Here is what you need to know.
China’s inflation heats up. Consumer prices in China rose 1.2% in April, above the 0.9% print that economists were forecasting.
Oil jumps as inventories fall. West Texas Intermediate crude oil trades up 1.1% at $US46.38 a barrel after the latest American Petroleum Institute data showed US oil inventories fell by 5.79 million barrels. The Energy Information Administration’s weekly inventory data is due out at 10:30 a.m. ET on Wednesday.
Apple’s market cap tops $US800 billion. Shares of Apple closed at $US153.99 a piece on Tuesday, making it the first US company to cross the $US800 billion plateau, Reuters says.
Traders are doubling down on short bets against Snap. Bearish wagers against the social media company have reached their highest level since its March 1 initial public offering, climbing by more than $US100 million over the past week, data from financial analytics firm S3 Partners shows. Short interest now sits at $US946 million ahead of Snap’s earnings, which will cross the wires after Wednesday’s closing bell.
Pret A Manger is reportedly prepping for an IPO. The coffee and sandwich chain is reportedly getting ready for a New York IPO later in 2017, Bloomberg says.
Disney sees continued weakness at ESPN. Operating income from Disney’s cable networks fell 3% versus a year ago to $US1.8 billion. “The decrease in operating income was due to a decrease at ESPN, partially offset by increases at the Disney Channels and Freeform,” Disney said.
Yelp crashes after missing on revenue and slashing guidance. The business-reviews site said first quarter revenue came in at $US197.3 million ($US198.4 million expected) and lowered its full-year revenue forecast to a range of $US850 million to $US865 million, down from $US880 million to $US900 million. Shares crashed as much as 28% following Tuesday’s closing bell.
Nvidia spikes after its earnings beat. Shares of Nvidia spiked more than 14% in extended trading on Tuesday after the company reported first quarter revenue surged 48.4% versus a year ago.
Stock markets around the world are mostly lower. China’s Shanghai Composite (-0.9%) trailed in Asia and Germany’s DAX (-0.1%) fights for positive territory in Europe. The S&P 500 is set to open lower by 0.2% near 2,393.
Earnings reporting slows down a bit. Mylan, Sotheby’s, and Wendy’s are among the companies reporting ahead of the opening bell while 21st Century Fox, Snap, and Whole Foods highlight the names releasing their quarterly results after markets close.