Stock market news: Opening bell, November 8, 2018

Traders
on the floor of the New York Stock Exchange watch President
Donald Trump’s news conference.
AP/Richard Drew

Here is what you need to know. 

Here comes the Fed. The market is pricing
in just a 17% chance the US central bank raises rates at
Thursday’s meeting, according to Bloomberg. There’s a 79.1% a
rate hike happens in December, the data shows. 

Trump’s tariffs are having an impact. Data from
UBS shows the Chinese goods listed in the initial $34 billion of
tariffs have seen imports to the US fall by 30%.

Here’s how the 9-year bull market ends, and how you can see it
coming. “From my perspective, in order for us
to have a bear market that sticks, there has to be something
other than a regime shift where you re-price things,” Chris Hyzy,
the chief investment officer for Bank of America’s Global Wealth
and Investment Management division, told Business Insider by
phone. “That’s what a correction is — a repricing. There would
need to be an economic hard landing.”

Goldman Sachs announces its new partners. The
Wall Street bank named 69 people to partner in what is a
semiannual exercise.

Tesla has a new board chair. The electric-car
maker has named Robyn Denholm, CFO at Australian telecoms
operator Telstra, as its new board chair, Reuters says.

Tilray soars on a big day for weed. The cannabis
producer Tilray gained more than 30% Wednesday after Michigan
became the 10th US state to legalize marijuana and as Jeff
Sessions, a staunch opponent of legal weed, resigned as the US’s
attorney general.

Square’s earning guidance comes up short. The
mobile-payment provider reported earnings and revenue that topped
expectations, but its fourth-quarter earnings-per-share guidance
of $0.12 to $0.13 was below the $0.15 that Wall Street analysts
surveyed by Bloomberg were expecting.  

Stock markets
around the world trade mixed. Japan’s Nikkei
(+1.82%) led the gains in Asia and Germany’s DAX (-0.17%) trails
in Europe. The S&P 500 is set to open down 0.36% near 2,804.

Earnings
reports keep coming. Acitivision Blizzard and
Disney report after markets close.

US economic trickles out. Initial claims will
be released at 8:30 a.m. ET. The US 10-year yield is down 2 basis
points at 3.22%.