1. Stock futures indicate a strong open after Friday’s 307-point Dow gain
Traders and financial professionals work at the opening bell on the floor of the New York Stock Exchange (NYSE) on August 6, 2019.
Drew Angerer | Getty Images
Dow futures were pointing to a 300-point gain at Monday’s open. The Dow Jones Industrial Average surged 307 points Friday as a rebound in bond yields eased concerns about a recession. Ahead of Monday trading, the Dow was about halfway to erasing Wednesday’s 800-point plunge. The Dow, S&P 500 and Nasdaq enter the new week with three consecutive weekly losses. The Dow and Nasdaq were more than 5% below their all-time highs in July, while the S&P 500 was 4.6% off its record. However, they’re all still up double-digit percentage points for 2019.
2. Rising bond yields ease recession fears as Trump defends the economy
National Trade Council adviser Peter Navarro, second from right, accompanied by from left, President Donald Trump, Secretary of Commerce Wilbur Ross, and Vice President Mike Pence, speaks during a signing ceremony for executive orders regarding trade in the Oval Office at the White House, Friday, March 31, 2017, in Washington.
Andrew Harnik | AP
3. Kudlow expects US to give Huawei a temporary ‘good faith’ reprieve
Larry Kudlow, director of the U.S. National Economic Council, speaks during a Bloomberg Television interview outside the White House in Washington, D.C., U.S., on Friday, Aug. 2, 2019.
Andrew Harrer | Bloomberg | Getty Images
The Commerce Department is expected to extend Chinese tech giant Huawei’s licensing process for three months as a gesture of “good faith,” top Trump economic advisor Larry Kudlow told NBC’s “Meet the Press.” Later on Sunday, Trump said he does not want the U.S. to do business with Huawei, which has gotten tangled up in the U.S.-China trade war. The two nations are expected to hold face-to-face talks in Washington next month. Delegations met in Shanghai last month with little progress at resolving their disputes.
4. Apple CEO Tim Cook and Trump talk China tariffs and Samsung
U.S. President Donald Trump speaks with Tim Cook, chief executive officer of Apple Inc., during an American Workforce Policy Advisory board meeting in the State Dining Room of the White House in Washington, D.C., U.S., on Wednesday, March 6, 2019.
Al Drago | Bloomberg | Getty Images
Trump said he talked to Tim Cook about tariffs and Apple‘s South Korean competitor Samsung. The president said the Apple CEO made a “good case” that it would be difficult for Apple to pay tariffs when Samsung does not face the same hurdle because much of its manufacturing is in South Korea. Cook made a “very compelling argument,” Trump told reporters Sunday, revealing he and Cook had dinner on Friday evening. Last week, the White House delayed 10% tariffs on certain items, including consumer electronics such as smartphones, from next month to mid-December.
5. Trump says a resolution to Hong Kong protests would be ‘very good’ for a China trade deal
Protesters seen demonstrating in Hong Kong.
Miguel Candela | SOPA Images | LightRocket | Getty Images
Trump hinted he would like to see China resolve the Hong Kong protests before the world’s two largest economies could reach a trade deal. “I would like to see Hong Kong worked out in a very humanitarian fashion,” the president said. “I think it would be very good for the trade deal.” However, after a weekend of mass pro-democracy demonstrations, Hong Kong gears up for more unrest this week. Sunday’s massive turnout in Hong Kong, which organizers put at 1.7 million, showed that the movement still has widespread support.