5 things to know before the stock market opens October 7, 2019

1. Dow to drop as China may look to limit the scope of this week’s trade talksTraders work on the floor at the New York Stock Exchange.Brendan McDermid | ReutersU.S. stock futures were lower Monday morning, pointing to a loss for the Dow Jones Industrial Average after Friday’s “Goldilocks” jobs report-driven 372-point rally. The U.S. and China resume high-level trade talks in Washington on Thursday and Friday. However, Beijing may want to narrow the scope of the negotiations, excluding industrial policy or government subsidies, according to Bloomberg News. The risk of a recession is rising, and the main threat to the economy is the Trump administration’s ongoing trade war, according to a panel of economists surveyed by the National Association for Business Economics.2. Second whistleblower comes forward in Ukraine call at center of Trump inquiryUS President Donald Trump speaks to the press as he departs the White House in Washington, DC, for his annual visit to Walter Reed National Military Medical Center, on October 4, 2019.Andrew Caballero-Reynolds | AFP | Getty ImagesConcern about the U.S.-China trade war, and its impact on the American economy, is happening as the House Democrats’ impeachment inquiry moves forward against President Donald Trump. A second whistleblower in the Ukraine call at the center of the inquiry has come forward. The lawyer who represents both whistleblowers said the new one has firsthand knowledge of key events and can corroborate the original one. The White House has sought to discredit the first whistleblower because that person’s account was based on secondhand or thirdhand information.3. Bernie Sanders, still recovering from a heart attack, releases his campaign finance planVermont senator and presidential candidate Bernie Sanders campaigns at the University of New Hampshire in Durham. (Photo by Preston Ehrler/SOPA Images/LightRocket via Getty Images)Preston Ehrler | LightRocket | Getty ImagesBernie Sanders is unveiling a major campaign finance plan, continuing his 2020 presidential bid even as he’s at home recuperating from a heart attack. The Vermont senator said Monday that as president he’d enact mandatory public financing laws for all federal elections and ban corporate donations for inaugural events. The Sanders campaign told CNBC last week the senator plans to attend the next Democratic presidential debate on Oct. 15 in Ohio.4. UAW says GM labor talks ‘have taken a turn for the worse’ as strike continuesStriking United Auto Workers members and supporters attend a speech by Vermont Sen. Bernie Sanders outside General Motors’ Detroit-Hamtramck Assembly plant on Sept. 25, 2019 in Detroit.Michael Wayland / CNBCThe United Auto Workers’ 22-day strike against General Motors could continue for the foreseeable future. The union on Sunday said contract talks have “taken a turn for the worse.” GM, in response, said the company continues “to negotiate in good faith.” A source familiar with the talks told CNBC that one of the union’s main concerns with the most recent offer from the automaker was the company’s lack of commitment to new products for U.S. plants. Prior to the talks, GM was expected to attempt to negotiate the closure of up to four domestic plants.5. Citi upgrades Uber to buy from neutral as ride-hailing shares struggle since IPODara Khosrowshahi, CEO of Uber Technologies, speaks during an Economic Club of Washington event in Washington, DC, June 11, 2019.Saul Loeb | AFP | Getty ImagesCiti upgraded Uber to buy on Monday, saying that while recent overhangs like California’s law on contractors and the IPO lock-up might continue, there was now more clarity as to how it would impact the company going forward. The firm upgraded the ride hailing giant to buy from neutral but kept its price target of $45 per share, which was May’s initial public offering price. Uber shares were moving higher in premarket trading, but they’re still nearly 35% below their IPO price.

CNBC’s before the bell news roundup

Get this delivered to your inbox, and more info about about our products and services.By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.

— Associated Press contributed to this report.

Show More

Related Articles