Today is US Veterans Day, banks are closed but US stock markets are open. Expect volume to be lighter than normal which will either enable price volatility or stocks might do much of nothing once the cash open shakes out.
Protests in Hong Kong flared up again and police opened fire on the demonstrators, an escalation in the four-month protest after the death of a demonstrator last week. It’s feared China might tighten their grip on the territory to squash the protests.
On the US/China trade war front, Trump made it clear on Friday that he has not agreed to roll back any tariffs on Chinese goods. Little new information came out over the weekend.
Alibaba’s Singles Day (their response to Amazon’s Prime Day) had over $31B in sales in a weakening Chinese economy. To put in perspective, that’s greater than the US shopping holidays of Thanksgiving, Black Friday, and Cyber Monday and the weekend between all combined.
The NY Dept of Financial Services will be investigating Goldman Sachs (GS) for sex discrimination in their algorithms for setting Apple Card credit limits. Tweets by web developer David Heinemeier Hansson revealed that he received an Apple Card credit limit 20x higher than his wife even though she has a higher credit score.
Earnings include TME, GO, and DFRG.
No economic data scheduled on this Federal holiday. The Fed’s Rosengren speaks in Europe @ 8:15am ET.
Size bias is a divergent long on light Globex volume.