Here is what you need to know.
The stock market’s ‘secret medication for longevity’ has vanished. Ten-year Treasury yields have increased while the stock market has sold off, leaving it highly susceptible to further weakness, according to Doug Ramsey, Leuthold’s chief investment officer.
American businesses are starting to freak out about Trump’s tariffs. The Federal Reserve reported in its latest Beige Book that US businesses were wary of President Donald Trump’s new trade policies, with manufacturers noting a sudden spike in the price of steel and aluminium.
Jeff Bezos finally revealed how many people pay for Amazon Prime. In his latest letter to shareholders, the Amazon CEO said Prime had more than 100 million subscribers worldwide.
Tesla’s Model 3 struggles have traders paying up to protect against a stock drop. Traders are paying close to the highest premium on record to protect against a 10% decline in Tesla’s stock over the next month, relative to wagers on a 10% gain.
Uber is zeroing in on a CFO. The ride-hailing company has reportedly set its sights on VMWare CFO Zane Rowe to spearhead its initial public offering in 2019, Reuters says.
Merkel is reportedly in favour of a European Monetary Fund. German Chancellor Angela Merkel is reportedly in favour of a European Monetary Fund as long as national governments have oversight, Reuters reports.
Australian employment growth is slowing. Data released Thursday by the Australian Bureau of Statistics showed the Australian economy added 4,900 jobs in March, missing expectations of a 20,000-job increase.
Stock markets around world are higher. Hong Kong’s Hang Seng (+1.4%) paced the gains in Asia, and Britain’s FTSE (+0.19%) leads in Europe. The S&P 500 is set to open little changed near 2,705.
Earnings reporting picks up. Blackstone and Nucor report ahead of the opening bell, while E-Trade releases its quarterly results after markets close.
US economic data keeps coming. Initial claims and the Philly Fed will be released at 8:30 a.m. ET. The US 10-year yield is up 2 basis points at 2.89%.
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