- Futures poised for mixed open
Stock futures pointed to a mixed start for Wall Street on Monday as investors awaited signs of progress in talks on resolving the trade war between the U.S. and China. The South China Morning News reported Saturday that a proposed April summit between U.S. President Donald Trump and his Chinese counterpart Xi Jinping to sign an agreement ending the trade war may be put back to June.
According to the SCMN, one stumbling block seems to be the demand by some White House officials for an enforcement mechanism that will ensure that China fulfils its promises. Futures on the Dow Jones Industrial Average slipped 75 points to 25,823.5, while futures on the Nasdaq 100 were up 0.02 percent to 7,344.75. Meanwhile futures on the S&P 500 jumped less than 0.1%, to 2,831.60.
- Lyft to kick off IPO roadshow
Lyft is expected to kick off the investor roadshow for its initial public offering today, the Wall Street Journal reported on Sunday, citing people familiar with the matter. According to the WSJ, the ride-hailing platform is targeting a valuation of between $21 billion and $23 billion and that intends to raise up to $2 billion from the roadshow.
- Boeing 737 max investigation
The Wall Street Journal reported Sunday that Transportation Department’s Inspector General has opened an investigation into the development of Boeing’s 737 MAX planes.
A grand jury in Washington, D.C., issued a broad subpoena dated March 11 to at least one person involved in the 737 MAX’s development, seeking related documents, including correspondence, emails and other messages, the Journal reported. Shares of Boeing (NYSE: BA) were down $11.29, or 2.98% to $367.70 in premarket trade Monday.
- Trump criticizes General Motors for closing Ohio plant
President Donald Trump is stepping up his pressure on GM to reopen its Lordstown, Ohio manufacturing plant that the automaker recently closed and laid off 1,700 workers. “I am not happy that it is closed when everything else in our Country is BOOMING,” the president tweeted on Sunday.
Trump said in tweeted that he spoke with General Motors ($GM) CEO Mary Barra about the plant: “I asked her to sell it or do something quickly. She blamed the UAW union — I don’t care, I just want it open!” GM released a statement Sunday saying that the future of the factory will be decided during discussions on a new four-year contract with the United Automobile Workers later this year.