Here are five things you must know for Monday, Oct. 14:
1. -- Stock Futures Fall as Wall Street Questions Partial U.S.-China Trade Pact
U.S. stock futures declined Monday as investors parsed through the thin details of last week's trade truce between Washington and Beijing and prepped for the start of the third-quarter earnings season.
Futures weakened following a report Monday that Chinese officials want more talks with their U.S. counterparts before signing the "phase one" agreement hailed by Donald Trump on Friday.
Contracts tied to the Dow Jones Industrial Average fell 72 points, futures for the S&P 500 were down 7.80 points, and Nasdaq futures slipped 25 points.
Trump on Friday hailed the partial agreement his trade team reached with Chinese officials in Washington as "by far, the greatest and biggest deal ever made for our Great Patriot Farmers in the history of our Country" and said a formal signing ceremony will likely happen in the next four to five weeks.
Trump highlighted what he said was a pledge by China to buy as much as $50 billion in U.S. agricultural products, starting "immediately," while noting that progress was made on issues such as alleged currency manipulation and intellectual property theft.
Treasury Secretary Steven Mnuchin, however, described the accord reached Friday as more of a "fundamental understanding on the key issues," telling reporters that "we will not sign an agreement unless we get and can tell the president that this is on paper." China's state-backed news outlet Xinhua would only say the two sides "agreed to make the efforts towards a final agreement."
The most concrete takeaway from the agreement was the removal of planned tariff increases on Oct. 15, which would have boosted levies on $250 billion worth of China-made goods by 5 percentage points to 30%. Mnuchin said Trump has yet to decide the fate of similar increases set for Dec. 15.
"The market is welcoming any progress here, because (trade) has been the biggest overhang on growth," said Ben Phillips, chief investment officer at EventShares. "Any sort of deal, even if it's a super light, mini-deal, still gets the market constructive and saying, 'OK, we're moving in the right direction.'"
Stocks ended higher Friday as investors welcomed the thaw between the world's two largest economies.
2. -- Columbus Day Calendar Highlights
There are no scheduled data releases on the economic calendar Monday. It's Columbus Day in the U.S. The New York Stock Exchange and the Nasdaq Stock Market will be open regular hours but the bond market will be closed.
The earnings calendar for Monday is light. The third-quarter reporting season really begins on Tuesday with reports from Citigroup (C - Get Report) , JPMorgan Chase (JPM - Get Report) , Wells Fargo (WFC - Get Report) , UnitedHealth (UNH - Get Report) , Goldman Sachs (GS - Get Report) , Johnson & Johnson (JNJ - Get Report) , United Airlines Holdings (UAL - Get Report) and Charles Schwab (SCHW - Get Report) .
Citigroup, JPMorgan Chase, UnitedHealth, Goldman Sachs and Johnson & Johnson are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells the stocks? Learn more now.
3. -- Boeing CEO Muilenburg Is Stripped of Chairman Title
Muilenburg will continue as CEO while lead director David Calhoun has been named chairman.
The move comes as Boeing continues to struggle to return its 737 MAX model to service following two fatal crashes tied to its flight control systems.
Splitting the CEO and chairman roles "will enable Muilenburg to focus full time on running the company as it works to return the 737 MAX safely to service, ensure full support to Boeing's customers around the world, and implement changes to sharpen Boeing's focus on product and services safety," the company said in a statement.
The board also plans to name a new director with deep safety experience and expertise to serve on the board and a newly established aerospace safety committee, Boeing said.
"I am fully supportive of the board's action. Our entire team is laser-focused on returning the 737 MAX safely to service" Muilenburg said.
Boeing's 737 MAX was grounded worldwide in March after the second of two fatal crashes tied to the control systems of the aircraft.
4. -- Visa, Mastercard and eBay Withdraw From Facebook's Libra Project
Visa (V - Get Report) , Mastercard (MA - Get Report) , Stripe and eBay (EBAY - Get Report) announced they will withdraw from their involvement with Libra, Facebook's (FB - Get Report) fledgling cryptocurrency project.
Senators Sherrod Brown (D-OH) and Brian Schatz (D-HI) last week sent letters to Stripe, Mastercard and Visa urging the companies to reconsider their involvement with the Libra Association.
The Libra Association's stated goal is to develop a robust ecosystem of financial products that will allow people to use Libra everyday, around the world. When it was first started it featured 28 companies.
That number is now down to 23.
5. -- SoftBank Reportedly Seeking Control of WeWork
SoftBank Group (SFTBY) has prepared a financing package that would give it control of WeWork, the shared office space company, The Wall Street Journal reported, citing people familiar with the matter.
The package would boost SoftBank's stake in WeWork - it already owns one-third - and further sideline its founder Adam Neumann in exchange for relieving the company's looming cash crunch.
WeWork's parent company, We Co., pulled its plans for an initial public offering at the end of September and Neumann resigned as CEO under pressure.
One potential solution is the SoftBank package. Another possibility: The board has tapped JPMorgan Chase to look at ways for the company to raise billions in debt, and the bank is in the middle of meetings with investors about participating in a multibillion-dollar debt deal, people familiar with the company's plans told the Journal.
"WeWork has retained a major Wall Street financial institution to arrange a financing," a company spokesman said. "Approximately 60 financing sources have signed confidentiality agreements and are meeting with the company's management and its bankers over the course of this past week and this coming week."
Reuters reported, citing a person familiar with the matter, that without a fresh infusion of cash, WeWork risks running out of money as early as the end of the December.