10 things you need to know before the opening bell
Reuters/David W Cerny
Here is what you need to know.
- Trump delivers his State of the Union address. President Donald Trump spoke for 82 minutes Tuesday evening, touching on a number of topics, including the economy, infrastructure, and the need for a wall on the southern border.
- A strategist at a $1 trillion firm explains why the stock market's recent meltdown was a good thing. The sell-off "made expectations more realistic, and it's clearly improved valuations, even with the bounce we've seen since then," Kate Warne, investment strategist at Edwards Jones, told Business Insider. "I think there's more upside now than there was before December - that the pullback actually probably gave the bull market fuel for some period of time."
- Snap rockets higher after its quaterly results top estimates. Snap shares soared more than 22% late Tuesday after the social-media company said it lost $0.14 a share on revenue of $389.8 million, both ahead of estimates, and that its number of daily active users held at 186 million,
- Papa John's is hoping to get John Schnatter on board with the recently announced Starboard deal. Schnatter, who founded the pizza chain and owns about 26% of it after the deal, presented a competing offer that was rejected, CNBC said, citing sources familiar with the matter.
- Apple's retail chief is leaving. Angela Ahrendts, Apple's head of retail for the last five years, is leaving in order to pursue "new personal and professional pursuits," the company announced on Tuesday.
- Iron ore jumps to a near 2-year high. A supply shortages exacerbated by the Vale mining disaster in Brazil has contributed to spot prices for benchmark 62% iron ore fines surging 33% since late November to $85.53 a tonne, the highest since March 2017.
- Fed Chairman Jerome Powell speaks. Powell will participate in a "Teacher Town Hall Meeting" from 7 p.m. to 8 p.m. ET at the Federal Reserve in Washington.
- Stock markets around the world were mixed. Japan's Nikkei (+0.14%) eked out a gain and Germany's DAX (-0.41%) led the losses in Europe. The S&P 500 was set to open down 0.29% near 2,730.
- Earnings remains heavy. Eli Lily, General Motors, The New York Times, and Spotify report ahead of the opening bell while Chipotle Mexican Grill and GoPro release their quarterly results after markets close.
- US economic data trickles out. The trade balance will be released at 8:30 a.m. ET. The US 10-year yield was down 0.9 basis points at 2.69%.