Closing Bell
Markets bounced back in a strong way Monday after a steep drop late last week left markets reeling.
The Dow Jones Industrial Average closed the day up 2.84%, or 669 points to 24,203, while the Nasdaq rose 3.26%, or 228 points to 7,221, and the S&P 500 gained 2.72%, 70 points to 2,659.
Spotify Expects Revenue Growth to Slow in 2018
Spotify offered its first revenue guidance ahead of its public debut April 3, telling potential investors that the company will grow revenue between 20% and 30% in 2018.
The company experienced revenue growth of 38% in 2017.
Overall, the Sweedish music streaming service expects to generate revenue between $6.1 billion and $6.8 billion.
The company says its gross margins will increase 4% to 25% this year and the company's operating losses will fall to $409 million from $500 million.
JPMorgan Tells Clients to Lock Tech Stock Profits In Due to Looming Tariffs
The looming trade war between the U.S. and Asia could eat into profits if you are heavily invested in the tech sector, according to a JPMorgan (JPM) note.
The firm has a "cautious stance on [the] tech sector, which has elaborate supply chains, is sensitive to consumer and corporate confidence, and where the adverse trade impact could be material."
The White House recently announced plans to place duties on up to $60 billion in Chinese imports.
FedEx Orders 20 Semis From Tesla
Even though the trucks are still a year away from production, Tesla (TSLA) secured another order of 20 semis from FedEx (FDX) .
Our investment in these trucks is part of our commitment to improving road safety while also reducing our environmental impact," said FedEx Freight Chief Executive Mike Ducker.
The trucks, which have a starting price of $150,000, have a range of 300 miles before needing to refuel.
FedEx rival UPS (UPS) secured an order of 125 of the trucks in December. Tesla shares were up 2% in early market trading.
Lowe's CEO Robert Niblock to Retire Once Successor Is Found
Lowe's (LOW) announced that CEO Robert Niblock will retire once the company appoints a successor. Lowe's shares were up 5% premarket on the news.
Niblock has spent 25 years with the company and will retire as chairman, president and CEO. Niblock spent 13 years as chairman and CEO.
"As we transition to the next chapter, I have great confidence in the strength of our team and the opportunity ahead for Lowe's. I look forward to assisting the board with its search, and I am committed to supporting a seamless transition for all of our stakeholders," Niblock said.
Finish Line Purchased by Britain's JD Sports for $558 Million
Finish Line (FINL) shares were up 30% premarket after the sneaker retailer announced that it was purchased by Britain's JD Sports for $558 million.
The purchase gives JD Sports a foothold in the American sportswear market, the world's largest.
"This is a landmark day for JD and will be transformational for the business. It immediately offers a major presence in the U.S., a clear next step to further increase our global scale," CEO Peter Cowgill said.
Boeing Delivers First 787-10 Dreamliners to Singapore Airlines
Singapore Airlines opened the next chapter in its 45-year relationship with Boeing (BA) Monday after the first of the aircraft maker's new 787-10 Dreamliner airplanes was delivered to the company.
Singapore Airlines was also the first Southeast Asian carrier to purchase Boeing's 747 jumbo jet in 1972.
The ceremonial key to the plane was handed over to Singapore Airlines CEO Goh Choon Phong at Boeing's South Carolina plant where the plane is exclusively built due to its size.
The new plan is listed at $326 million and measures 223 feet long -- 18 feet longer than its predecessor -- and carries about 330 passengers, which is about 40 more than its predecessor.
Smurfit Rejects Sweetened $11 Billion Bid from International Paper Co.
Irish packaging company Smurfit has rejected a sweetened $11 billion takeover bid from American rival International Paper Company (IP) .
The new offer was for 25.25 euros in cash and 0.3028 shares of IPC for each share of Smurfit. The new deal represented a 15% increase in cash from the bid that was announced earlier this month.
All told, the new offer was for 39.71 euros per Smurfit share.
However, Smurfit said that the new bid undervalued the company and made no strategic sense. Shares of Smurfit were down 2.3% in London.
Premarket
U.S. futures were indicating a strong bounce back for the major indices Monday after markets suffered one of their worst weeks of trading in 2018 last week.
Dow futures were climbing 1.2% premarket, indicating an open 282 points higher, while Nasdaq futures were rising 1.62%, indicating an open 106 points higher, and S&P futures were climbing 1.26%, indicating an open 33 points higher.
World markets were also mostly positive. In Asia the Shanghai Composite was the lone major index to fall in the red, closing down 0.6%. The Hang Seng and Nikkei rose 0.89% and 0.72% respectively on the day.
In Europe, the DAX in Germany was leading the way higher, rising 0.53% while the CAC 40 climbed 0.27% and the FTSE 100 gained 0.37% with about four hours left in trading.
