Futures are pointing to a lower Wall Street open, with China ramping up its rhetoric in the ongoing trade dispute with the U.S.
CNBC
U.S. stock futures were pointing to a lower Wall Street open, with China ramping up the rhetoric in its ongoing trade dispute with the U.S., saying talks can't continue unless Washington addresses its "wrong actions." (CNBC)
* Huawei says its own operating system could be ready this year (CNBC)
* Shares of Huawei suppliers tumble amid ongoing turmoil (CNBC)
With China trade uncertainty gripping the market, the Dow, S&P 500, and Nasdaq are coming off their third down session in the last four. Ahead of Thursday trading, the Dow was around breakeven for the week, after falling for the past four weeks. (CNBC)
On today's economic calendar, the Labor Department issues its weekly report on initial jobless claims at 8:30 a.m. ET. The Commerce Department is out with April new home sales at 10 a.m. ET.
Best Buy (BBY), Hormel Foods (HRL), Medtronic (MDT) and Toro (TTC) are out with quarterly earnings this morning. Autodesk (ADSK), Hewlett Packard Enterprise (HPE), HP Inc. (HPQ), Intuit (INTU), Lions Gate (LGF.A), Ross Stores (ROST), and Splunk (SPLK) release their numbers after the closing bell. (CNBC)
In an invitation-only call with institutional clients of Morgan Stanley, analyst Adam Jonas expressed skepticism about the electric vehicle maker and said not to count on a buyer like Apple to bail the company out. (CNBC) (MG note: this refers to TSLA)
* Las Vegas approves nearly $49 million contract with Elon Musk's tunnel digging Boring Company (The Verge)
IN THE NEWS TODAY
The FAA is hosting dozens of regulators from around the world in Dallas today to talk about the grounded Boeing 737 Max jets, which were pulled out of service in March after two fatal crashes overseas five months apart. There's no timetable for approving the return of Max planes, said Acting FAA Chief Dan Elwell. (CNBC)
*American Airlines CEO commits to 737 Max fleet once it's fixed (NBC News)
* Deutsche Bank CEO speaks of 'tough cutbacks' at contentious shareholder meeting (CNBC)
* Wells Fargo, TD Bank already gave Trump-related documents to Congress (NBC News)
STOCKS TO WATCH
L Brands (LB) reported quarterly profit of 14 cents per share, surprising analysts who had expected a breakeven quarter. The Victoria's Secret parent also raised its outlook for the full year, on the heels of record results for its Bath & Body Works unit.
NetApp (NTAP) reported fiscal fourth-quarter profit of $1.22 per share, falling short of estimates by 4 cents. Revenue also missed. The data storage company gave a weaker-than-expected forecast, though it did raise its quarterly dividend.
Harley-Davidson (HOG) executive Larry Hund told the Wall Street Journal that expanding its loan operation will be a key part of the company's strategy to attract new and younger motorcycle buyers, as it plans to introduce 100 new models through 2027.
Spotify (SPOT) has notified an unspecified number of users that it has reset their passwords, according to a Tech Crunch report. The music streaming service said the reset was due to "detected suspicious activity" but did not elaborate.
Tyson Foods (TSN) is in talks to invest billions in Kazakhstan to avoid Chinese tariffs, according to the Financial Times. The talks are set to center around setting up a beef-processing plant, with an initial investment of $200 million. (MG note: Advising on the deal is Borat, for Make Benefit Glorious Nation of Kazakhstan)
CONTRIBUTORS
Jessica Bursztynsky
@jbursz
Peter Schacknow
@peterschack
