- Reuters/Carlos Garcia Rawlins
Here is what you need to know.
Tech stocks are under pressure. Tech stocks struggled in Asia after Friday’s selloff in the US. The tech-heavy Nasdaq is set to open lower by 0.8%.
The market expects the Fed to hike rates later this week. The market is pricing in a 95.7% chance the Fed lifts its benchmark interest rate at Wednesday’s meeting.
Puerto Rico votes for statehood. A resounding 97% of voters (23% turnout) voted in favor of Puerto Rico becoming the 51st US state. However, statehood faces an uphill battle in Congress, Reuters says.
Trump is set to nominate a deputy Treasury Secretary. Brian Brooks, general counsel at Fannie Mae, will be nominated for the position, Axios says, citing three sources familiar with the matter.
The British pound is finding its footing. Sterling trades down 0.4% at 1.2700 against the dollar as it stabilizes following the outcome of a hung parliament from last week’s election. It’s lost about 2% since the vote.
The UAE’s central bank sounds the alarm on dealing with Qatari banks. The United Arab Emirates’ central bank told banks to do “enhanced due dilligance” before conducting business with Qatar National Bank, Qatar Islamic Bank, Qatar International Islamic Bank, Masraf Al Rayan and Doha Bank, Reuters says.
Bitcoin nearly hits $3,000. The cryptocurrency hit a high of $2,994 a coin on Monday. Currently, its trading down 0.2% at $2,829.
Amazon flash crashed on Friday. Shares of the e-commerce giant crashed nearly $35 in a matter of seconds before quickly recouping those losses. The stock still closed down more than 3% at $978.31.
Michael Jordan’s brand is making one big mistake.“Three years ago, Retro Jordans were all very limited relative to demand. And so, you had every pair of Jordans that would sell out instantly at retail,” said Josh Luber, the CEO of sneaker resale platform StockX. “Over the past couple of years, Nike and really Jordan, right, has continued to increase supply and increase retail price of Jordans to get to the fact where they’re not selling out instantly.”
Uber’s CEO could take a temporary leave. Uber’s board considering a temporary leave for CEO Travis Kalanick as it discusses big changes to the company’s management practices, Reuters says.