Here is what you need to know.
Jeff Beszos is the second richest man in the world. Shares of Amazon rallied 2.1% on Wednesday, propeling Bezos’ net worth to $US75.6 billion, according to the Bloomberg Billionaires Index.
Lululemon collapses after earnings. Shares of Lululemon fell by as much as 16% in after-hours trade on Wednesday after the company said it expects sales at stores open for at least one year to decline in the first quarter in the “low-single digits” on a constant dollar basis.
JPMorgan is reportedly looking into office space in Ireland. The investment bank is looking into office space in Dublin that can hold up to 1,000 employees as it looks to shift jobs out of London in response to Brexit, Bloomberg says.
Legg Mason is cutting jobs. The investment firm is laying off about 30 employees, or 3% of its administrative staff as it looks to shift towards low-fee investing, Bloomberg reports. None of layoffs will impact investment personnel.
Oil is struggling to get back above $US50. West Texas Intermediate crude oil is down 0.3% at $US49.38 per barrel as it fights for its first close above $US50 since March 8.
South Africa’s finance minister could be on the way out. President Jacob Zuma has vowed to fire his finance minister Pravin Gordhan, AFP says. The South African rand is stronger by 0.7% at 12.9535 per dollar.
Fed Speak is heavy. Cleveland’s Mester (9:45 a.m. ET), Dallas’ Kaplan (11 a.m. ET), San Francisco’s Williams (11:15 a.m. ET), and New York’s Dudley (4:30 p.m. ET) all take mic on Thursday.
Stock markets around the world are lower. China’s Shanghai Composite (-1%) lagged in Asia and Britain’s FTSE (-0.2%) trails in Europe. The S&P 500 is set to open down 0.4% near 2,351.
Earnings reporting is light. Dell Technologies reports ahead of the opening bell.
US economic data flows. GDP-Third Estimate, personal consumption, core PCE, and initial j0bless claims will all be released at 8:30 a.m. ET. The US 10-year yield is little changed at 2.38%.
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