The U.S. government is proposing $4 billion in tariffs on European goods
The U.S. Trade Representative's (USTR) office last night released details of a proposal to tack on $4 billion in tariffs on a number of European Union (EU) goods, which has Dow futures cooling off this morning after yesterday's G-20 trade relief surge. The S&P is pulling back from record highs too, with futures inching lower in pre-market trading. Elsewhere, investors will be looking towards light vehicle sales data, out later today.
Continue reading for more on today's market, including:
- The ride share stock sputtering out on a bear note.
- 2 stocks that surged on analyst upgrades.
- Plus, Nike pulls "Betsy Ross" shoe, AMRN lifts guidance, and Ingersoll-Rand gets a downgrade.

5 Things You Need to Know Today
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The Chicago Board Options Exchange (CBOE) saw 1.02 million call contracts traded on Monday, compared to 666,750 put contracts. The single-session equity put/call ratio landed at 0.65, while the 21-day moving average is 0.62.
- Nike Inc (NYSE:NKE) last night pulled its Air Max 1 QuickStrike Fourth of July "Betsy Ross" sneakers, which were intended for release this week, after spokesman Colin Kaepernick pointed out that the shoes featured an early version of the American flag in use during the time of slavery. This morning, Arizona Governor Doug Ducey has vowed to withdraw financial incentives for a planned Phoenix Nike facility in response to the sneaker being pulled. NKE is down just 0.1% ahead of the bell.
- Pharma stock Amarin Corporation (NASDAQ:AMRN) is up 7.3% in pre-market trading after the firm lifted its 2019 revenue guidance to a range between $380 million and $420 million, well beyond analysts' expectations for $364.78 million. AMRN said it expects strong results from its heart drug Vascepa, assuming the FDA will expand the drug's label.
- Jefferies downgraded the appliance concern Ingersoll-Rand (NYSE:IR) to "hold" from "buy." Analyst Stephen Volkmann predicted limited near-term upside to the company's earnings forecast, and cited a relatively unstable economy as reasoning for the downgrade. IR has gained about 40% year-to-date, and closed Monday at a new all-time high of $127.69.
- Today's economic calendar will feature remarks from New York Fed President John Williams and Cleveland Fed President Loretta Mester. Acuity Brands (AYI) will step into the earnings confessional.

Asian Markets Cautious Over G-20 Decision; Europe Looks at New Round of Tariff Threats
It was a mixed session for equities in Asia. Starting in China, traders mostly kept a wait-and see approach amid trade uncertainty, with the Shanghai Composite closing just fractionally lower on the day. Joining the index in the red was South Korea’s Kospi, which closed in negative territory for a second straight day, down 0.4%. Meanwhile, Hong Kong’s Hang Seng rose 1.2%, and Japan’s Nikkei also managed a win, adding 0.1%
Stocks in Europe are also failing to make decisive moves in either direction due to questions around trade, after the Trump administration late Monday threatened to place $4 billion in tariffs on European goods. Meanwhile, traders are considering the U.K.’s purchasing manager index (PMI) for June that showed construction activity suffered its biggest drop-off in activity in over 10 years. While London's FTSE 100 is up 0.5% at midday, the French CAC 40 is only trading 0.1% higher, and Germany’s DAX is down 0.01%.