- Reuters/Alkis Konstantinidis
Here is what you need to know.
The stock market makes history. On Monday the S&P 500 extended its streak without a 3% drawdown to 242 days, breaking the record set in 1996, according to LPL Financial’s Ryan Detrick.
The 10-year tests its highest level since May. The benchmark yield is up 3 basis points at 2.40%, a level it hasn’t closed at since May 10.
Xi Jinping is officially China’s most powerful leader since Mao. President Xi Jinping’s name was inscribed in China’s constitution, the first time a living leader’s name has been added since Mao Zedong’s rule from 1935 until his death in 1976.
Global steel production hits a 7-month low. Total crude steel output fell to 141.46 million tonnes during September, pulling back from the record high of 144.8 million tonnes set in August, according to data released by the World Steel Association.
Online holiday shopping is projected to top in-store sales for the first time. Shoppers are planning to spend 51% of their holiday budget online, compared with only 42% in stores, according to Deloitte’s survey of more than 4,000 Americans.
Italy’s biggest bank emailed out its earnings more than 2 weeks early. The bank intended to publish its third-quarter results on November 8 but accidentally uploaded a table of historical figures with “hidden but accessible” figures to its website Monday afternoon. It then emailed the table to analysts and investors.
The world’s oldest bank will resume trading Wednesday. Shares of the Italian lender Monte dei Paschi, which have not traded since the bank needed a state rescue in December, will resume trading Wednesday after market regulators approved its relisting, Reuters says.
The Nikkei’s winning streak keeps going. Japan’s Nikkei climbed 0.5% to extend its winning streak to a 16th straight day. It has gained about 7% over that time.
Earnings reporting heats up. 3M, Caterpillar, General Motors, and McDonald’s are among the names reporting ahead of the opening bell, while AMD, AT&T, and Chipotle release their quarterly results after markets close.
US economic data flows. Markit manufacturing and services will be released at 9:45 a.m. ET.