10 things you need to know before the opening bell (SPY, SPX, QQQ, DIA, TSLA)

Reuters/Edgard Garrido

Here is what you need to know.

The Trump administration reportedly drafted a bill to abandon key WTO rules. The Trump administration has drafted a bill known as the “United States Fair and Reciprocal Tariff Act,” which would allow President Donald Trump to raise tariffs without Congressional approval, Axios says.

The EU hits back at Trump’s claim it is ‘as bad as China.’ The European Commission has threatened tariffs on $300 billion worth of US goods if Trump follows through on his threat to place big tariffs on European vehicles imported into the US.

Canadian tariffs began on $12.6 billion of US goods. Steel, iron, and Kraft Heinz Ketchup are among the goods to be hit with Canada’s retaliatory tariffs against the US, the Associated Press says.

Chinese stocks got crushed. China’s Shanghai Composite shed 2.52% on Monday, sending it to its lowest level since March 2016. Elsewhere, Britain’s FTSE (-0.91%) leads the losses in Europe while the S&P 500 (-0.58%) is set to open lower.

Mexico’s leftist outsider Andres Manuel Lopez Obrador wins the presidency in a landslide. Lopez Obrador, who vowed to oust the “mafia of power,” won more than 53% of the vote, AP reports. The Mexican peso is weaker by 0.46% at 19.9998 per dollar.

A $2.8 trillion investor unravels why a corner of the market that’s been beaten down since the financial crisis is attractive again. “Cash is cool again,” according to the $2.78 trillion asset manager State Street Global Advisors.