Here is what you need to know.
China cuts tariffs on auto imports as talk of Trump’s trade war eases. Import tariffs will be cut to 15% for most vehicles from 25% from July 1, China’s Ministry of Finance said in a statement.
A major sell-off is taking place in corporate bonds. US corporate debt is suffering one of its worst sell-offs in 18 years, according to JPMorgan research cited by Bloomberg, which shows they just posted “their third-worst 100-day returns since 2000.”
More Americans are struggling to pay their credit cards, and what’s holding them back is only getting worse. The share of borrowers who make payments more than 30 days late is on the upswing as interest rates rise.
The market’s biggest and most influential investors are completely altering their strategies. Goldman Sachs makes note of three big shifts taking place in the market and what they mean for the everyday investor.
US and Canadian regulators have opened dozens of investigations into crypto scams. Authorities have opened “as many as 70 investigations” into unregistered securities offerings and initial coin offerings that promised sizable returns without properly warning of the risks, the Washington Post reports.
Mark Zuckerberg goes to Europe. Facebook CEO Mark Zuckerberg testifies in front of the European Union on Tuesday about the Cambridge Analytica data scandal.
A woman will lead the New York Stock Exchange for the first time in its 226-year history. New York Stock Exchange President Tom Farley is leaving the company to lead a venture backed by Daniel Loeb’s hedge fund, and will be replaced chief operating officer Stacey Cunningham, according to a Wall Street Journal report confirmed by Business Insider.
Elon Musk is comparing Tesla’s ‘mass market’ Model 3 to a $66,000 BMW. “Cost of all options, wheels, paint, etc is included (apart from Autopilot). Cost is $78k,” Musk tweeted Monday about the souped up version of Tesla’s Model 3. “About same as BMW M3, but 15% quicker & with better handling. Will beat anything in its class on the track.”
Stock markets around the world are higher. Hong Kong’s Hang Seng (+0.6%) led in Asia and Britain’s FTSE (+0.10%) clings to gains in Europe. The S&P 500 is set to open up 0.23% near 2,739.
Earnings reports roll out. Kohl’s, TJX, and Toll Brothers report ahead of the opening bell.
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