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 Here is what you need to know. Trump's trade war with China takes on a military dimension with fighter jet arms sale to Taiwan. The US has approved a $330 million arms sale to China's neighbor Taiwan in a move set to increase tensions between Beijing and Washington. The 10-year is flirting with its highest level in more than 7 years. The benchmark yield is up 2 basis points at 3.109% on Tuesday, and will be at its highest level since July 2011 if it clears 3.111% The world's super rich families are turning their backs on hedge funds. The amount of money invested by family offices into hedge funds fell for a third straight year, and now accounts for just 5.7% of all investments in the sector, according to UBS' Global Family Office Report. Ray Dalio outlines his scenario for the next recession. "We're about in the seventh inning of a nine-inning game," Ray Dalio, the founder and cochief investment officer of Bridgewater Associates told Business Insider CEO Henry Blodget. "We're in the later part of the cycle, the part of cycle in which monetary policy is tightening and there's not much capacity to squeeze out of the economy." Sirius XM agrees to pay $3.5 billion in stock for Pandora. The deal, which has an implied price of $10.14 a share — a 13.8% premium to Pandora's 30-day volume-weighted average price — and includes a "go-shop" provision, will create the world's largest audio-entertainment company. Sears' CEO is making a last-ditch effort to avoid bankruptcy. Sears CEO Eddie Lampert and his hedge fund, ESL Investments, want creditors to restructure $1.1 billion of debt that is coming due over the next two years and the company's board of directors to sell $1.5 billion worth of real estate and divest $1.75 billion of assets. Both of Instagram's cofounders are quitting. Kevin Systrom and Mike Krieger, the cofounders of Facebook's Instagram app who are currently the company's respective CEO and CTO, are leaving after "growing tensions with Mark Zuckerberg over the direction of the product," Bloomberg says. Nike reports after the closing bell. The sneaker giant is expected to earn $0.63 a share on revenue of $9.94 billion. Stock markets around the world trade mixed. Hong Kong's Hang Seng (-1.62%) lagged in Asia and Germany's DAX (+0.15%) leads a quiet session in Europe. The S&P 500 is set to open up 0.17% near 2,924. US economic data flows. FHFA home prices and Case-Shiller home prices will both be released at 9 .am. ET before consumer confidence crosses the wires at 10 a.m. ET. | 
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