5 things to know before the stock market opens Tuesday
1. Dow to advance at the open in a continuation of Monday's rally
U.S. stock futures were indicating at higher Tuesday open on Wall Street, a day after the Dow Jones Industrial Average made back nearly half of Friday's more than 600-point plunge. Stocks started the week higher as President Donald Trump said at the G-7 summit that China called and said it was ready for serious talks. China disputed whether a call took place. The Dow, S&P 500 and Nasdaq remained solidly in the red for August, tracking for their second monthly loss in an otherwise strong year of gains.
2. China weakens its currency again as US trade war continues
China's yuan weakened for the ninth straight session Tuesday, plumbing new 11½-year lows for the currency, as twists in the trade war between Beijing and Washington left investors skeptical of the chances of a near-term deal. The yuan has lost nearly 3% against the dollar since Aug. 1, when Trump threatened tariffs on more Chinese goods, starting next month. The Trump administration has accused China of currency manipulation, weakening the yuan in order to gain a trade advantage.
3. Starbucks CEO says US consumer strong despite recession worries
Despite concern about slowing global economic growth and a U.S. recession due the trade war, Starbucks CEO Kevin Johnson said the American consumer remains strong. "We have not seen signs in the U.S. of anything related to a slowdown," he told CNBC on Monday evening. "Right now we're firing on all cylinders." Last month, the Seattle-based coffee giant said its latest sales in China remained strong in the face of worries about trade and increased competition there from China-based rival Luckin Coffee.
4. J&J shares strengthen on smaller-than-expected fine in opioid ruling
Shares of Johnson and Johnson were 2% higher in premarket trading on Tuesday, after an Oklahoma judge levied a smaller-than-expected fine against J&J in a landmark opioid case. The ruling, which J&J intends to appeal, said the company and subsidiary Janssen repeatedly downplayed the risks of addiction to opioids. The $572 million judgment covers one year of costs under Oklahoma's plan to combat the crisis. The state had asked for more than $17 billion.
5. A key Amazon money-man leaves, the latest executive to depart
Kurt Zumwalt, Amazon's global treasurer, has departed after 15 years of helping manage the company's cash and overseeing investments and debt financing. Zumwalt left Amazon last week, according to people familiar with matter who asked not to be named because the news had not been made public. Zumwalt, who recently updated his LinkedIn profile to reflect his departure, is the latest high-profile executive to exit. He had reported to CFO Brian Olsavsky.
— Reuters contributed to this report.