Leah Millis/Reuters
Here is what you need to know.
- President Donald Trump issues a lengthy defense of Saudi Arabia over the killing of the Saudi journalist Jamal Khashoggi. In a statement Tuesday, Trump signaled he did not intend to call for significant changes to the US-Saudi relationship.
- Apple slumps into bear-market territory. Amid a broader technology sell-off, the company’s shares fell more than 20% from their October peak after Goldman Sachs cut its price target for the third time this month.
- American farmers are struggling to find storage for their crops as exports slow. The trade war between Washington and Beijing is forcing some farmers to bury their harvest under soil, and the problem is most acute for soybean growers, Reuters reported.
- Bank of America sees market chaos doubling over the next 3 years. The bank laid out investing strategies that had profited at times when the Cboe’s volatility index was rising.
- Facebook CEO Mark Zuckerberg says he does not plan to step down. He also voiced his support for the company’s chief operating officer, Sheryl Sandberg, in a CNN interview about the bombshell New York Times report.
- Renault CEO Carlos Ghosn is set to remain as the probe into allegations of financial misconduct by him expands. Executives at the French automaker said that Ghosn, who was arrested Monday, would retain his position despite being “temporarily incapacitated.”
- Amazon employees were reportedly buying up apartments in New York City before the company announced HQ2. Brokers in Long Island City, Queens, have seen a spike in interest from employees at the e-commerce giant, The Wall Street Journal reports.
- Economic data is heavy before Thanksgiving. Initial jobless claims and durable-goods orders cross at 8:30 a.m. ET, while the University of Michigan consumer-sentiment report and existing-home sales are due at 10 a.m. The 10-year yield up 3 basis points at 3.081%.
- Earnings reporting continues. The farm-equipment maker Deere reported a miss on earnings and sales ahead of the market open. Hewlett Packard’s numbers are due after the closing bell.
- Futures are attempting a rebound after an ugly session. Dow futures are up 133 points, or 0.5%, and Nasdaq futures are up 64 points, or 1%.
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