- Reuters/Alexei Kolchin
Here is what you need to know.
Stocks just plunged through a key technical level that JPMorgan says could open the floodgates for more selling. The S&P 500 fell below key support in the 2,610 area on Friday, opening up the potential for a retest of the intraday low of 2,533 reached February 15, according to the JPMorgan strategist Jason Hunter.
Traders continue to shun the US dollar. Net short positioning in the dollar has climbed to its highest level since May 2014, according to ANZ Bank, citing US Commodity Futures Trading Commission data.
Nobel Prize-winning economist Robert Shiller warns that an ‘economic crisis’ is brewing. Speaking at the China Development Forum in Beijing over the weekend, Shiller warned that growing trade tensions between the United States and China could spark the next US economic crisis.
One in 7 people in Hong Kong is a millionaire. The number of millionaires in Hong Kong rose 15% last year to 1 million, according to a Citibank study.
Finish Line gets bought by a British sportswear retailer. JD Sports has agreed to buy Finish Line for $13.50 a share, or $425 million, a 28% premium to Friday’s closing price.
Dropbox soars in its trading debut. Shares of the cloud-storage company surged 36% in their trading debut Friday.
Mark Zuckerberg takes out full-page newspaper ads to say ‘sorry.’ The Facebook CEO took out full-page ads in several British and American newspapers to apologize for the Cambridge Analytica scandal.
‘Black Panther’ box-office streak is over. The Disney/Marvel superhero movie’s streak of topping the box office has ended at five weeks after being surpassed by “Pacific Rim Uprising.”
Stock markets around the world are higher. Hong Kong’s Hang Seng (+0.79%) paced the gains in Asia, and Germany’s DAX (+0.63%) leads the pack in Europe. The S&P 500 is set to open higher by 1.68% near 2,632.
US economic data trickles out. Dallas Fed Manufacturing will be released at 10:30 a.m. ET. The US 10-year yield is up 3 basis points at 2.85%.