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10 things you need to know before the opening bell

Shalini Nagarajan   

10 things you need to know before the opening bell
Stock Market2 min read

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

1. 'Buffett needs to listen to Buffett again': Investor was wrong to recommend tech-heavy S&P 500, Berkshire Hathaway shareholder says. "He is forgetting what gruesome looks like by fawning on the index and some 'obvious' winners of today," wrote Tony Scherrer in a company blog post.

2. Thousands of sports fans who can't gamble on their favorite teams are reportedly flocking to the stock market instead. Charles Schwab, ETrade and Interactive Brokers together added roughly 780,000 new customers in March or April.

3. The coronavirus pandemic could cost the global economy a nightmarish $82 trillion over 5 years, a Cambridge study warns. The cost projections are based on 2019 gross domestic product volumes which stood at $69.2 trillion for the world's 19 leading economies.

4. An Apple whistleblower has publicly decried the company for 'violating fundamental rights' after Siri recorded users' intimate moments without consent. Although Apple apologized and suspended the program last year, whistleblower is calling on privacy regulators to punish the tech giant.

5. Deutsche Bank CEO says bank must be more profitable before consolidating. The bank, which is undergoing a major overhaul after five years of losses, is cutting 18,000 jobs.

6. Chinese smartphone maker Xiaomi reports 13.6% rise in first-quarter revenue. Sales rose to $7 billion even as demand for smartphones plunged amid the coronavirus pandemic.

7. Britain's Rolls-Royce to lay-off 9,000 jobs. The British engine-maker said it would need to cut jobs to make annual cost savings of $1.59 billion as it seeks to cope with the current downturn in air travel.

8. Global stocks are mostly flat. In Europe, Germany's DAX rose 0.2%, Britain's FTSE 100 rose 0.1%, and the Euro Stoxx 50 was flat. In Asia, China's Shanghai Composite fell 0.5%, Hong Kong's Hang Seng was flat, and Japan's Nikkei rose 0.8% at the close. In the US, futures underlying the Dow Jones Industrial Average, the S&P 500, and the Nasdaq rose 1%.

9. Earnings keep coming. Lowe's and Target are highlights.

10. On the economic data front. MBA Mortgage Applications are due.

Read the original article on Business Insider