Stock market news: Opening bell, September 7, 2018

An
employee holds marijuana at a dispensary in
Ottawa.
Reuters/Chris
Wattie

Here is what you need to know. 

Here comes the jobs report. The US economy
is expected to have added 191,000 nonfarm jobs as the
unemployment rate slipped to 3.8%, according to economists
surveyed by Bloomberg. 

It looks like Trump has found the next big target in his trade
war — Japan. President Donald Trump is
reportedly set to involve Japan in his trade war, saying he will
make the world’s third-largest economy “pay,” according to the
Wall Street Journal. 

America’s small businesses warn of widespread layoffs and
shutdowns if Trump doesn’t back down from a trade war with
China. Some small businesses testified
before a panel of US Trade Representative officials at
a public hearing in Washington last month saying they
will have to immediately lay off employees to absorb the cost of
tariffs on imports if Trump enacts new measures against
China. 

A so-called blue tsunami during the election could be the most
devastating for stocks. Such a scenario — when
the Democrats win both the House and the Senate — may produce
“extreme gridlock,” slower regulatory relief, a freeze on Supreme
Court nominations, and possibly kick off impeachment
proceedings, Mike Ryan, the chief investment officer at UBS,
said in a note on Tuesday.

Hong Kong now has more mega-millionaires than New York
City. Hong Kong now has 10,000 residents
who fall into the “ultra-high net-worth” category — worth at
least $30 million — compared to roughly 9,000 ultra-high
net-worth people in New York City, according to a new report
from the data firm, Wealth-X.

Dimon says Trump told him he thinks anyone who gets a degree here
should also get a green card.  “Anyone who gets
a degree here should get a green card with the degree,” JPMorgan
CEO Jamie Dimon told Business Insider. “Even President Trump in a
meeting said to me and a whole bunch of other people, ‘I want to
do that.’ We’ll let’s just go ahead and do it.”

Snap tumbles below $10 for the first
time. Shares touched a record low of $9.62
apiece on Thursday, and have fallen 25% since August 7, when the
social-media company reported an unexpected drop in users during
the second quarter.

The SEC has a stern warning about soaring marijuana
stocks. “If you are thinking about investing in
a marijuana-related company, you should beware of the risks of
investment fraud and market manipulation,” the Securities and
Exchange Commission said in a press release Thursday. “Fraudsters
may try to use media coverage about the legalization of marijuana
to promote an investment scam.”

Broadcom’s revenue spikes. The chip maker
reported revenue rose 13.6% year-over-year in the third quarter
to $5.06 billion, topping the $4.46 billion that analysts were
expecting, Reuters says. 

Stock markets
around the world are lower. Japan’s Nikkei (-0.8%)
led the losses in Asia and Britain’s FTSE (-0.32%) trails in
Europe. The S&P 500 is set to open down 0.2% near 2,872.