10 things you need to know before the opening bell

Here is what you need to know.

US GDP is revised lower. The third estimate of first-quarter gross domestic product showed the US economy grew at a 2% clip, down from the previous reading of 2.2% growth.

Unemployment in Japan plunges to a multidecade low.Japanese government data released Friday showed the country’s unemployment rate slid to 2.2% in May, its lowest since 1992.

Bitcoin hits its lowest level in over 7 months. The cryptocurrency touched an overnight low of $US5,791 a coin, hitting its lowest level since November 13.

Deutsche Bank’s US operations fail 2nd leg of Fed stress tests – everyone else passes. In yet another blow for the German lender, Deutsche Bank’s US subsidiary failed the second part of the Fed’s annual stress tests because of “material weaknesses” in its data capabilities and capital planning controls.

Amazon’s $US1 billion purchase of PillPack wreaked havoc in pharmacy stocks. Amazon’s $US1 billion acquisition of the pharmacy startup PillPack wiped out nearly $US15 billion of market cap from Walgreens Boots Alliance, CVS, and Rite Aid and preceded deep losses in shares of drug wholesalers like Cardinal Health, AmerisourceBergen, and Express Scripts.

Nike beats and announces a massive buyback program.The sneaker giant beat on both the top and bottom lines and announced a $US15 billion buyback program for class B shares, sending its stock up more than 9% ahead of Friday’s opening bell.

Tesla isn’t making enough Model 3s to hit Elon Musk’s goal. That’s according to three line workers at the company’s Fremont, California, plant, Reuters says.

Tesla went public 8 years ago. Anyone who invested $US1,000 at Tesla’s closing price of $US23.89 a share on June 29, 2010, would have turned that into more than $US14,000 today.

Stock markets around the world are higher. China’s Shanghai Composite (+2.17%) posted its biggest gain since August 2016, and Germany’s DAX (+1.07%) leads in Europe. The S&P 500 is set to open up 0.50% near 2,730.

US economic data is heavy. Personal income and spending and PCE core prices will be released at 8:30 a.m. ET before Chicago PMI and University of Michigan consumer confidence cross the wires at 9:45 a.m. ET and 10 a.m. ET. The US 10-year yield is up 1 basis point at 2.85%.

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