10 things you need to know before the opening bell

Here is what you need to know.

  1. Theresa May steps down. Britain’s prime minister will leave her post on June 7.
  2. Trump’s tariffs will cost US households more than $US800 per year. The recent increase in tariffs on Chinese goods mean the average US household will pay an extra $US831 per year, according to a study released on Thursday by economists at the Federal Reserve Bank of New York, Columbia, and Princeton.
  3. The 10-year hits its lowest level since November 2017.The benchmark 10-year yield fell by as many as 9 basis points on Thursday to a low of 2.29%. On Friday, it is up 1.2 basis points at 2.33%.
  4. Oil is on track for its biggest weekly loss of the year.Oil prices have slumped 7% this week, and are on track for their biggest weekly drop since December.
  5. Tesla’s losing streak is over. Shares plunged 17% during the six-day skid, wiping out more than $US7 billion of investor wealth.
  6. Hedge funds love these 17 stocks. Goldman Sachs has identified a list of the 17 stocks that have high hedge-fund ownership, which is usually a signal of future gains.
  7. US markets are closed on Monday in observance of Memorial Day. They will reopen on Tuesday.
  8. Stock markets around the world were higher. Hong Kong’s Hang Seng (+0.32%) paced the advance in Asia and France’s CAC (+0.82%) was out front in Europe. The S&P 500 is set to open up 0.52% near 2,837.
  9. Earnings reporting is light. Foot Locker releases its first-quarter results ahead of the opening bell.
  10. US economic data trickles out. Durable goods orders will be released at 8:30 a.m. ET.

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