Getty Images/Darren EaglesThe American DJ Christopher Comstock, aka Marshmello, at the 2019 iHeartRadio FanFest during Canadian Music Week.
Here is what you need to know.
- China wants US to meet it halfway on trade talks.Shortly before senior US and Chinese officials were set to begin trade talks Thursday – ahead of Friday’s planned tariff increases – a Chinese Commerce Ministry spokesman told reporters that China hoped “the US can meet China halfway, take care of each other’s concerns, and resolve existing problems through cooperation and consultations.”
- Stock markets around the world are under pressure. Hong Kong’s Hang Seng (-2.39%) was hit hardest in Asia, and France’s CAC (-1.32%) trails in Europe. The S&P 500 is set to open down 0.55% near 2,863.
- The Chinese yuan hits its lowest level since January.The offshore Chinese yuan on Thursday fell more than 0.6% to 6.8511 per dollar, its weakest since January 9.
- A Pimco investment chief warns of the ‘riskiest corporate market we’ve ever had.’ “We’ve described this as the riskiest corporate market we’ve ever had,” Scott Mather, the chief investment officer of US core strategies at Pimco, told Business Insider. “A lot of people don’t recognise that. But it is that way, because it’s doubled in size in the past decade, because everybody’s levered up.”
- Uber is reportedly going to price its IPO at the midpoint of its range or worse. The ride-hailing giant will price its initial public offering at $US47 a share or below, giving it a valuation of up to $US86 billion, according to The Wall Street Journal.
- Lyft craters to a record low. Lyft shares shed almost 11% on Wednesday after the company delivered underwhelming first-quarter results.
- Beyond Meat’s winning streak is over. Shares of the plant-based-burger marker plunged 8.7% to $US72.25 apiece on Wednesday, ending their streak of gaining in every session since last Thursday’s IPO. They’re still up 189% from where they priced May 1.
- The electric-truck maker Workhorse soared almost 215% after Trump tweeted that it was buying a plant from GM. “GREAT NEWS FOR OHIO!” President Donald Trump tweeted Wednesday. “Just spoke to Mary Barra, CEO of General Motors, who informed me that, subject to a UAW agreement etc., GM will be selling their beautiful Lordstown Plant to Workhorse, where they plan to build Electric Trucks.”
- Earnings reporting remains heavy. Cronos Group and Tradeweb report ahead of the opening bell, while Callaway Golf, Dropbox, GoPro, and Yelp release their quarterly results after markets close.
- US economic data picks back up. Producer prices, initial claims, and the trade balance will all be released at 8:30 a.m. ET. The US 10-year yield is down 3.4 basis points at 2.45%.
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