CBS board meets; Stock markets dip; Caterpillar earnings

1. Watching CBS: Investors are watching CBS (CBS) stock on Monday as the company's board of directors meet to discuss allegations of sexual harassment against CEO Les Moonves.
The board plans to form a special committee that will oversee an investigation into both Moonves and the overall culture at the network, according to two sources familiar with the matter.

Sources said that the Monday meeting was scheduled before a bombshell report in the New Yorker Friday detailed allegations against the CEO.

Moonves said in a statement that he has "promoted a culture of respect and opportunity for all employees." But he acknowledged that "there were times decades ago when I may have made some women uncomfortable."

2. Global stock market overview: US stock futures dipped Monday as global markets sagged.

European markets declined in early trading.

Most Asian markets closed with modest losses. The Shenzhen Composite posted the biggest decline, dropping 1.4%.

Stocks turned in a mixed performance last week as shares in tech companies came under pressure. The Dow Jones industrial average rose 1.6% last week and the S&P 500 gained 0.6%, but the Nasdaq fell 1.1%.


3. Earnings: Caterpillar (CAT) and Loews (L) will report earnings before the open.

AK Steel (AKS), Transocean (RIG) and Denny's (DENN) will follow after the close.

AK Steel is expected to reveal a jump in revenue after President Donald Trump's metal tariffs sent steel prices surging and sparked blockbuster profits for other steel manufacturers. However, AK Steel sales won't increase by as much as some of its competitors since it's locked into annual contracts that have fixed prices.

In other tariff news, BMW (BMWYY) said it was hiking prices on two American-made SUVs in China. Tesla (TSLA) has also raised prices in China after the country put tariffs on cars made in the United States.
Source: https://money.cnn.com

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