Pepsi (PEP) higher for a second day following better than expected earnings. The food and beverage company is reshaping and improving their portfolio and reducing costs amid scrutiny from activist investor Elliott Investment Management.  Last month, Elliott management which has a $4bilnion stake in PepsiCo, said the company was at “a critical inflection point”.

Alibaba (BABA) down 7% along with other Chinese stocks as President Trump threatens to cancel an upcoming meeting with the Chinese President and impose massive tariff increase on the country due to their export controls on rare earths.  China controls almost 70% of the global supply of rare earths minerals, which are critical for high-tech industries, including automobiles, defense and semiconductors.

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