Stock market news: Opening bell, October 15, 2018

Party
leaders Robert Habeck, center, and Anton Hofreiter, right,
celebrate on the election party of the Green party in the state
parliament in Munich, Germany.
AP/Kerstin Joensson

Here is what you need to know. 

The global stock market sell-off resumes as Saudi sanction fears
push oil higher. Global markets remained under
pressure Monday, with Japan’s Nikkei losing 1.9% and the Euro
Stoxx 50 fighting to hold the flat line, as the possibility of
sanctions against Saudi Arabia over the disappearance of the
journalist Jamal Khashoggi has driven up oil prices. The
S&P 500 is set to open lower by 0.5% near 2,753.

Saudi Arabia vows retaliation against US sanction
‘threats.’ “The Kingdom also affirms that if it
receives any action, it will respond with greater action, and
that the Kingdom’s economy has an influential and vital role in
the global economy and that the Kingdom’s economy is affected
only by the impact of the global economy,” Saudi Arabia’s press
agency said, citing an “official source.”   

A hidden threat that’s been haunting the market for years is
flaring up. An “overheat pressure” that is the
result of both wage and inflation growth, could have the stock
market setting up for even steeper losses, according to Jim
Paulsen, the chief investment strategist
at Leuthold Group.

The world’s largest wealth manger explains why it isn’t ditching
stocks. Jeremy Zirin, head of Americas
investment strategy for UBS Global Wealth Management, says the
bull market isn’t over yet and shares some ideas for where to put
your money right now. 

Sears files for bankruptcy. The iconic American
retailer filed for Chapter 11 bankruptcy early on Monday, saying
it will close 142 stores before year end and that CEO Eddie
Lampert will step down. 

Disney offers EU antitrust concessions over its $71.3 billion bid
for Fox. The entertainment giant has submitted
a proposal to the European Commission, but details have not yet
been released, Reuters reports citing a report filed on the
EU competition enforcer’s website.

The Tesla of China beats on deliveries. The
Chinese electric carmaker maker Nio delivered 3,268 SUVs in the
third quarter, exceeding the 2,900-3,000 vehicles it had
expected, Reuters reports.

Carl Icahn explains why he’s voting against Dell’s proposal to
buy back shares tied to its interest in
VMware. “The Dell Tracker currently sells
for approximately $92 per share but is worth on a pure
mathematical basis approximately $144 per share,” Icahn said in a
letter to shareholders. 

Bank of America reports ahead of the opening
bell. The Wall Street bank is expected to earn
an adjusted $0.62 a share on revenue of $22.6 billion. 

US economic keeps coming. Empire Manufacturing
and retail sales will both be released at 8:30 a.m. ET.