Futures edge higher
U.S. stock futures inched higher on Monday, as market players parsed the latest news on the phase-one U.S.-China trade deal announced last week.
On Sunday, Trade Representative Robert Lighthizer said the deal is “totally done,” adding that it will nearly double American exports to China over the next two years.
The deal will reduce some tariffs imposed on Chinese imports by the Trump administration in exchange for increased Chinese purchases of U.S. energy, agricultural, and manufactured products by some $200 billion.
However, the two sides are yet to determine a location and date to formally sign the deal.
As of 4:20 a.m. ET, the blue-chip Dow futures advanced 33.5 points, or 0.12% to 28,198.5. The S&P 500 futures rose 9.63 points, or 0.30% to 3,184.88 while the tech-heavy Nasdaq 100 futures were up 32.5 points, or 0.38% to 8,553.50.
Boeing reportedly considering shutting down 737 Max production
Boeing (NYSE: BA) is considering whether to cut or temporarily halt production of the 737 Max jet, according to a report on the Wall Street Journal.
Sources familiar with the matter told the Journal that Boeing could announce a decision either after the U.S. stock market close Monday or early Tuesday.
Last week, the Federal Aviation Authority revealed it would not allow the 737 Max to return to service before 2020. The FAA grounded the plane earlier this year in the wake of two crashes that claimed 346 lives.
DuPont agrees to merge its nutrition business to IFF for $26.2 billion
DuPont (NYSE: DD) has agreed to combine its food and nutrition business with International Flavors & Fragrances (NYSE: IFF) for $26.2 billion.
The deal, which was announced over the weekend, will create a new consumer goods giant worth more than $45 billion with annual revenues of about $11 billion.
Existing IFF shareholders will own 44.6% of the shares of the combined company, while DuPont shareholders will own 55.4%.
Shares of DuPont were up 4.63% to $67.80 in premarket trade Monday, while those of IFF declined 5.19% to $127.03.
