10 things you need to know before the opening bell
Here is what you need to know.
- The Mueller report is coming. Attorney General William Barr will hold a press conference at 9:30 a.m. ET to give his interpretation of special counsel Robert Mueller's investigation into Russian collusion during the 2016 presidential campaign. The report will then be sent to Congress before being made public on the special counsel's website at an unspecified amount of time later.
- Germany's economy is looking weak. Manufacturing PMI inched up from 44.1 in March to 44.5 in April, making for the second-lowest reading since mid-2012 as "a declining car industry, strong competition across Europe and generally subdued global demand" were pinned as contributing to the weakness.
- The head of research at the world's largest hedge fund explains why China opening up is a once-in-a-lifetime opportunity for investors. "The thing that makes this opportunity so compelling is that, for many investors, this a market that essentially didn't exist," Karen Karniol-Tambour, head of investment research at Bridgewater Associates told Business Insider. "If you believe in diversification, you're not going to get a lot of opportunities where such a large market opens up."
- JPMorgan might've tipped its hat about who is at the front of the line to succeed Jamie Dimon. JPMorgan CFO Marianne Lake has been given the duty of running the bank's credit cards, autos, and mortgage lending, giving her experience running a business that is usually needed to become CEO.
- Tesla Twitter is a place where investors trash and praise Elon Musk's empire. Business Insider spoke with a six outspoken Tesla investors - both bulls and bears - to figure out how Tesla became the polarizing company that it is.
- Pinterest starts to trade on the NYSE. The self-described "visual-discovery" platform priced its initial public offering at $19 a share, giving it a valuation of $10 billion. It was last valued in the private market at $12.3 billion.
- Zoom is going public. The video-conferencing company priced its initial public offering at $36 a share, giving it a valuing it at $9.2 billion - nine times its last private valuation.
- Stock markets around the world were mixed. Japan's Nikkei (-0.84%) paced the decline in Asia and Germany's DAX (+0.56%) was out front in Europe. The S&P 500 was set to open lower by 0.16% near 2,896.
- Earnings reporting picks up. American Express, Honeywell, Phillip Morris, and Schlumberger report ahead of the opening bell.
- US economic data is heavy. Retail sales, Philly Fed, and initial claims will all be released at 8:30 a.m. ET while Markit manufacturing and services PMIs will cross the wires at 9:45 a.m. ET. The US 10-year yield was down 3.3 basis points at 2.56%.