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Morning Brief: CBS CEO Les Moonves is out

Monday, September 10, 2018

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What to watch today

Monday comes with no major market-moving economic data or earnings announcements scheduled for release. At 3 p.m. ET, we’ll get the Fed’s July report on consumer credit balances, which is estimated to have expanded by $14 billion.

In the week ahead, the main economic highlight will be the monthly retail sales report, expected to show sales rose 0.5% in August. Investors will also keep their eye on key inflation data as well as sentiment checks on both the U.S. consumer and the small business sector. And on the earnings side, things will remain quiet with Kroger (KR) and Adobe (ADBE) the only members of the S&P 500 set to report results.

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Top news

(Photo by Chris Pizzello/Invision/AP, File)

CBS CEO Moonves resigns, company settles Redstone lawsuit: CBS Corp. CEO Leslie Moonves resigned from the company, the company said on Sunday, amid fresh allegations of sexual assault and harassment. CBS (CBS) also announced a deal to end litigation against controlling shareholder Shari Redstone and National Amusements Inc for control of the broadcaster and media company. [Reuters]

Alibaba’s Jack Ma to hand chairman’s role to CEO next year:  Jack Ma will step down as executive chairman of Alibaba Group Holding Ltd. (BABA) in exactly 12 months’ time with Chief Executive Officer Daniel Zhang to succeed him at Asia’s most valuable company. [Bloomberg]

Crypto wipeout deepens to $640B as ether leads declines: The cryptocurrency bear market plumbed a fresh 10-month low, led by a slump in bitcoin’s biggest rival. Ether fell 10% Monday to $196.275.  The market capitalization of digital coins has tumbled about $640 billion from its January peak, according to CoinMarketCap.com. [Bloomberg]

Apple supplier shares slide after Trump tweet: Shares of Apple Inc. (AAPL) suppliers fell across Asia on Monday after U.S. President Donald Trump tweeted that the tech giant should make products in the U.S. if it wanted to avoid tariffs on Chinese imports. Trump’s comment came after Apple told U.S. trade officials on Friday that proposed tariffs by Washington in an escalating trade war with China would affect prices for a “wide range” of Apple items. [Reuters]

Musk scores a much-needed win with successful SpaceX launch: Space Exploration Technologies Corp. launched a commercial satellite for Telesat from Florida, marking the rocket company’s 16th mission of 2018, two years of uninterrupted achievements. The launch, the 16th successful mission of about 30 targeted this year, is a bright spot in an otherwise tumultuous few months for Chief Executive Officer Elon Musk, who also heads Tesla Inc. [Bloomberg]

For more of the latest news, go to Yahoo Finance

Naomi Osaka of Japan (left) cries as Serena Williams of the USA comforts her after the crowd booed during the trophy ceremony following the women’s final on day thirteen of the 2018 U.S. Open tennis tournament. Osaka defeated Williams in the women’s final of the U.S. Open. Credit: Robert Deutsch-USA TODAY Sports TPX IMAGES OF THE DAY

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