10 things you need to know before the opening bell

Here is what you need to know.

Ratings agency Moody’s affirms US’s top-notch credit rating. The ratings agency Moody’s maintained the US’s top-notch “Aaa” credit rating Thursday, saying, “The diversity, dynamism, and competitiveness of the US economy, along with the US dollar’s status as the preeminent international reserve currency and very large size and depth of the US Treasury market, offset rising fiscal pressures stemming from ageing-related entitlement spending, higher debt-service payments, and recent policy actions that will likely reduce future revenues and increase expenditures.”

The world just produced more steel than ever before.Total crude steel production hit 148.3 million tonnes in March, surpassing the previous record of 144.5 million tonnes set in January, World Steel Association data showed Thursday.

Deutsche Bank is embarking on a major overhaul. “The bank will scale back activities in US Rates sales and trading, shrinking the balance sheet, leverage exposure and repo financing while remaining committed to its European business, which given its scale and relevance to our client base generates more attractive returns,” Deutsche Bank said.

Jeff Bezos says Amazon is ready for a debate on regulation. Speaking in Germany, Amazon CEO Jeff Bezos said his company had a duty to educate regulators but would work with any new constraints – even if they damage its business model.

Facebook shredded Wall Street’s Cambridge Analytica worries with a giant first quarter. The social-media giant earned $US1.69 a share on revenue of $US11.9 billion, easily beating the $US1.35 and $US11.4 billion that analysts were expecting. The number of monthly active users jumped 13% to 2.2 billion.

Chipotle beats. The burrito chain announced earnings, revenue, and same-store sales that came in above Wall Street expectations.

AMD announces stellar results. Shares spiked more than 7% in after-hours trading Wednesday after the chipmaker beat on both the top and bottom lines and gave strong second-quarter guidance.

Stock markets around the world are mixed. China’s Shanghai Composite (-1.38%) led the losses in Asia, and France’s CAC (+0.45%) paces the gains in Europe. The S&P 500 is set to open up 0.39% near 2,650.

Earnings reports keep coming. American Airlines, CME Group, Domino’s Pizza, and UPS are among the names reporting ahead of the opening bell, while Amazon, Intel, Microsoft, Starbucks, and US Steel are set to release their quarterly results after markets close.

US economic data flows. Initial claims and durable goods will be released at 8:30 a.m. The US 10-year yield is down 2 basis points at 3%.

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