10 things you need to know before the opening bell

Here is what you need to know.

It’s primary day. Frontrunners Donald Trump and Hillary Clinton look to extend their leads in their respective races as five states go to the polls. Trump is still 392 delegates shy of locking up the nomination ahead of the Republican National Convention while Clinton needs 439 to wrap up the race on the Democratic side. Connecticut, Delaware, Maryland, Pennsylvania, and Rhode Island are Tuesday’s battlegrounds.

South Korea’s GDP slows. The South Korean economy expanded at a 0.4% quarter-over-quarter rate, in-line with the Bloomberg consensus. The reading was below the 0.7% gain from the previous quarter and came amid sluggish exports and a slowdown in consumer spending. The Korean won ended weaker by 0.3% at 1151.01.

Spain is readying for another election. It’s hopeful Spain’s four-month old political stalemate might finally be coming to an end. A final round of talks is set for Tuesday, and if the parties cannot reach an agreement, King Felipe will call for a new election. According to Reuters, a new election might not resolve the matter, and the inability to form a government for several more months would likely take a toll on Spain’s economy. Spain’s 10-year yield is up 1 basis point at 1.38%.

Banks might need to hold a year worth of cash. The Wall Street Journal reports, the Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency want to make it so banks must hold enough cash to withstand severe market turmoil of up to a year. The new rule would “encourage banks to rely more on sources such as core deposits and longer-term funding from small businesses, and less on short-term wholesale funding — which includes instruments such as repurchase agreements — that help to provide another way for large banks to get cash,” the WJ says. The banks are pushing back against the proposal, saying it will hurt liquidity.

BP’s CEO thinks oil is returning to balance. The oil giant announced earnings of $0.17 per share, easily beating analyst estimates of a $0.02 loss. Revenue tumbled 28.9% to $38.51 billion, which was a bit shy of analyst expectations.”Market fundamentals continue to suggest that the combination of robust demand and weak supply growth will move global oil markets closer into balance by the end of the year,” CEO Bob Dudley said in the earnings release.

Volkswagen tops global auto sales. Volkswagen deliveries rose 0.8% to 2.5 million, pushing it ahead of Toyota Motor Corp. for the top spot, Bloomberg reports. Toyota deliveries fell 2.3% to 2.46 million during the January thru March period, and that number is likely to slip a bit more in the current period as a result of the recent earthquakes in Japan. General Motors took the number three spot.

There have been “a number of recent cyber incidents” involving SWIFT transfers. Reuters reports, SWIFT, the financial network used to transfer billions of dollars each day, has witnessed a number of “cyber incidents” where attackers sent fraudulent messages over its system. The admission comes as authorities continue to investigate the $81 million that went missing from Bangladesh’s account at the New York Fed. SWIFT says users need to install its new security platform by May 12.

Stock markets around the world are mixed. China’s Shanghai Composite (+0.6%) led in Asia and France’s CAC (-0.2%) lags in Europe. S&P 500 futures are up 2.25 points at 2085.50.

Earnings reporting is heavy. 3M, BP, Coach, Eli Lily, Fiat Chrysler, Freeport McMoRan, Hershey Foods, JetBlue Airways, Simon Properties and T-Mobile US are among the names reporting ahead of the opening bell. AT&T, Buffalo Wild Wings, Chipotle Mexican Grill, Ebay and Twitter highlight the names releasing their quarterly results after markets close.

US economic data picks up. Durable orders will be released at 8:30 a.m. ET and the Case-Shiller 20-city Index will cross the wires at 9 a.m. ET. Data concludes for the day with the 10 a.m. ET release of consumer confidence. Treasury will auction $34 billion 5-year notes at 1 p.m. ET. The US 5-year yield is higher by 1 basis point at 1.38%.

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