10 things you need to know before the opening bell
Here is what you need to know.
1. Markets are steady after Monday's bloodbath - but Trump's 'currency manipulator' label on China means the trade war will drag on. "The US has simply made it clear that there is no goodwill in discussions, and no desire for a swift resolution to trade talks."
2. Goldman Sachs sees no trade deal before 2020 US election and is now expects three rate cuts. "In light of growing trade policy risks, market expectations for much deeper rate cuts, and an increase in global risk related to the possibility of a no-deal Brexit".
3. China's offshore yuan hit a record low on Tuesday, fuelling fresh selling in global financial markets, after the United States branded Beijing a "currency manipulator." In a strongly-worded editorial, the official Communist Party newspaper the People's Daily said the United States' was "deliberately destroying international order" and holding its own citizens to ransom.
4. Tech's 5 FAANG stocks just saw $150 billion of their market value vaporized, and Apple is reeling the hardest. The lost market value is the equivalent of a company the size of Costco or IBM instantly evaporating into thin air.
5. Jeff Bezos' net worth plunged by $3.4 billion in Monday's stock rout - and the rest of the world's super rich lost $117 billion. The world's 500 wealthiest people lost 2.1%, including Mark Zuckerberg and Bill Gates losing over $2 billion each in net worth.
6. Oil prices rebounded slightly on Tuesday from big falls in recent sessions, but Brent crude remained near seven-month lows around $60 a barrel due to escalating trade tensions. Brent prices have lost more than 9% in the past week, with US President Donald Trump vowing to impose new tariffs on Chinese imports, and China making further moves against U.S. agricultural cargoes.
7. Gaming stocks tanked after Trump linked 'gruesome and grisly' video games to mass shootings. "We must stop the glorification of violence in our society," Trump said Monday. "This includes the gruesome and grisly video games that are now commonplace."
8. Stocks have rebounded after their worst fall in 2019 yesterday. US futures are up with the S&P 500 (+0.9%) rising as was the Nasdaq (+1.2%). Europe was rising after German manufacturing orders rose with the Dax (+0.7%) and Euro Stoxx 50 (+0.7%) up. Asia slid on close, with the Nikkei 225 (-0.7%) down, was the Hang Seng (-0.7%) and Shanghai Composite (-1.6%.)
9. There are lots of interesting earnings out today. After releases of Aladdin and the Lion King, Walt Disney reports Q3 earnings today.
10. There is lots of data in the docket today. St Louis' Fed CEO, James B. Bullard, will be making his speech later.