 737 MAX - Report
engineers working on a flight-control system for the
omitted key safeguards that had been included in an earlier version of the same system used on a military tanker jet, people familiar with the matter told The Wall Street Journal.
The engineers who created the maneuvering characteristics augmentation system, or MCAS, more than a decade ago for the military refueling plane designed the system to rely on inputs from multiple sensors and with limited power to move the tanker's nose, the Journal reported.
The MAX's version of MCAS, however, relied on input from just one of the plane's two sensors that measure the angle of the plane's nose. The system also proved tougher for pilots to override, according to the Journal.
Boeing's expected fix for the 737 MAX will make its MCAS more like the one used in the tanker, according to people familiar with the matter.
The MCAS has been implicated by investigators in two deadly crashes of the jetliner that killed a total of 346 people.
Boeing shares fell slightly in premarket trading to $382.
3. -- BP CEO Bob Dudley Reportedly Preparing to Step Down
Bob Dudley, BP's (BP) - Get Report CEO, is preparing to step down from the British oil giant after a decade of running the company, a period in which it recovered from the Gulf of Mexico oil spill disaster in 2010.
Sky News reported that Dudley was drawing up plans to retire from the job within about 12 months.
Sources told Sky News City that an announcement about Dudley's decision to step down could be made by the end of the year or by the end of October when BP is expected to report third-quarter results.
Bernard Looney, the CEO of BP's upstream operations - the exploration-and-production side of the business, is widely regarded as the front-runner to replace Dudley, according to Sky News.
American depositary receipts of BP rose 0.1% in premarket trading to $38.30.
4. -- Forever 21 Files for Bankruptcy
Forever 21, the fast-fashion retailer that sells low-price apparel like $5 tops and $20 dresses, has filed for Chapter 11 bankruptcy protection.
The privately held company said it would close up to 178 stores in the United States, and 350 stores worldwide. It operates about 800 stores globally, including more than 500 stores in the U.S.
Forever 21 plans to close most of its locations in Asia and Europe but said it would continue operating in Mexico and Latin America.
"The decisions as to which domestic stores will be closing are ongoing, pending the outcome of continued conversations with landlords," Forever 21 said. "We do, however, expect a significant number of these stores will remain open and operate as usual, and we do not expect to exit any major markets in the U.S."
The company's bankruptcy filing noted Forever 21 had more than $1 billion in assets and more than $1 billion in debt.
5. -- 'Abominable' Scores Another Box Office Victory for Universal
"Abominable," the animated film from Dreamworks, topped the weekend box office with $20.9 million in ticket sales.
"Abominable" marked the seventh No. 1 film this year for Universal, or eight if you count "Downton Abbey," released by the studio's specialty label, Focus Features, according to the Associated Press.
Save 57% During Our Fall Sale. Join Jim Cramer's Action Alerts PLUS investment club to become a smarter investor. Click here to sign up and save!