10 things you need to know before the opening bell

Here is what you need to know.

China to hit the US with retaliatory tariffs. China announced tariffs on 106 US goods including soybeans and automobiles in retaliation to the recent tariffs announced by President Donald Trump, Bloomberg says.

Stocks are getting smoked. The Dow Jones industrial average trades down more than 500 points, or 2.18%, after China announced its retaliatory tariffs.

The best stock market trade of 2018 is a reversal from last year. As the US stock market has been mired in turmoil, the long-volatility trade has stood head and shoulders above the rest.

The New York Fed has a new top dog. John Williams, the president of the Federal Reserve Bank of San Francisco, has been named Bill Dudley’s successor atop the Federal Reserve Bank of New York.

Saudi Arabia’s crown prince is making moves to bring a Hyperloop system to Riyadh. Saudi Crown Prince Mohammed bin Salman met with Richard Branson and his Virgin Galactic Company at the Mojave Air and Space Port in California to discuss bringing a high-speed Hyperloop transit system to Saudi Arabia.

Bitcoin had its worst first quarter ever. The cryptocurrency fell by more than 50% during the first quarter of 2018, making for its worst start to a calendar year. It was bitcoin’s second-worst quarter on record, behind only the 68% crash during Q3 2011.

Spotify slides off its debut price after ‘novel’ direct offering. Shares of the streaming-music provider slid as much as 10% in their first day of trading Tuesday, before closing at $US149.01.

Amazon shakes off Trump’s latest attack. The e-commerce behemoth gained more than 1% Tuesday even as Trump once again took aim at the company on Twitter.

Tesla misses on Model 3 production. The electric-car maker said it produced 2,020 Model 3s during the first quarter, falling short of the 2,500 it was targeting.

US economic data is heavy. ADP employment change will be released at 8:15 a.m. ET before Markit PMI crosses the wires at 9:45 a.m. ET. Data concludes at 10 a.m. ET with ISM nonmanufacturing, factory orders, and durable goods orders. The US 10-year yield is down 2 basis points at 2.76%.

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