10 things you need to know before the opening bell

Here's what you need to know before the markets open.

1. India's service activity crashes to historic lows as the country extends lockdown to fight coronavirus. IHS Markit's India PMI for the service sector posted a bleak reading of 5.4 in April, significantly down from 49.3 in March.

2. US investors have piled $1 trillion into cash during coronavirus lockdown, but UBS says 'rushing to the exits' and abandoning the markets is not the answer. Money market holdings in the US have risen by $1 trillion to $4.7 trillion over the past eight weeks, UBS said in a note Tuesday.

3. Disney's profit plunged 91% last quarter as the coronavirus shut down most of its business. The bright spot was Disney Plus, which has roughly doubled its subscribers to 54.5 million this year.

4. Spotify CEO Daniel Ek says Apple has a long way to go before it's an 'open and fair platform' as the two firms war over competition. Ek said he expects Apple to further open up its music streaming platform in the future.

5. E-cigarette maker Juul Labs to exit South Korea after year of health controversies. Juul failed to gain traction in the market amid government health warnings.

6. Hapag-Lloyd seeks savings to offset coronavirus losses. The world's fifth largest shipping operator seeks to cut cost by a "mid three-digit million euro sum" this year.

7. Finland's Nokia to buy back its 2021 bond worth 500 million euros and issue a new one. The telecom-equipment maker issued an offer to buy back for cash its 1% notes due March 15, 2021 for up to 500 million euros.

8. Global stocks are mixed. In Europe, Germany's DAX was almost flat, Britain's FTSE 100 rose 0.6%, and the Euro Stoxx 50 fell 0.2%. In Asia, China's Shanghai Composite rose 0.6% and Hong Kong's Hang Seng rose 1.1%. In the US, futures underlying the Dow Jones Industrial Average, the S&P 500, and the Nasdaq all rose roughly 0.7%.

9. First-quarter earnings due. PayPal, CVS Health, T-Mobile, and BMW are highlights.

10. Economic data expected. ADP Nonfarm Employment Change, MBA Mortgage Applications, and the Energy Information Administration's Crude Oil Stocks Change are due.

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