10 things you need to know before the opening bell
Here is what you need to know.
- The stock market's 'single-best leading indicator' right now is flashing a warning. Copper has been leading the stock market for 18 months, and is signaling weakness ahead for stocks, according to one research firm.
- The EU fines 5 banks a total of $1.2 billion. The European Union on Thursday announced five banks, including Citigroup and JPMorgan, have agreed to pay a total of $1.2 billion for allegedly colluding in the foreign-exchange market, the AP says.
- Trump declares a national emergency that could be a big blow to Huawei. In a move that is expected to precede a ban on US firms doing business with the Chinese tech giant Huawei, President Donald Trump declared a national emergency over "threats against information and communications technology and services."
- 3 things Trump gets wrong on trade. Trump gets it wrong when he says China is paying for the tariffs, that trade imbalances signal a weak economy, and that tariffs make the US richer, according to a fact check conducted by Markets Insider's Gina Heeb.
- WeWork's CEO talks to Business Insider. Adam Neumann, the cofounder and CEO of the shared-office-space company WeWork, in a wide-ranging interview explained to Business Insider's Alyson Shontell and Rich Feloni why he thinks his company is recession proof.
- Warren Buffett's Berkshire Hathaway reveals its Amazon stake for the first time. Berkshire in the first quarter bought 483,300 Amazon shares, giving it a stake worth $904 million, according to a filing out Wednesday.
- Another senior employee leaves Tesla. David Arnold, Tesla's senior director of global communications, became the 27th key name to leave the electric-car maker since January 2018.
- Stock markets around the world are mixed. China's Shanghai Composite (+0.58%) was out front in Asia while Britain's FTSE (-0.05%) was little changed. The S&P 500 was set to open up 0.4% near 2,862.
- Earnings season rolls on. Walmart reports ahead of the opening bell while Nvidia and Pinterest release their quarterly results after markets close.
- US economic data keeps coming. Housing starts and building permits, Philly Fed manufacturing, and initial claims will all be released at 8:30 a.m. ET. The US 10-year yield was little changed near 2.38%.