10 things you need to know before the opening bell
Jonathan GarberMay 15, 2019, 16:24 IST
An employee works at a production line manufacturing optical fiber cables at a factory of the Zhejiang Headway Communication Equipment Co in Huzhou, Zhejiang province, China.Reuters/Stringer
Here is what you need to know.
China's economy shows more signs of slowing. Retail sales in April grew at their slowest annual pace since May 2003 while industrial output and fixed asset investment also weakened.
The stock market could determine the outcome of the trade war. "We think the weaker the stock market performance, the more cooperative both sides will be, as what happened in 2018 is a worst-case scenario that both sides will likely avoid," said HSBC's Steven Sun and Kate Zhang in a recent note to clients.
Buffett's trade-war prediction was wrong. "I don't think either country will dig themselves into something that precipitates and continues any kind of real trade war," Berkshire Hathaway Chairman and CEO Warren Buffett said at the company's annual shareholder meeting in May 2018.
Tilray jumps after revenue beats. The Canadian cannabis producer lost $0.27 a share on revenue of $23 million, sending shares up as much as 7.6% late Tuesday.
Stock markets around the world were higher. China's Shanghai Composite (+1.91%) led the gains in Asia and France's CAC (+1.5%) was out front in Europe. The S&P 500 was set to open little changed near 2,832.
Earnings reports keep coming. Alibaba and Macy's report ahead of the opening bell while Cisco Systems releases its quarterly results after markets close.
US economic data is heavy. Empire Manufacturing and retail sales will both be released at 8:30 a.m. ET before industrial production and capacity utilization cross the wires at 9:15 a.m. ET. Then, at 10 a.m. ET, the NAHB Housing Market Index is due out. Data concludes at 4 p.m. ET with TIC flows. The US 10-year yield was down 3 basis points at 2.38%.
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