U.S. stock futures were pointing to a lower open on Monday on Veterans Day. Stocks on Wall Street trade on a normal schedule, but the bond market is closed for the holiday. The Dow Jones Industrial Average, S&P 500 and Nasdaq all finished at record highs again Friday. In the week ahead, President Donald Trump speaks Tuesday during an Economic Club of New York luncheon. Federal Reserve Chairman Jerome Powell appears on Capitol Hill on Wednesday and Thursday. House Democrats open public impeachment hearings this week. However, markets have so far ignored the process and see a conviction of the president by the Republican-controlled Senate as unlikely.
Chinese e-commerce giant Alibaba set a new sales record on Singles Day, the world's largest 24-hour shopping event. Gross merchandise value, a figure that shows sales across Alibaba's various shopping platforms, surpassed last year's nearly $30.5 billion Monday afternoon local time, and kept rising through the rest of the day. Pop star Taylor Swift played songs from her new album "Lover" to open the event. Singles Day, 11/11, has its origins as an unofficial holiday started by Chinese college students getting together to celebrate being single. Alibaba started offering discounts to singles in 2009 and it took off and became a global online shopping phenomenon.
The New York Department of Financial Services is launching an investigation into the credit card practices of Goldman Sachs after a tech entrepreneur accused the bank's Apple Credit Card algorithm of discriminating against women when determining credit card limits. David Heinemeier Hansson, creator of website builder software Ruby on Rails, condemned Apple Card for providing him a credit limit that is 20 times higher than his wife, even though the couple files joint tax returns and his wife has a higher credit score. Hansson's tweet went viral and got a comment from Apple co-founder Steve Wozniak, who alleged that Apple Card gave him 10 times the credit limit that his wife received.
The growing wealth gap separating the rich from the rest of the U.S. is an issue that needs to be resolved, J.P. Morgan Chase CEO Jamie Dimon told CBS' "60 Minutes" in an interview that aired Sunday. Dimon also deflected questions about his $31 million in compensation in 2018. He said J.P. Morgan's board sets his salary. "I have nothing to do with it," he said, and reiterated there are solutions to income inequality, such as changing the minimum wage and lowering taxes for the poor and the middle class.
Khosrowshahi made his original remarks to "Axios on HBO" TV series. Referring to the government of Saudi Arabia, the Uber chief told the show, "I think that government said that they made a mistake." Asked by CNBC for comment, an Uber representative pointed to Khosrowshahi's statement to Axios expressing regret for the language he used on the show. "I said something in the moment that I do not believe. When it comes to Jamal Khashoggi, his murder was reprehensible and should not be forgotten or excused," according to the statement.