It appears unlikely that a US/China summit between Trump and Xi Jinping will happen in April according to sources of the South China Morning Post. One source said the summit might happen in June. Preparing the text for a US/China trade agreement is taking more time than Trump had anticipated.
Boeing remains under scrutiny as flight recorder data shows the 737 Max 8 crashes in Indonesia and Ethiopia have “clear similarities.” Boeing is preparing a software update to better handle “erroneous sensor inputs” which appear to be involved in the chain of events leading into both crashes.
In merger news, Fidelity National (FIS) has agreed to acquire UK-based payment processor Worldpay (WP) for stock and cash valued around $43B, a greater than 13.5% premium to Worldpay’s Friday closing price. The earnings calendar is light: TLRY, LL, SCS, OSTK.
The economic calendar is also very light: NAHB Home Builders Index @ 10:00am EST. Volatility for today is a tough call given it’s a low news Monday with the ES working through significant resistance. We could see a significant move up, or a significant move down, or the ES could settle in and do not much of anything… Friday’s 2836.50 high and 2817.25 low are the key areas for the ES to clear if there’s to be significant movement today. No Size bias as Size wasn’t interested in trading overnight.