Here is what you need to know.
Trump’s budget is out. The White House’s 2018 budget
calls for massive cuts over the next 10 years to social
safety-net programs like Medicaid, food stamps, and the
Children’s Health Insurance Program while increasing the budget
for the Department of Homeland Security and the Department of
The British pound is slipping after the Manchester
bombing. The pound trades down by 0.2% at 1.2972
against the dollar after an explosion following an Ariana Grande
concert on Monday night killed at least 22 people while injuring
more than 50.
Greece still doesn’t have a deal. A meeting between
Greece and its creditors failed to iron out details of a new debt
deal, with the International Monetary Fund reiterating its stance
that any framework must grant debt relief, Reuters says.
Eurozone growth holds at a 6-year high. Flash
eurozone PMI held at a six-year high of 56.8 in May, with IHS
Markit saying, “Job creation also perked up to one of the
strongest recorded over the past decade amid improved optimism
about future prospects.”
Bitcoin plunges and then recovers. The
cryptocurrency fell by more than $300 a coin from Monday’s record
high of $2,298 before recouping its losses. Bitcoin now trades up
by almost 2% near $2,190.
Apple and Nokia settle their patent dispute. Apple
will pay Nokia an undisclosed up-front cash payment and
additional revenue, and the two sides agreed to collaborate
further, Reuters says.
Global smartphone sales jumped. The global
smartphone market grew by 9.1% in the first quarter versus a year
ago, but Apple and Samsung saw their market shares fall,
TechCrunch reports, citing Gartner data.
Stock markets around
the world trade mixed. China’s Shanghai Composite
(-0.5%) lagged in Asia, and Germany’s DAX (+0.4%) is out front in
Europe. The S&P 500 is set to open up by 0.2% near 2,398.
Earnings reporting is light. AutoZone and Toll
Brothers are among the names reporting ahead of the opening bell.
US economic data flows. US Markit PMIs will be
released at 9:45 a.m. ET, and new-home sales will cross the wires
at 10 a.m. ET. The US 10-year yield is down by 1 basis point at