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 Here is what you need to know. Trump's new trade deal described as just NAFTA 'with some bells and whistles.' "New deal, with a new name, but aside from dairy access and some bells and whistles, hardly a major rewrite that warranted so much wasted time over a 13-month long period of negotiations," David Rosenberg, the chief economist at the Toronto-based Gluskin Sheff, said in a note sent out to clients. Italy budget fears are spreading. Concerns about the Italian government wanting to substantially increase the country's budget deficit, allowing it to finance major new infrastructure projects and social welfare programs, have prompted worries that rating agencies could be forced to downgrade the country's credit rating. The Indian government has taken control of a shadow lender over fears of loan-default contagion. The Indian government has seized control of the shadow lender Infrastructure Leasing & Financial Services over fears its massive debt default will destabilize the country's financial system. Some of Wall Street's biggest firms are already waving red flags on the stock market's newest sector. At least four Wall Street firms are urging caution on the new communication-services sector added by S&P Dow Jones Indices and MSCI. Business schools are seeing a decline in applications. The number of applicants to American business schools fell 7% in 2018, according to a Graduate Management Admission Council report released Monday. John Flannery is out as GE's CEO. General Electric removed Flannery after just over a year at the head of the company, replacing him with Lawrence Culp Jr., a GE board member who previously served as the CEO and president of Danaher Corporation. GE also said it would take a $23 billion write-down related to its power business. Tesla adds a 2nd tent at its Fremont, California, factory. A city building permit shows the electric-car maker has built a tent that measures about 4,000 square feet that is meant to be used for "wrapping vehicles to protect in transit." Stock markets around the world are under pressure. Hong Kong's Hang Seng (-2.38%) was hit hard in Asia, and Europe's STOXX 500 (-1.11%) is seeing sizable losses. The S&P 500 is set to open down 0.27% near 2,917. Pepsi cuts its earnings outlook. The beverage and snack giant beat on both the top and bottom lines but cut its full-year earnings outlook to $5.65 a share ($5.70 previous) because of a 1-percentage-point headwind from foreign exchange. US economic data is light. US auto sales will be released throughout the day. | 
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