10 things you need to know before the opening bell
Here's what you need to know before the
1. European stocks plunge after the continent reports its biggest ever GDP drop. Global stocks painted a mixed picture on Wednesday, with European stocks pushing down due to gloomy Eurozone GDP results, and stocks in the US looking likely to follow suit at the open.
2. Robinhood traders are piling into Hertz, JCPenney, and other bankruptcy stocks despite the massive risks. Robinhood traders are piling into Hertz, JCPenney, and other bankrupt companies despite the overwhelming odds that shareholders will be wiped out during court proceedings.
3. Hedge funds in Hong Kong are considering pulling out over fears that China's new security law could ruin their operations. Hedge fund managers in Hong Kong are working out plans to withdraw from their usual operations in the city as China prepares to enforce its draconian new national security law on semi-autonomous region, the Financial Times said on Tuesday.
4. HSBC cuts year-end 10-year UK gilt yield forecast to 0%. HSBC said on Tuesday that it had lowered its year-end forecast on 10-year British government bond yields to 0%, given a small probability of negative interest rates and a sense that rates will stay low for a long period.
5. S&P revises Japan's outlook to stable. S&P Global Ratings said it has revised Japan's outlook to stable on increased uncertainty around debt stabilization.
6. Japanese traders gird for Fed to anchor yields, clip dollar's wings. Japanese investors have clipped the wings of a resurgent U.S. dollar as they position for the likelihood that the U.S. Federal Reserve will take steps to flatten the Treasury yield curve.
7. Tesla's battery supplier says it's made a battery that can last 16 years and 1 million miles.Tesla's battery supplier says it's made a huge breakthrough in battery technology that could power electric vehicle sales for years to come.
8. Macy's says reopened stores performing better than expected. Macy's Inc said on Tuesday its 450 reopened stores were performing better than expected, giving some respite for the department store operator that reported nearly $1 billion in quarterly operating losses.
9. First-quarter earnings coming in. Chewy and Tiffany & Co are due.
10. Economic data releases today. US API weekly crude oil stock are due, and the Fed's June meeting starts later.
- The 10-year Treasury yield will drop to 3.5% by the end of next year as the massive bond rally will continue, UBS says
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