Stock market news: Opening bell, September 18, 2018

South
Korean President Moon Jae-in and North Korean leader Kim Jong Un
attend an official welcome ceremony at Pyongyang Sunan
International Airport, in Pyongyang, North
Korea.
Reuters/Pyeongyang Press
Corps

Here is what you need to know. 

Trump slams China with tariffs on $200 billion worth of
goods.  President Donald Trump on Monday
ordered the US Trade Representative to impose a 10% tariff
on another $200 billion worth of Chinese goods, meaning more than
half of all goods now coming into the US from China are subject
to the duties. 

China has “no choice” but to
retaliate. “In order to safeguard its
legitimate rights and interests and the global free trade order,
China will have to retaliate as a response,” a statement from
China’s Ministry of Commerce said.

Wall Street bankers are getting paid more than at any time since
the financial crisis. Average Wall Street pay
rose 13% in 2017 to $422,500, according to New York state
comptroller Thomas DiNapoli.

Saudi Arabia invests in a Tesla rival. The
kingdom’s Public Investment Fund announced on Monday a $1 billion
investment in Tesla rival Lucid Motors.

Coca-Cola is reportedly eyeing a deal with one of Canada’s
biggest cannabis producers. Coca-Cola has been
in talks with Aurora Cannabis to produce drinks infused with
CBD, one of the nonpsychoactive compounds found in
cannabis, Bloomberg reported Monday.

The owner of MoviePass wants to do another massive reverse stock
split. Helios & Matheson will propose a
1-for-500 reverse stock split at a special shareholder meeting
next month in an attempt to keep shares listed on the Nasdaq.
MoviePass’ parent company engineered a 1-for-250 reverse stock
split in August. 

Oracle drops after missing on cloud
revenue. Shares fell more than 5% in
after-hours trading Monday after the business-software
maker said revenue from its cloud services and license
support unit was up 3.2% to $6.61 billion in its fiscal first
quarter, missing the $6.71 billion that was expected by analysts
surveyed by Reuters.

Stock markets
around the world are higher. China’s Shanghai
Composite (+1.82%) paced the gains in Asia and Germany’s DAX
(+0.31%) is out front in Europe. The S&P 500 is set to open
up 0.26% near 2,896.

Earnings
reports trickle out. AutoZone and General Mills
report ahead of the opening bell.

US economic is light. The NAHB Housing Market
Index will be released at 10 a.m. ET. The US 10-year yield is up
1 basis point at 3%.