10 things you need to know before the opening bell

Here is what you need to know.

  1. ‘Constructive’ trade talks between the US and China wrap up.[email protected] and I concluded constructive trade talks in Beijing,” US Treasury Secretary Steven Mnuchin tweeted Friday. “I look forward to welcoming China’s Vice Premier Liu He to continue these important discussions in Washington next week. #USEmbassyChina.”
  2. Theresa May seeks to avoid 3rd defeat on Brexit deal. Members of Parliament on Friday are set to vote on May’s deal that covers the UK’s withdrawal from the EU.
  3. Economists think the Fed will be on hold for a while.A Reuters poll of more than 100 economists showed the Federal Reserve would hold its benchmark interest rate until at least the end of next year. The respondents also said there’s a 40% chance the Fed could cut rates at least once by the end of 2020.
  4. Oil is on track for its strongest quarter in a decade.West Texas Intermediate crude oil was on track Friday to close the first quarter with a 31% gain, the strongest since 2009, as sanctions against Iran and Venezuela and expectations of a US-China trade deal have supported prices.
  5. Trump’s tax plan prevented a recession signal.President Donald Trump’s tax cuts are expanding fiscal stimulus and not tightening it, and therefore a yield-curve inversion isn’t a recession indicator, argues Jim Paulsen, the chief investment officer at Leuthold Group.
  6. Wells Fargo’s embattled CEO is retiring.Wells Fargo CEO Tim Sloan stepped down from his role as CEO on Thursday amid mounting pressure following a series of scandals that occurred under his watch. He will retire from the company effective June 30.
  7. Lyft is going public. The ride-hailing app priced its initial public offering at $US72 a share, giving it a valuation of $US21 billion. Shares will trade on the Nasdaq under the ticker LYFT.
  8. Stock markets around the world were higher. China’s Shanghai Composite (+3.2%) led the gains in Asia, and Britain’s FTSE (+0.58%) was out front in Europe. The S&P 500 was set to open up 0.12% near 2,819.
  9. Earnings reporting is light. BlackBerry reports ahead of the opening bell.
  10. US economic data is heavy. Personal income and spending and PCE core prices will all cross the wires at 8:30 a.m. ET before Chicago PMI is released at 9:45 a.m. ET. Data concludes at 10 a.m. ET, with new-home sales and University of Michigan consumer confidence. The US 10-year yield is up 1.4 basis points at 2.43%.

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