Here is what you need to know.
- “Farm bankruptcies are surging as Trump’s trade war drags on.” The strain of low commodity prices on farmers and ranchers has been compounded by tariffs, causing at least 84 farm operations in the upper Midwest to file for bankruptcy in the 12 months through June — more than twice the level seen in the same period in 2014.
- China says using its US bond holdings as a weapon in the trade war would be akin to ‘playing with fire.’ “We don’t want to cause any financial instability in global markets,” Cui Tiankai, China’s ambassador to the US, told Reuters. “This is very dangerous, this is like playing with fire.”
- A top US regulator pours more cold water on a bitcoin ETF. “What investors expect is that trading in that commodity that’s underlying the ETF is free from the risk or significant risk of manipulation,” Jay Clayton, chairman of the US Securities and Exchange Commisison, said at Coindesk’s Consensus conference in New York on Tuesday, according to CNBC. “Those kinds of safeguards don’t exist in many of the markets where digital currencies trade.”
- Here are 4 portfolio tweaks that can help you make a killing amid the stock market’s chaos. Credit Suisse says the stock will continue to grind higher in 2019, and lays out four big portfolio adjustments to help you capitalize on the changing market environment.
- A private-equity firm reportedly drops out of the Papa John’s sweepstakes. Trian Fund Management, on Tuesday afternoon, pulled out of the bidding for the pizza chain Papa John’s, according to The Wall Street Joural, citing people familiar with the matter, sending its shares lower by as much as 15%.
- Salesforce delivers a ‘beat and raise.’ Shares gained more than 5% in after-hours trading Tuesday after the company beat on both the top and bottom lines in the third quarter and raised its revenue guidance for Q4.
- Elon Musk’s Boring Company axes plans to build a massive tunnel under Los Angeles. The decision was made after several local groups sued the city for exempting the Boring Company from environmental regulations.
- Stock markets around the world are gaining ground. Hong Kong’s Hang Seng (+1.33%) led the gains in Asia and Germany’s DAX (+0.24%) is out front in Europe after Larry Kudlow, Trump’s top economic advisor, said there was a “good possibility” the US and China could reach a trade agreement at the G20 summit in Argentina this weekend. The S&P 500 is set to open up 0.3% near 2,690.
- Earnings keep coming. Burlington Stores, Dick’s Sporting Goods, and Tiffany all report ahead of the opening bell.
- US economic data flows. The second estimate of thid-quarter GDP will be released at 8:30 a.m. ET and new home sales will cross the wires at 10 a.m. ET. The US 10-year yield is unchanged at 3.05%.