Stock market news: Opening bell, December 3, 2018

U.S.
President Donald Trump, U.S. Secretary of State Mike Pompeo, U.S.
President Donald Trump’s national security adviser John Bolton
and Chinese President Xi Jinping attend a working dinner after
the G20 leaders summit in Buenos Aires,
Argentina.
Reuters/Kevin
Lamarque

Here is what you need to know. 

1. 
   Trump and Xi declare trade truce. In a
   meeting at the G20 in Buenos Aires, Argentina, on Saturday,
   President Donald Trump agreed to postpone new economic tariffs
   on Chinese imports by 90 days and Chinese President Xi Jinping
   said China would buy a “not yet agreed upon” amount of US
   agriculture, energy, and industrial products, and label
   Fentanyl a controlled substance, the AP reports.
2. 
   Global markets are ripping
   higher. 
   Markets
   across China gained at least 2.5% and Germany’s DAX is higher
   by 2.38% after Trump and Xi agreed to a 90-day trade truce. The
   S&P 500 is set to open up 1.55% near 2,803.
3. 
   Oil is soaring. 
   West Texas Intermediate crude oil trades up
   4.4% at $52.95 a barrel, its highest in 10 days.
4. 
   Trump’s auto tariffs could take a $75 billion bite out of
   Europe’s economy.
   A
   25% tariff on European autos coming into the US would shave $75
   billion from growth in the eurozone next year, lowering its
   gross domestic production by 0.4 percentage points to 1.2%, a
   Barclays team led by Francois Cabau wrote in a recent note sent
   out to clients. 
5. 
   Qatar is quitting OPEC. 
   Qatar will leave the cartel on January 1 amid
   plans to raise its natural gas production, and as Saudi Arabia
   has cut trade and transport ties while it boycotts the country
   for its alleged support of terrorism and Iran.
6. 
   The US stands alone on climate
   change. 
   The US
   was the only nation at the G20 not to reaffirm its commitment
   to the Paris climate accord, according to the AP.
7. 
   US markets are closed Wednesday in honor of George HW
   Bush.
   “We remember
   President Bush admiringly as a veteran who fought
   totalitarianism, a statesman who advocated for freedom, a
   leader who served his country, and an unabashedly dedicated
   family man,” said Stacey Cunningham, NYSE Group President,
   according to the Associated press. “He will be remembered for
   his decades of service to the nation and the world, and it is
   appropriate that the New York Stock Exchange closes on
   Wednesday, the National Day of Mourning, to honor President
   Bush’s enduring legacy.”
8. 
   Wall Street banks release their 2019 forecasts.
   Business Insider rounded up Wall
   Street’s forecasts and investing advice for navigating the
   markets in 2019 — here’s what the pros are saying.
9. 
   Earnings reports trickle out.
   The luxury-furniture maker RH reports after
   the closing bell.
10. 
    US economic data keeps coming.
    Markit manufacturing and ISM Manufacturing
    will cross the wires at 9:45 a.m. ET and 10 a.m. ET
    respectively. US auto sales will be released throughout the
    day. The US 10-year yield is up 4 basis points at 3.03%.