Here is what you need to know.
- Hong Kong police clash with protestors. Police on Wednesday used tear gas to disperse Hong Kongers rallying against a controversial extradition bill that would give China more power over the territory.
- Trump says he is the one who’s now holding up a trade deal with China. “China wants to make a deal very badly,” President Donald Trump told reporters outside the White House on Tuesday. “It is me right now that is holding up the deal. And we’re going to either do a great deal with China or we’re not going to do a deal.”
- A top DOJ official says the department has everything it needs to go after big tech. “We already have in our possession the tools we need to enforce the antitrust laws in cases involving digital technologies,” Makan Delharim, the top antitrust official in the Justice Department, said in the speech on Tuesday, according to CNBC. “US antitrust law is flexible enough to be applied to markets old and new.”
- Morgan Stanley updates its bear case for the trade war.Strategists at Morgan Stanley say in a worst-case scenario the trade war could cause the stock market could fall 16% over the next six-to-12 months.
- Beyond Meat crashes after getting downgraded at JPMorgan.Shares of the plant-based burger maker crashed 25% on Tuesday after JPMorgan said Beyond Meat is “Beyond Our Price Target.” The stock is still up more than 404% since the May 1 pricing of its initial public offering.
- The maker of LaCroix tumbles after a lawsuit alleges it made false claims about chemicals in its cans.Shares fell by as much as 10.5% on Tuesday after a former employee filed a lawsuit alleging the president of National Beverage planned to say LaCroix’s cans were free of the toxic chemical Bisphenol A.
- Lovesac warns Trump’s tariffs will hit profits.The maker of Sactionals and Sacs said on Tuesday that Trump’s tariffs on Chinese goods causeed gross margins to shrink by 3.4 percentage points and warned of a similar decline in the current quarter. The company also said it is planning to move production out of China in the next 18 months.
- Stock markets around the world are lower. Hong Kong’s Hang Seng (-1.73%) led the losses in Asia and Britain’s FTSE (-0.64%) trails in Europe. The S&P 500 is set to open down 0.34% near 2,876.
- Earnings reports trickle out. Lululemon and RH report after the closing bell.
- US economic data is light. CPI will be released at 8:30 a.m. ET. The US 10-year yield is down 2.3 basis points at 2.12%.
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