10 things you need to know before the opening bell

Here is what you need to know.

Trump’s budget is out. The White House’s 2018 budget calls for massive cuts over the next 10 years to social safety net programs like Medicaid, food stamps, and the Children’s Health Insurance Program (CHIP) while increasing the budget for the Department of Homeland Security and Department of Defence.

The British pound is slipping after the Manchester bombing. The pound trades down 0.2% at 1.2972 against the dollar after an explosion following an Ariana Grande concert killed at least 22 people while injuring more than 50.

Greece still doesn’t have a deal. A meeting between Greece and its creditors failed to iron out details of a new debt deal, with the IMF reiterating its claims any framework must grant debt relief, Reuters says.

Eurozone growth holds at a 6-year high. Flash eurozone PMI held at a 6-year high of 56.8 in May with IHS Markit saying, “Job creation also perked up to one of the strongest recorded over the past decade amid improved optimism about future prospects.”

Bitcoin plunges and then recovers. The cryptocurrency fell more than $US300 a coin from Monday’s record high of $US2,298 before recouping its losses. Bitcoin now trades up almost 2% near $US2,190.

Apple and Nokia settle their patent dispute. Apple will pay Nokia an undisclosed upfront cash payment and additional revenues and the two sides agreed to collaborate further, Reuters says.

Global smartphone sales jumped. The global smartphone market grew by 9.1% in the first quarter versus a year ago, but Apple and Samsung saw their marketshares fall, TechCrunch reports, citing Gartner data.

Stock markets around the world trade mixed. China’s Shanghai Composite (-0.5%) lagged in Asia and Germany’s DAX (+0.4%) is out front in Europe. The S&P 500 is set to open up 0.2% near 2,398.

Earnings reporting is light. AutoZone and Toll Brothers are among the names reporting ahead of the opening bell.

US economic data flows. US Markit PMIs will be released at 9:45 a.m. ET and new home sales will cross the wires at 10 a.m. ET. The US 10-year yield is down 1 basis point at 2.25%.

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