- Reuters/Chris Wattie
Here is what you need to know.
The stock market sell-off isn’t over yet. The Dow Jones industrial average is set to open lower by 220 points, or 0.84%. The selling comes after Japan’s Nikkei (-2.56%) was hit hard in Asia and as Britain’s FTSE (-1.28%) leads the losses in Europe.
Markets are stretched across the board; and one wrong step could set off a vicious chain reaction. Asset classes around the world are trading in close lockstep, which poses a big risk because one minor dislocation could cause a painful chain reaction, Deutsche Bank says.
The Eagles’ Super Bowl win could be good news for stocks. The S&P 500 has gained an average of 5.1% for the calendar year when the Patriots lose the Super Bowl versus a 1.5% gain when they win, according to LPL Financial data.
Yellen is disappointed she didn’t get a 2nd term. Former Federal Reserve Chair Janet Yellen told CBS’ “Sunday Morning” that she was saddened to not receive a second term but that the new Fed chairman, Jerome Powell, was “a very thoughtful policymaker.”
Bitcoin is back below $8,000. The cryptocurrency was down 6.45% at $7,670 a coin as of 6:24 a.m. ET, trading at its lowest level since the middle of November.
The US marijuana industry is growing insanely fast. The total number of job postings for the marijuana industry increased 445% in 2017, according to the job-search website ZipRecruiter, and there are now more people working in the industry than there are dental hygienists in the US.
Broadcom is getting ready to raise its bid for Qualcomm. Broadcom is expected to raise its bid for Qualcomm to about $120 billion from $103 billion, Reuters says, citing people familiar with the matter.
Uber and Waymo are headed to court. Uber will go to court Monday against Waymo, a self-driving car unit owned by Google’s parent company, over allegations Uber stole “trade secrets” relating to self-driving-car technology.
Earnings reports keep coming. Bristol-Myers Squibb and Sysco report ahead of the opening bell, while Skyworks releases its quarterly results after markets close.
US economic data is light. Markit services PMI and ISM nonmanufacturing will be released at 9:45 a.m. ET and 10 a.m. ET respectively. The US 10-year yield is little changed near 2.85%, its highest since January 2014.