Wall Street set to open higher
Stock index futures pointed to a higher start for Wall Street on Monday, as U.S.-China trade hopes sparked market cheer.
On Sunday, Commerce Secretary Wilbur Ross told Bloomberg that licenses to allow US firms to sell software and components to Chinese tech giant Huawei “will be forthcoming very shortly.”
Ross said his department has received 260 requests for licenses, but he didn’t provide a timeline for approvals. Huawei was blacklisted by the Trump administration earlier this year over national security concerns.
By 4:20 a.m. ET, the blue-chip Dow futures advanced 110 points, or 0.40% to 27,369 while the S&P 500 futures rose 13.37 points, or around 0.44% to 3,076.62. The tech-heavy Nasdaq 100 futures indicated a gain of 42.13 points, or roughly 0.52% to 8,202.38.
McDonald’s CEO fired over relationship with employee
McDonald’s (NYSE: MCD) has parted ways with president and CEO Steve Easterbrook after determining that he violated its policy by engaging in a relationship with an employee, according to a statement released by the company on Sunday.
Although the relationship was consensual, the fast food giant said Easterbrook had violated its policy and shown poor judgement. Easterbrook acknowledged the relationship and called it “a mistake” in an email to employees.
Easterbrook, who has served as CEO since March 2015, will be replaced immediately by McDonald’s USA President Chris Kempczinski.
McDonald’s shares were down 2.24% to $189.59 in premarket trade Monday
Under Armour is under investigation by the DOJ and SEC
Shares of Under Armour (NYSE: UAA) plunged 16.98% to $17.55 in premarket trade, as investors mulled news that the apparel and footwear company is under investigation by the SEC and Justice Department over its accounting practices.
Under Armour disclosed Sunday that federal authorities have been looking into its accounting practices and related activities dating back to 2017.
According to the Wall Street Journal, the SEC and Justice Department are investigating whether the Baltimore-based company “shifted sales from quarter to quarter to appear healthier.”
Under Armour is scheduled to announce its third-quarter results ahead of the opening bell today.
