The Trump administration made good on threats to impose tariffs on Chinese goods on Friday, imposing the duties on $50 billion in goods.
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China retaliated by matching the U.S. with its own tariffs on $50 billion of U.S. goods.
We’ll see if the each country tries to outdo each other as the week gets underway.
Monday will feature Fed speeches from retiring Federal Reserve Bank of New York President William Dudley as well as his replacement John Williams.
Also Federal Reserve Bank of Atlanta President Raphael Bostic speaks on the economic outlook and monetary policy before the Rotary Club of Savannah.
On Tuesday, traders will get a look at the latest housing starts numbers looking at projects already underway and building permits which are an indication of future activity.
Earnings are also scheduled from FedEx, La-Z-Boy and Oracle.
Fed watchers will also hear from Federal Reserve Bank of St. Louis President James Bullard.
The second housing-related report of the week will be on Wednesday in the form of existing home sales.
Thursday will be a busy day, starting out with weekly jobless claims and a measure of manufacturing activity in the mid-atlantic region.
The Bank of England will issue an inter rate decision.
The Federal Reserve will announce the results of the latest bank stress tests.
And the National Basketball Association holds its annual draft where players can become millionaires overnight.
And oil will be the topic of discussion on Friday as OPEC leaders meet. Traders will be watching closely to see if cartel allies agree to a production increase.