10 things you need to know before the opening bell

Here is what you need to know.

  1. Here comes the Fed. The Federal Reserve is expected to hold its benchmark interest in a range between 2.25% and 2.50%, with Wall Street economists surveyed by Bloomberg seeing just a 2.6% chance of a rate cut.
  2. Apple beats the street. The tech giant beat on both the top and bottom lines, but iPhone sales slumped 17% year-over-year to $US31.1 billion. Shares were up 5% late Tuesday.
  3. Uber’s IPO has huge demand. The ride-hailing company’s initial public offering has sold out just three days into its roadshow, Bloomberg reports.
  4. Eric Schmidt is leaving Alphabet’s board.The former Google CEO will continue as a “technical adviser to Alphabet” and receive an annual salary of $US1, a Securities and Exchange Commission filing showed.
  5. AMD spikes on earnings. The chipmaker gained as much as 8% late Tuesday after reporting earnings and revenue that topped Wall Street estimates.
  6. Morgan Stanley cuts its Tesla price target for the 4th time this year. “TSLA shares appear caught in a flywheel of concerns around demand & access to capital driving the share price lower, exacerbating sentiment around demand & access to capital,” analyst Adam Jonas wrote in a note to clients out Tuesday.
  7. Ray Dalio was the top earner among hedge-fund managers in 2018. Dalio earned $US2 billion in compensation, or about $US228,310 an hour, according to Institutional Investor’s “The Rich List.” Find out who else made it.
  8. Stock markets around the world were mixed. Hong Kong’s Hang Seng (-0.68%) trailed in Asia and the Euro Stoxx 50 (+0.38%) gained in Europe. The S&P 500 was set to open little changed near 2,948.
  9. Earnings reports keep coming. CVS, Molson Coors, and Yum Brands report ahead of the opening bell while Cheesecake Factory, Fitbit, Qualcomm, and Square release their results after markets close.
  10. US economic data is heavy. ADP Employment Change will be released at 8:15 a.m. ET before Markit manufacturing PMI crosses the wires at 9:45 a.m. ET. Then, at 10 a.m. ET, ISM Manufacturing and construction spending are due out. US auto sales will be announced throughout the day. The US 10-year yield was little changed near 2.50%.

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