Markets

5 things to know before the stock market opens Monday

1. Dow set to open at record highs

Traders and financial professionals work on the floor of the New York Stock Exchange.
Drew Angerer | Getty Images News | Getty Images

U.S. stock futures were pointing to an all-time high for the Dow Jones Industrial Average at Monday's open on Wall Street. The Dow would join the S&P 500 and Nasdaq, which both hit intraday highs and record closes last week. The stock market has been resilient this year in the face of up-and-down headlines on the U.S. and China trade war and Federal Reserve interest rate cuts. After Wall Street tanked into the last few months of 2018, the Dow, S&P 500 and Nasdaq have fought back since their Christmas Eve lows, with gains of more than 25%, 30% and 35%, respectively, since then.

2. McDonald's fires CEO for a consensual relationship with an employee

Steve Easterbrook, president and chief executive officer of McDonald's Corp., walks the grounds after a morning session during the Allen & Co. Media and Technology conference in Sun Valley, Idaho, U.S., on Wednesday, July 12, 2017.
David Paul Morris | Bloomberg | Getty Images

Dow stock McDonald's was falling more than 2% in Monday's premarket, a day after the board of the fast food chain fired CEO Steve Easterbrook for violating company policy by having a consensual relationship with an employee. McDonald's said Easterbrook would be replaced by USA President Chris Kempczinski, effective immediately. "This was a mistake," Easterbrook wrote in an email. "Given the values of the company, I agree with the board that it is time for me to move on."

3. Under Armour shares tank after company confirms accounting probe

People walks past a Under Armour clothing store in Siam Center, Bangkok.
Guillaume Payen | SOPA Images | LightRocket | Getty Images

Shares of Under Armour were tanking about 13% in premarket trading after the company confirms it's the subject of federal investigations by the Justice Department and Securities and Exchange Commission over its accounting practices. On Monday, Under Armour, while reporting better than expected quarterly earnings and revenue, cut its 2019 sales outlook. All this comes after founder Kevin Plank, in a surprise move last month, announced he'll step aside as CEO on Jan. 1, to be replaced by COO Patrik Frisk. Plank plans to transition to executive chairman and brand chief.

4. Federal regulators looking into Tesla battery fires

Federal regulators have began an investigation into "certain battery management system software updates" in all Tesla Model S and Model X vehicles from model-year 2012 through 2019, in response to an "alarming number of car fires that have occurred worldwide." The probe concerns battery fires that are not related to an accident or physical damage to the batteries. Car and Driver magazine first reported the investigation Friday, getting a statement from the National Highway Traffic Safety Administration which read in part, "NHTSA has received a defect petition regarding the battery management software in certain Tesla Model S and Model X vehicles."

5. Trump impeachment process advances as more Americans support removal

House Speaker Nancy Pelosi said she expects public hearings in the House impeachment inquiry into President Donald Trump to begin as early as this month. She said there's no deadline to finish the investigation, which centers around Trump's push for Ukraine to launch probes involving his political rivals such as former Vice President Joe Biden. Democratic impeachment investigators have called in 11 witnesses this week, including Energy Secretary Rick Perry and former national security advisor John Bolton. It's unclear whether any of them will come to Capitol Hill. In the latest NBC News/Wall Street Journal poll, 49% of respondents back Trump's impeachment and removal from office.

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— The Associated Press contributed to this report.

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