Here is what you need to know.
- The Mueller report is coming. Attorney General William Barr is expected to hold a press conference at 9:30 a.m. ET to give his interpretation of the special counsel Robert Mueller’s investigation into Russian interference during the 2016 presidential campaign. The report will then be sent to Congress before being made public on the special counsel’s website an unspecified amount of time later.
- Germany’s economy is looking weak. Manufacturing PMI inched up to 44.5 in April from 44.1 in March, making for the second-lowest reading since mid-2012 amid what the IHS Markit economist Phil Smith called “a declining car industry, strong competition across Europe, and generally subdued global demand.”
- The head of research at the world’s largest hedge fund says China opening up is a once-in-a-lifetime opportunity for investors. “The thing that makes this opportunity so compelling is that, for many investors, this a market that essentially didn’t exist,” Karen Karniol-Tambour, the head of investment research at Bridgewater Associates, told Business Insider. “If you believe in diversification, you’re not going to get a lot of opportunities where such a large market opens up.”
- JPMorgan might’ve tipped its hat about who is at the front of the line to succeed Jamie Dimon. JPMorgan CFO Marianne Lake has been given the duty of running the bank’s credit cards, autos, and mortgage lending, giving her experience running a business that is usually needed to become CEO.
- Tesla Twitter is a place where investors trash and praise Elon Musk’s empire. Business Insider spoke with six outspoken Tesla investors – both bulls and bears – to figure out how Tesla became the polarising company that it is.
- Pinterest starts to trade on the New York Stock Exchange.The self-described “visual-discovery” platform priced its initial public offering at $US19 a share, giving it a valuation of $US10 billion. It was last valued in the private market at $US12.3 billion.
- Zoom is going public. The video-conferencing company priced its initial public offering at $US36 a share, valuing it at $US9.2 billion – nine times its most recent private valuation.
- Stock markets around the world are mixed. Japan’s Nikkei (-0.84%) paced the decline in Asia, and Germany’s DAX (+0.56%) is out front in Europe. The S&P 500 is set to open lower by 0.16% near 2,896.
- Earnings reporting picks up. American Express, Honeywell, Philip Morris, and Schlumberger report ahead of the opening bell.
- US economic data is heavy. Retail sales, Philly Fed, and initial claims will all be released at 8:30 a.m. ET, while Markit manufacturing and services PMIs will cross the wires at 9:45 a.m. ET. The US 10-year yield is down 3.3 basis points at 2.56%.
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