10 things you need to know before the opening bell
US GDP is revised lower. The third estimate of first-quarter gross domestic product showed the US economy grew at a 2% clip, down from the previous reading of 2.2% growth.
Unemployment in Japan plunges to a multi-decade low. Japanese government data released Friday showed the country's unemployment rate slid to 2.2% in May, the lowest since 1992.
Bitcoin hits its lowest level in over 7 months. The cryptocurrency touched an overnight low of $5,791 a coin, hitting its lowest level since November 13.
Deutsche Bank's US operations fail 2nd leg of Fed stress tests - everyone else passes. In yet another blow for the German lender, Deutsche Bank's US subsidiary failed the second part of the Fed's annual stress tests due to "material weaknesses" in its data capabilities and capital planning controls.
Amazon's $1 billion purchase of PillPack wreaked havoc pharmacy stocks. Amazon's $1 billion acquisition of pharmacy startup PillPack wiped out nearly $15 billion of market cap from Walgreens Boots Alliance, CVS, and Rite Aid and caused deep losses in shares of drug wholesalers like Cardinal Health, AmerisourceBergen and Express Scripts.
Nike beats and announces a massive buyback program. The sneaker giant beat on both the top and bottom lines and announced a $15 billion buyback program for class B shares, sending its stock up more than 9% ahead of Friday's opening bell.
Tesla isn't making enough Model 3s to hit Elon Musk's goal. That's according to three line workers at the company's Freemont, California plant, Reuters says.
Tesla went public 8 years ago. Anyone who invested $1,000 at Tesla's closing price of $23.89 a share on June 29, 2010, would have turned that into more than $14,000 today.
Stock markets around the world are higher. China's Shanghai Composite (+2.17%) posted its biggest gain since August 2016 and Germany's DAX (+1.07%) leads in Europe. The S&P 500 is set to open up 0.50% near 2,730.
US economic data is heavy. Personal income and spending and PCE core prices will all be released at 8:30 a.m. ET before Chicago PMI and University of Michigan consumer confidence cross the wires at 9:45 a.m. ET and 10 a.m. ET respectively. The US 10-year yield is up 1 basis point at 2.85%.
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