Stock market news: Opening bell, November 29, 2018

Saudi
Arabia’s Crown Prince Mohammed bin Salman arrives at Ministro
Pistarini in Buenos Aires.
Reuters/
Argentine G20/Handout

Here is what you need to know. 

1. 
   Powell says rates are ‘just below’ a neutral
   level. Speaking at the New York Economic Club on
   Wednesday, Fed Chairman Jerome Powell said there was “a great
   deal to like” about the US economy and that interest rates were
   getting close to a neutral level.  
2. 
   The Trump administration is looking into ways to raise tariffs
   on Chinese autos. US Trade Representative
   Robert Lighthizer said Wednesday that he was examining ways to
   raise tariffs on Chinese autos to 40% — the same that China is
   charging on US-made vehicles, Reuters reports.   
3. 
   Oil drops below $50 for the first time in more than a
   year. West Texas Intermediate crude oil
   trades down 1.17% at $49.72 a barrel, its weakest since October
   2017, after a report showed US inventories continued to grow
   last week and as Russian President Vladimir Putin said current
   prices are “absolutely fine.”
4. 
   Deutsche Bank’s headquarters were raided. The
   bank’s offices in Frankfurt, Germany, were searched Thursday as
   part of an alleged money laundering probe linked to the 2016
   Panama Papers data leak. 
5. 
   Volvo’s $30 billion IPO is officially
   off. The Chinese-owned, Swedish automaker, on
   Thursday shelved its initial public offering after previously
   delaying it because of the trade war. 
6. 
   Saudi Arabia is buying Lockheed Martin’s missile-defense
   system. The kingdom has agreed to pay $15 billion
   for 44 Terminal High Altitude Area Defense (THAAD) launchers,
   missiles, and related equipment, Reuters reports, citing a
   Department of State spokesperson.  
7. 
   Facebook is expanding its local news feature.
   Facebook’s “Today In,” which shows users news, posts, and
   events from their local area, will be expanded to more than 400
   cities across the US, the company announced Wednesday.
8. Stock markets
   around the world are mixed. China’s Shanghai
   Composite (-1.32%) led the losses in Asia and Britain’s FTSE
   (+0.6%) is out front in Europe. The S&P 500 is set to open
   down 0.41% near 2,732.
9. Earnings
   keep coming. Abercrombie & Fitch and Dollar
   Tree report ahead of the opening bell while GameStop, HP, and
   VMware release their quarterly results after markets close.
10. 
    US economic data is heavy. Personal income and
    spending, PCE core prices, and initial claims will all cross
    the wires at 8:30 a.m. ET before pending home sales are
    released at 10 a.m. ET. The minutes from the Fed’s November
    meeting are due out at 2 p.m. ET. The US 10-year yield is down
    5 basis points at 3.01%.