Here is what you need to know.
- Oil hit a 6-month high. West Texas Intermediate crude oil gained as much as 0.74% Tuesday morning, hitting a high of $US66.19 a barrel.
- Herman Cain says he withdrew from Fed consideration because of the money. “Without getting too specific about how big a pay cut this would be, let’s just say I’m pretty confident that if your boss told you to take a similar pay cut, you’d tell him where to go,” Cain said in an opinion column on the blog site The Western Journal.
- Tesla is planning to roll out 1 million robo-taxis by next year. The electric-car maker says it will allow owners to turn their vehicles into robo-taxis, taking aim at the ride-hailing companies Lyft and Uber.
- Beyond Meat prices its IPO. The venture-capital-backed vegetarian food company set the price range for its initial public offering at between $US19 and $US21 a share, giving it a valuation of $US1.2 billion at the top end. A listing is expected to take place on the Nasdaq in early May.
- Starbucks’ Chinese rival files for a US IPO.Luckin Coffee, the Beijing-based money-losing coffee chain, has filed for a US IPO and is aiming for a valuation of between $US4 billion and $US5 billion, Reuters says, citing sources.
- Wall Street still can’t get behind Snap. Shares of the company have skyrocketed 110% this year, but Wall Street analysts are still overwhelmingly cautious to bearish on the name.
- These 10 countries have huge piles of gold. Gold buying by central banks hit its highest level in nearly half a century last year – here’s which have the biggest stockpiles of the yellow metal.
- Stock markets around the world are lower. China’s Shanghai Composite (-0.51%) led the decline in Asia, while the Euro Stoxx 50 (-0.24%) holds modest losses in Europe. The S&P 500 is set to open little changed near 2,907.
- Earnings season picks up steam. Coca-Cola, Harley-Davidson, Twitter, and Verizon Communications report ahead of the opening bell, while eBay and Snap release their quarterly results after markets close.
- US economic data flows. FHFA home prices will be released at 9 a.m. ET, and new-home sales will cross the wires at 10 a.m. ET. The US 10-year yield is down 0.7 basis points at 2.58%.
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