10 things you need to know before the opening bell
Reuters/Winslow Townson-USA TODAY Sports
Here is what you need to know.
- Trump threatens sanctions on Germany. ""We're looking at it," Trump told reporters at the White House on Wednesday, referring to potential sanctions on Germany if the Nord Stream 2 pipeline goes ahead. "It really makes Germany a hostage of Russia if things ever happened that were bad."
- The UK is nowhere near ready for a no-deal Brexit. Less than 10% of the UK firms have applied for the Transitional Simplified Procedures Scheme which is designed to minimize a no-deal Brexit disruption for imported goods.
- Oil climbs off its lowest level since January. West Texas Intermediate crude oil is up 3% near $52.60 a barrel after oil tankers were attacked in the Gulf of Oman.
- JPMorgan warns of a 'Trump Recession.' "The trade war has so far offset all benefits of fiscal stimulus and, if continued, may lead to global recession," wrote Marko Kolanovic, JPMorgan's global head of quantitative and derivatives strategy. "If this recession materializes, historians might call it the 'Trump recession' given that it would be largely caused by the trade war initiative."
- Wall Street doesn't recommend buying Beyond Meat. None of the nine Wall Street analysts who cover the stock have better than a "market perform" rating, with many citing the stock's lofty valuation.
- Beyond Meat soars after Tim Horton's says it'll used its plant-based meat. Shares gained 25% on Wednesday following Tim Horton's announcement that it'll offer Beyond Meat in breakfast sandwiches across Canada.
- Lululemon beats. Shares of the athleisure-apparel maker gained 3% late Wednesday after reporting better-than-expected first quater profits and sales.
- Stock markets around the world are mixed. Japan's Nikkei (-046%) led Asia lower and Germany's DAX (+0.55%) paces the advance in Europe. The S&P 500 is set to open up 0.32% near 2,889.
- Earnings reports trickle out. Broadcom will report after markets close.
- US economic data is light. Import and export prices and initial claims will all be released at 8:30 a.m. ET. The US 10-year yield is down 1 basis point at 2.11%.