10 things you need to know before the opening bell (SPY, SPX, QQQ, DIA, SNAP)
REUTERS/Brendan McDermid
Here is what you need to know.
Jared Kushner is going to run a new White House office to bring business ideas to government. President Donald Trump's son-in-law, Jared Kushner, has been picked to head up the newly created White House Office of American Innovation, the Associated Press reports.
The US dollar hits a 4-month low. The US dollar index has lost about 3% in 2017, and it is trading at its lowest level since November 14.
Gold is nearing levels last seen on election night. The precious metal tumbled by more than 11% in the weeks following the election, but it has recovered virtually all of its losses. Gold trades up 1.1%, or more than $13 an ounce, at $1,257 on Monday.
German business confidence is booming. Germany's Ifo Business Climate survey climbed to 112.3 points in March, hitting its highest level since July 2011. "The upswing in the German economy is gaining impetus," Prof. Dr. Clemens Fuest, the president of the Ifo Institute, wrote.
British households are more pessimistic than ever about Brexit. A survey released Monday conducted by the analytics firm Markit showed that just 29% of respondents thought the UK economy would fare better over the next 10 years. That's down sharply from July's 39%. Prime Minister Theresa May has said she will trigger Article 50 on Wednesday.
Snap Inc. got a bunch of 'Buy' ratings. Snapchat's parent company received "buy" ratings from Citi, Goldman Sachs, and Jefferies, along with "overweight" at Morgan Stanley and "outperform" at RBC. Price targets range from $27 to $31.
Toshiba's US nuclear unit is reportedly preparing for bankruptcy. Westinghouse, Toshiba's US nuclear unit, could file for Chapter 11 bankruptcy as early as Tuesday, Reuters reports, citing Nikkei.
Stock markets around the world are under pressure. Japan's Nikkei (-1.4%) led the losses in Asia, and Germany's DAX (-0.9%) paces the decline in Europe. The S&P 500 is set to open down 0.7% near 2,328.
Earnings reports trickle out. G-III Apparel reports ahead of the opening bell, and Red Hat releases its quarterly results after markets close.
US economic data is light. Dallas Fed manufacturing will be released at 10:30 a.m. ET. The US 10-year yield is down 5 basis points at 2.36%.