Monday Morning Rebel Brief – 6 Quick Stories

Let’s take a look at the market-moving news you may have missed through the weekend.

Stocks Open Higher

After narrowly avoiding a bear market on Friday, the S&P looks set to bounce this morning alongside the other major indices. In premarket trading, both the Dow and the S&P are trading higher by about 1%, the Nasdaq by about 0.6%, and the Russell 2000 by about 1.1%.

Biden Reconsidering Chinese Tariffs

In 2018, President Trump began imposing a series of tariffs on Chinese exports. Now, President Biden is considering walking those tariffs back. This could go a long way in easing inflationary pressure, considering that the US spends $506.37B per year on Chinese trade goods (as of 2021). During the same press conference, Biden said he was considering asking OPEC to raise oil production, and that he doesn’t believe a recession is “imminent”.

Chinese Government Gets Dovish

After incurring years of damage to its economy, the Chinese government is gearing up to provide a comprehensive 33-point fiscal stimulus package. Some of the measures included in this will include tax relief for businesses, eased credit restrictions for small businesses, and tax cuts. This follows news from last Friday, when the Chinese central bank eased its monetary policy by 15 basis points.

Monkey Pox — Cause For Concern?

President Biden said “everybody should be concerned about” monkey pox. Monkey pox is a contagious, rash-causing disease that has seen a sudden flare up of cases over the past few days in the United States and Europe. While officials are cautioning the public to be watchful of the upcoming developments, Former FDA Commissioner Dr. Scott Gotlieb says that he doesn’t believe monkey pox has the ability to become a major pandemic, due to the fact that Monkey Pox is “a virus that’s difficult to spread”.

Broadcom ($AVGO) Takes Out Its Wallet

Semiconductor company Broadcom is reportedly in talks with cloud-computing company VMWare ($VMW). Shares of VMWare are currently trading higher by $19.63% in the premarket, while shares of Broadcom are trading lower by 4.41%. 

GameStop ($GME) Goes Digital

In a move that has been long rumored, GameStop announced today that it has launched a digital asset wallet. The wallet will be allow users to store, swap, and spend cryptocurrencies as well as NFT’s, all within a web browser. As a result, the stock is higher by 2.6% in premarket trading. 

For more quick daily stories, check out this mornings edition of 60 Seconds, with Jon Najarian.