U.S. stock futures, steady in early Monday trading, turned lower after reports that China wants more talks before signing the "phase one" trade deal. U.S. Treasury Security Steven Mnuchin on CNBC on Monday would not comment directly, but said the "phase one" deal is a "fundamental agreement in principle" that is "subject to documentation." Mnuchin said he has every expectation that "phase one will close." President Donald Trump touted the agreement Friday, and Wall Street took off, with the Dow Jones Industrial Average soaring nearly 320 points. That gain nearly erased all of October's declines and helped the Dow break a three-week losing streak. While the stock market is open for normal trading Monday, the bond market is closed for the Columbus Day holiday.
Ahead of the Mnuchin interview, a CNBC source confirmed that China wants to talk more on trade before any meeting next month of Trump and Chinese President Xi Jinping. Bloomberg first reported the news, saying Beijing may send its top trade negotiator, Vice Premier Liu He, to finalize what the U.S. and Chinese presidents may sign at the Asia-Pacific Economic Cooperation summit next month in Chile. In a sign that U.S. tariffs are taking their toll, China's import and export data for September came in worse than expected. Mnuchin also told CNBC on Monday that he expects a new round of tariffs on Chinese goods, scheduled for mid-December, will take effect if no trade deal is in place between the two economic superpowers.
The Trump administration is set to impose economic sanctions on Turkey, potentially as early as this week, for its incursion into northern Syria. It's one of the few levers the U.S. still has over the NATO ally. Trump is defending his decision to pull back U.S. troops from Syria to clear the way for Turkish forces, despite mounting bipartisan criticism that the withdrawal abandons Kurdish allies in the region and empowers the remnants of the so-called Islamic State terror group. The defense secretary said the U.S. is evacuating 1,000 U.S. troops from the region.
Boeing's board removed CEO Dennis Muilenburg as chairman so he can focus on running the company after the 737 Max crisis. The aircraft maker is facing numerous investigations and criticism over its Max jets after two fatal crashes within five months of one another killed of 346 people. The worldwide Max grounding, now in its eighth month, is driving up costs for airlines as they cancel thousands more flights into 2020. Boeing expects regulators to clear its best-selling plane to fly again in the fourth quarter, but the FAA has no firm timetable.
Economists Abhijit Banerjee, Esther Duflo and Michael Kremer won the 2019 Nobel Economics Prize for their work in fighting global poverty. French-American Duflo. 46, becomes only the second-ever female economics winner and the youngest. She shares the nearly $1 million prize with the American Kremer and the Indian-born American Banerjee. The economists were recognized for showing how the problem of poverty could be tackled by breaking it down into smaller areas of examination such as education and healthcare, making problems easier to tackle.
— The Associated Press and Reuters contributed to this report.