PreMarket: Comey fired; Snap earnings; Barclays CEO under pressure
(Good Morning Ske-Gonna be a hot 89!)
Comey out: President Trump fired FBI Director James Comey late Tuesday.
Comey was responsible for the bureau's investigation into whether members of Trump's campaign team colluded with Russia in its interference in last year's election.
Markets did not register a major reaction to the shock development. The dollar slipped 0.2% against major currencies, but recovered overnight. U.S. stock futures were slightly lower early Wednesday, a move broadly in line with global markets.
Snapchat earnings: Snap (SNAP) will release its first earnings report as a public company on Wednesday. The tech firm is expected to post a loss and analysts are skeptical that it can gain a lot more users now that Facebook (FB, Tech30) and Instagram have copied many of its features.
The stock has already lost all of its post-IPO gains.
Barclays under pressure: Barclays (BCS) CEO Jes Staley is likely to come under pressure from shareholders during the bank's annual meeting Wednesday.
Staley admitted last month that he had attempted to unmask a whistleblower.
The incident is being investigated by regulators in the U.K. and U.S.
ISS, which advises major shareholders, has recommended investors not vote in favor of Staley's reelection to the bank's board.
Staley is the bank's fourth CEO in just six years.
Global market overview: European markets opened lower on Wednesday. Asian markets ended the session mixed.
South Korea's Kospi index shed nearly 1% as investors reacted to the election of liberal reformer Moon Jae-in as the nation's new president. He replaced impeached President Park Geun-hye.
The Dow Jones industrial average closed 0.2% down on Tuesday, while the S&P 500 dropped 0.1% and the Nasdaq gained 0.3%.
Earnings and economics: Toyota (TM) and Wendy's (WEN) are scheduled to release their earnings before the markets open.
21st Century Fox (FOX) and Whole Foods (WFM) will follow after the closing bell.
The U.S. Department of Labor will publish its import and export prices report at 8:30 a.m. ET.
The Treasury will release its federal budget statement for April at 2:00 p.m. ET.
House Speaker Paul Ryan is scheduled to give a speech on tax reform during a trip to Ohio.
Coming this week:
Wednesday -- Snapchat, 21st Century Fox, Wendy's, Toyota, Whole Foods earnings; U.S. budget statement; Crude oil inventories report; Chinese inflation data
Thursday -- Kohl's and Macy's earnings; G7 summit; EU economic forecast; Bank of England rate decision and inflation report
Friday -- U.S. inflation data; University of Michigan Confidence Survey; JCPenney earnings; Retail sales report; G7 summit day 2; German GDP data
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