M&A Monday, Dip Buying Distract From Tech Wreckage: Taking Stock

Stocks are taking a relatively modest hit on news that China scrapped talks with the U.S. just in time for tariffs from both sides to take effect. S&P futures are off lows and only down ~4 handles as the dip buyers reload, Europe’s Stoxx 600 has fallen a paltry 0.2%, while several markets in Asia, including China, are closed for a holiday.

Aside from the trade wrinkle, the big news today is all about M&A, as we’re just getting the Pandora/Sirius XM deal (valued at ~$3.5 billion) crossing the wires. This follows a big merger in the gold space between Barrick Gold and Randgold (values the latter at $5.4 billion), our scoop that Michael Kors is near a purchase of Versace (this one is looking at about $2 billion), and the ongoing Sky saga that has Comcast in the driver’s seat.