| What to watch today: Wall Street's rough patch, Trump's Mexico tariffs, and Uber's $1 billion loss |
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FRI, MAY 31, 2019
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AS OF FRI, MAY 31, 2019 • 07:54 ET
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Dow Jones Fut |
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25,169.88 |
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Current: |
24,924.00 |
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Change: |
-266.00 |
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Impl. Open: |
-246.88 |
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S&P 500 Fut |
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2,788.86 |
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Current: |
2,760.00 |
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Change: |
-30.50 |
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Impl. Open: |
-29.16 |
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NASDAQ 100 Fut |
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7,245.40 |
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Current: |
7,157.75 |
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Change: |
-97.50 |
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Impl. Open: |
-93.65 |
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Russell 2000 Mini |
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1,485.53 |
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Current: |
1,468.50 |
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Change: |
-17.90 |
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Impl. Open: |
-17.73 |
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With the stock market on track for its first negative May since 2012, the final day of the month looks set to begin with more losses. Futures were pointing to a sharply lower open, following President Trump's announcement that he'd impose a 5% tariff on Mexican imports, beginning next month, if Mexico does not take action to "reduce or eliminate the number of illegal aliens" crossing into the U.S. (CNBC)
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On today's economic calendar, the government releases April personal income and consumer spending at 8:30 a.m. ET. The Chicago purchasing managers index is out at 9:45 a.m. ET. The University of Michigan's final May consumer sentiment index comes at 10 a.m. ET. (CNBC)
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Shares of Gap (GPS) were tanking about 15% in the premarket, after the apparel retailer reported worse than expected adjusted quarterly earnings of 24 cents per share. Revenue and same-store sales also missed forecasts. The same-store sales decline was most prominent at the Gap flagship brand. (CNBC)
Shares of Big Lots (BIG) were soaring about 12%, after the discount retailer reported adjusted quarterly earnings of 92 cents per share, compared to estimates of 70 cents. Revenue was slightly above forecasts. Big Lots also raised its full-year profit forecast. (CNBC)
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Trump plans to tell the British government that Washington may limit intelligence sharing if the U.K. allows Huawei to build part of its 5G high-speed mobile network. The president is set to embark on a three-day state visit there next month, days before British Prime Minister Theresa May is set to resign. (FT)
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North Korea executed its nuclear envoy to the U.S. as part of a purge of officials who steered negotiations for a failed summit between leader Kim Jong Un and Trump in Vietnam earlier this year, a South Korean newspaper reported today.
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Missouri's only abortion clinic is set to close today. Missouri is among a handful of states that passed anti-abortion laws in the past few weeks, potentially setting up a challenge for Roe v. Wade. (USA Today)
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The FDA will hear from CBD manufacturers, researchers, farmers, retailers, and more today as the agency holds its first public hearing looking at the sale of what's being touted as a magical elixir that can ease everything from inflammation to epilepsy. (CNBC)
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Uber Technologies (UBER) posted a loss of a little more than $1 billion in its first quarter as a public company, matching Wall Street forecasts. Revenue was slightly above expectations, and up 20% over a year earlier. (CNBC)
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Amazon (AMZN) is reportedly interested in buying Boost Mobile from T-Mobile (TMUS) and Sprint (S), which are planning to sell the prepaid mobile brand in order to get their planned $26 billion merger approved by regulators.
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Costco (COST) beat estimates by 7 cents with adjusted quarterly profit of $1.89 per share. The warehouse retailer's revenue was also above forecasts. Comparable store sales rose 5.5%, just under the forecast for a 5.6% increase.
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Ulta Beauty (ULTA) reported quarterly profit of $3.26 per share, compared to estimates of $3.07. The cosmetics retailer's revenue was slightly below forecasts, with comparable store sales in line with estimates. Ulta also raised its full-year guidance.
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Williams-Sonoma (WSM) came in 12 cents above estimates, with quarterly earnings of 81 cents per share. The housewares retailer's revenue matched. Comparable store sales were up 3.5%, more than double the 1.7% estimate. Williams-Sonoma raised its full year earnings outlook.
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The Toronto Raptors cinched a win over the Golden State Warriors in Game 1 of the NBA finals. It's been a 24-year wait for Raptors fans to get a taste of the finals. (NY Times)
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