10 things you need to know before the opening bell
Here is what you need to know.
- Trump sues to stop banks from complying with congressional subpoenas. The Trump Organization and the Trump family have sued Deutsche Bank and Capital One to prevent the banks from complying with congressional subpoenas they say were issued to "to rummage through every aspect of [Trump's] personal finances, his businesses, and the private information of the President and his family, and to ferret about for any material that might be used to cause him political damage."
- Economists says a rate cut probably won't happen anytime soon. Larry Kudlow, President Donald Trump's top economic adviser, keeps calling for the Fed to cut rates, but economists think that is unlikely because the US economy is strong and unemployment sits at multidecade lows.
- Alphabet misses on revenue. Google's parent company said net revenue ex-TAC grew 18.6% year-over-year to $29.48 billion, but that was short of the $30.04 billion that Wall Street analysts surveyed by Bloomberg were expecting. Shares were down more than 7% ahead of Tuesday's opening bell.
- Samsung's first-quarter profits plunge. A drop in chip prices and slowing demand for TVs caused Samsung's first-quarter operating profits to plunge 60% to 6.2 trillion won ($5.4 billion), Reuters says.
- Here's what Wall Street is looking for in Apple's earnings. The tech giant will report its second-quarter results after Tuesday's closing bell and analysts have no shortage of questions and concerns.
- Chewy.com files to go public. The pet-food supplier, which was acquired for $3.3 billion in 2017 by the private-equity owned PetSmart, could seek a valuation as high as $4.75 billion, CNBC says, citing a report from S&P Global Ratings.
- You can win lunch with Warren Buffett. The annual charity auction for lunch with Warren Buffett begins on May 26 - here's how you can be involved in the bidding.
- Stock markets around the world were mixed. China's Shanghai Composite (+0.52%) led in Asia and France's CAC (-0.39%) trailed in Europe. The S&P 500 was set to open little changed near 2,940.
- Earnings season heats up. General Electric, General Motors, Mastercard, McDonald's, Ryder, and Simon Property Group report ahead of the opening bell while AMD, Apple, and C.H. Robinson release their quarterly results after markets close.
- US economic data keeps coming. Case-Schiller home prices will be released at 9 a.m. ET before pending home sales and consumer confidence cross the wires at 10 a.m. ET. The US 10-year yield was little changed near 2.53%.