CBS board meets; Stock markets dip; Caterpillar earnings

1. Watching CBS: Investors are watching CBS stock on Monday as the company's board of directors meet...

Posted: Jul 30, 2018 10:06 AM
Updated: Jul 30, 2018 10:06 AM

1. Watching CBS: Investors are watching CBS stock on Monday as the company's board of directors meet to discuss allegations of sexual harassment against CEO Les Moonves.

The board plans to form a special committee that will oversee an investigation into both Moonves and the overall culture at the network, according to two sources familiar with the matter.

Sources said that the Monday meeting was scheduled before a bombshell report in the New Yorker Friday detailed allegations against the CEO.

Moonves said in a statement that he has "promoted a culture of respect and opportunity for all employees." But he acknowledged that "there were times decades ago when I may have made some women uncomfortable."

2. Global stock market overview: US stock futures dipped Monday as global markets sagged.

European markets declined in early trading.

Most Asian markets closed with modest losses. The Shenzhen Composite posted the biggest decline, dropping 1.4%.

Stocks turned in a mixed performance last week as shares in tech companies came under pressure. The Dow Jones industrial average rose 1.6% last week and the S&P 500 gained 0.6%, but the Nasdaq fell 1.1%.

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3. Earnings: Caterpillar and Loews will report earnings before the open.

AK Steel, Transocean and Denny's will follow after the close.

AK Steel is expected to reveal a jump in revenue after President Donald Trump's metal tariffs sent steel prices surging and sparked blockbuster profits for other steel manufacturers. However, AK Steel sales won't increase by as much as some of its competitors since it's locked into annual contracts that have fixed prices.

In other tariff news, BMW said it was hiking prices on two American-made SUVs in China. Tesla has also raised prices in China after the country put tariffs on cars made in the United States.

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4. Coming this week:
Monday - Caterpillar, Transocean and AK Steel earnings
Tuesday - Eurozone second-quarter GDP released; Pfizer, Procter & Gamble and Apple earnings
Wednesday - Federal Reserve announces interest rate decision; Sprint and Tesla earnings
Thursday - Bank of England announces interest rates decision; Yum Brands and Aetna earnings
Friday - US jobs report released; Kraft Heinz and Toyota earnings

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