10 things you need to know before the opening bell
Here is what you need to know.
- Conservative MPs are getting worried Brexit may not happen. "There has been a significant shift in the conversation around revocation," said a Conservative Member of Parliament. "It is interesting to see how many of my colleagues are now openly discussing it."
- Healthcare IPOs are booming. Jordan Saxe, the Nasdaq's head of healthcare listings, gave Markets Insider an inside look at the active market for healthcare IPOs.
- A market bear explains why stocks will crash 30% before the end of the year and then flatline for 12 years. "Full-cycle risks have a way of emerging in ways that investors wholly rule out at market peaks," said John Hussman, the former economics professor who is now president of the Hussman Investment Trust, in a recent note to clients. "Glorious half-cycle market advances leave investors vulnerable to catastrophe, because investors hold contempt for anyone who suggests there may be a cliff on the other side of the mountain."
- American Airlines extends its cancellations of Boeing 737 Max flights. Flights using the aircraft will be suspended through August 19, Reuters says, citing a letter from American Airlines Chief Executive Doug Parker and President Robert Isom.
- 29 banks are working on Uber's IPO. The ride-hailing company Uber filed for an initial public offering on Thursday - here's a list of the 29 banks, led by Goldman Sachs, who are working on the IPO.
- Uber's IPO shows how Saudi cash drives Silicon Valley innovation. Saudi Arabia's presence in Silicon Valley is larger than it has ever been and that became clear after Uber's public filing showed the kingdom owns 5.2% of the ride-hailing company.
- Tiger Woods wins his 5th green jacket. Woods overcame a three-shot deficit with 12 holes to play to win the Masters for the first time since 2005. It was his 15th victory at a major.
- Earnings reporting picks up a bit. Citigroup and Goldman Sachs report ahead of the opening bell while JB Hunt releases its quarterly results after markets close.
- Stock markets around the world were mixed. China's Shanghai Composite (-0.34%) led the losses in Asia and France's CAC (+0.16%) was out front in Europe. The S&P 500 was set to open little changed near 2,908.
- US economic data is light. Empire Manufacturing will be released at 8:30 a.m. ET and TIC flows will cross the wires at 4 p.m. ET. The US 10-year yield was down 1 basis point at 2.56%.
- On World Tourism Day, India’s Oil Minister asks prime tourist cities in the country to completely switch to clean fuels
- President Ram Nath Kovind approves all three farm bills which have been the reason for farmers' protests across the country
- Four Delhi cops face heat for misreporting drug seizure
- Former union minister Jaswant Singh passes away at 82
- Odisha man arrested for manufacturing fake Covid-19 vaccine