Stock market news: Opening bell, September 20, 2018

Gabe
Williams works on a exhibit at the Cannabition cannabis museum in
Las Vegas.
AP/John
Locher

Here is what you need to know. 

China is reportedly planning to slash import tariffs as soon as
next month. Beijing is planning to cut the
average tariff rate on imports from most of its trading partners
as soon as next month, Bloomberg says. 

Argentina’s GDP craters in the 2nd quarter as an economic crisis
grips the country. Argentina’s gross domestic
product fell 4.2% year-over-year in the second quarter after
a severe drought roiled agricultural production, and as the
country works with the International Monetary Fund to stem a
spiraling economic crisis. 

Jack Ma said Trump’s trade war with China will wreck Alibaba’s
plans to help create 1 million US jobs. “The
promise was made on the premise of friendly US-China partnership
and rational trade relations,” Ma told the Chinese state-run news
outlet Xinhua. “That premise no longer exists today, so our
promise cannot be fulfilled.”

Japan had its 2nd major bitcoin heist of the
year. Hackers stole 6.7 billion yen ($60
million) in bitcoin and two other cryptocurrencies from the
Japanese digital exchange Zaif on September 14, the company said
Thursday. 

Canadian cannabis producer Tilray had a wild day after its CEO
appeared on ‘Mad Money.’ Shares soared as much
as 93% — before being halted at least five times and finishing up
38% — Wednesday after CEO Brendan Kennedy laid out his company’s
growth prospects to the CNBC host Jim Cramer on “Mad
Money.”  

Aston Martin is seeking a $6.7 billion valuation for its
IPO. The British luxury carmaker has set a
price range of 7.50 pounds to 22.50 pounds for its
October initial public offering, Reuters says.

India’s richest man’s plan to revolutionize its telecom industry
with cheap data seems to be working. Two years
ago, Reliance Industries Chairman Mukesh Ambani
developed a plan to bring cheap data to India, and on Wednesday
the latest figures released by the Telecom Regulatory
Authority of India showed his Reliance
Jio unit added 1.79 million subscribers in July,
10 times more than all rivals combined.

Stock markets
around the world are higher. Hong Kong’s Hang
Seng (+0.26%) led the gains in Asia and France’s CAC (+0.64%) is
out front in Europe. The S&P 500 is set to open little
changed near 2,911.

Earnings reporting is light. Darden Restaurants
reports ahead of the opening bell and Micron Technology releases
its quarterly results after markets close.

US economic keeps coming. The Philly Fed and
initial claims will both be released at 8:30 a.m. ET before
existing home sales cross the wires at 10 a.m. ET. The US 10-year
yield is up 1 basis point at 3.07%.