Stock market news: Opening bell, September 14, 2018

Body
surfer Andrew Vanotteren, of Savannah, Ga., crashes into waves
from Hurricane Florence.
AP/Stephen B.
Morton

Here is what you need to know. 

Hurricane Florence nears landfall. The storm is
expected to make landfall near Wilmington, North Carolina, with
sustained winds of 90 miles per hour. 

China says it will not ‘surrender’ in the trade
war. “The Trump administration should not be
mistaken that China will surrender to the US demands,” an
editorial in the state-run China Daily paper said on Friday.
“It has enough fuel to drive its economy even if a trade war is
prolonged.”

Bank of England head Mark Carney warns on a no-deal
Brexit. Carney told Prime Minister Theresa
May’s cabinet that a no-deal Brexit could cause housing prices to
crash by as much as 35%, and unemployment to climb to
double-digit percentages, according to several reports. 

India, one of Iran’s last lifelines, will cut oil imports nearly
in half. In the face of US sanctions, India
will slash its oil imports from Iran by 45%
to 360,000-370,000 barrels per day, Reuters says, citing
sources. 

Goldman Sachs announces major leadership
shakeup. The investment bank named John
Waldron, one of three co-heads of the investment banking
division, to president and chief operating officer, effectively
making him incoming CEO David Solomon’s No. 2, according to memos
the firm sent to employees on Thursday. Goldman also
named Stephen Scherr, the head of the consumer and
commercial banking division, CFO, and CFO Marty Chavez as one of
three co-heads of the securities division.

JPMorgan says trading revenues have dropped in the 3rd
quarter. Speaking at an investor conference on
Thursday, CFO Marriane Lake said revenues look like they will be
down by a “mid-single” digit percent, Reuters reports. 

The Tesla of China shakes off its first ‘underperform’
rating. Shares soared 75% on Thursday — one day
after IPOing — despite Bernstein analyst Robin Zhu reportedly
giving shares an “underperform” rating and saying he thanks a
capital raise is coming in the next 12 to 18 months. 

Stock markets
around the world are higher. Japan’s Nikkei
(+1.2%) led the way higher in Asia and the Euro STOXX 50 (+0.2%)
clings to gains in Europe. The S&P 500 is set to open up
0.14% near 2,908.

Earnings reports trickle out. Dave &
Busters reports ahead of the opening bell.

US
economic data flows. Retail sales and import/export
prices will cross the wires at 8:30 a.m. ET while University of
Michigan consumer confidence is due out at 10 a.m. ET. The US
10-year yield is up 1 basis point at 2.98%.