All eyes will be on the Federal Reserve this week as markets, both internationally and domestically, look to see whether the central bank ends the most annoying game of "Will they or won't they" ever and decides to raise interest rates from their historical lows for just the second time in a decade.
A Reuters poll last week showed that just 6% of economists believe that the Fed will hike rates this time around while a healthy 70% of economists believe that it will do so during its December session.
In a development that falls somewhere between "Americans are way too litigious" and "Hey, why didn't I think of that?" an investor is suing Twitter (TWTR) over claims that the social media and micro blogging site misled investors on its key growth metrics, including user count and user growth, according to Bloomberg.
The suit comes about two years after the company set a goal and announced detailed plans to top 500 million monthly active users. As of the end of June, Twitter had about 330 million MAUs. The lawsuit seeks a class action group representing investors who purchased Twitter stock between Feb. 6, 2015 and July 28, 2015. The case is Doris Shenwick v. Twitter Inc., 16-cv-05314, U.S. District Court, Northern District of California (San Francisco).
Oil bears hoping crude futures can rise above $50 per barrel got some good news over the weekend as Venezuelan President Nicolas Maduro said that OPEC and non-OPEC countries are close to reaching an agreement to stabilize markets ahead of a planned meeting next week in Algiers.
In other commodity news, hedge funds are dumping gold positions ahead of the Fed's meeting this week. Holdings in global exchange-funds backed by gold are down from a three-year high. Gold's rally in recent years has coincided with the historically low interest rates the Fed has maintained over the past decade as the metal is seen as a safe-haven investment. However, with the possibility that the Fed will raise rates climbing by the session, hedge funds are looking to hedge their bets.
Finally, Microsoft (MSFT) is shuffling its Skype operations, closing the company's London offices five years after purchasing the the company for $8.5 billion. The purchase was Microsoft's largest until the tech company agreed to buy business social media company LinkedIn (LNKD) for $26.5 billion earlier this year.