Here are the most important news items that investors need to start their trading day:
1. Rough start
Stocks got off on the wrong foot this week with an ugly selloff Monday as investors weighed strong new economic data that stoked worries of sustained rate hikes from the Federal Reserve. The Dow dropped more than 480 points, while the S&P 500 declined 1.79% and the Nasdaq fell 1.93%. When it meets next week, the Fed's policy-setting committee is expected to raise its benchmark rate by half a percentage point, which is less than the three-quarter-point hikes of the past few months but still sizable. Smith & Wesson and Stitch Fix earnings are set to hit after the bell Tuesday. Read live market updates here.
2. Salesforce slumps
The executive exodus at Salesforce isn't doing any favors for the cloud software giant's stock. On Monday, the company said Stewart Butterfield, the CEO of its Slack workplace messaging business, is leaving, days after Salesforce co-CEO Bret Taylor said he would be departing the company soon. The moves, including other recent executive departures, have weighed on Salesforce's shares, which are down 47% this year, worse than the Nasdaq's 28% decline. Making matters worse, the company last week posted its weakest quarterly revenue growth in 18 years while opting not to offer guidance for the next year, which it usually does.
3. Most Ford dealers sign up for EV plan
Ford, which is now a distant no. 2 behind Tesla in the U.S. electric vehicle market, is getting support from most of its dealers as it invests more aggressively in EVs. CEO Jim Farley said Monday that 65% of the company's approximately 3,000 dealers in the U.S. have agreed to sell EVs under Ford's "EV certified" programs. Ford is taking a different tack from General Motors, which is requiring dealers to sell EVs if they want to continue selling that company's vehicles. "We think that the EV adoption in the U.S. will take time, so we wanted to give dealers a chance to come back," Farley said. Dealers that opt out of the Ford EV program now will have another chance to sign up in 2027.
4. Biden touts Arizona chip investment
Taiwan Semiconductor Manufacturing Co. on Tuesday will unveil plans to increase its investment in Arizona from $12 billion to $40 billion, as the company plans to open another chip plant in the politically pivotal state. President Joe Biden is set to join TSMC founder Morris Chang in a visit Tuesday to the company's Phoenix plant, which is expected to start producing chips by 2024. Biden has been pressing for improvements to the chip supply chain as industries from autos to computing have struggled with an overdependence on Chinese suppliers. Apple CEO Tim Cook is also expected to join Biden and Chang.
5. Russia ratchets up missile attacks
Russian missiles continued to rain down on Ukraine, particularly in southern regions, further crippling the country's infrastructure. "The Russians were firing heavy artillery at Nikopol town, Chervonohryhorivka and Marhanets communities all night long. Almost 50 enemy shells slammed into peaceful towns and villages," said Valentyn Reznichenko, the head of the Dnipropetrovsk Regional Military Administration. Meanwhile, Russian officials reported another drone strike near an airfield in Russia. Read live war updates here.
And one more thing ...
Rest in peace, Kirstie Alley. The Emmy-winning star of "Cheers," "Look Who's Talking" and "Star Trek II: The Wrath of Khan" died Monday at age 71 after suffering from cancer. "As iconic as she was on screen, she was an even more amazing mother and grandmother," her children said.
– CNBC's Alex Harring, Ari Levy, Jordan Novet, Michael Wayland, Emma Kinery and Holly Ellyatt contributed to this report.
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