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May 1, 2018

Wall Street is headed for a weak open as May begins after a Monday sell-off | CNBC | Before the Bell.


The Dow, S&P 500, and Nasdaq managed to eke out small gains for the month of April.
Dow Jones Fut
24,163.15
Current: 24,125.00
Change: -6.00
Impl. Open: 6.85
S&P 500 Fut
2,648.05
Current: 2,648.25
Change: 1.25
Impl. Open: 1.65
NASDAQ 100 Fut
6,605.57
Current: 6,616.25
Change: 3.25
Impl. Open: 7.68
Russell 2000 Mini
1,541.88
Current: 1,542.20
Change: -1.60
Impl. Open: 0.27
Quotes as of 5/1/2018 8:02:01 AM ET

BY THE NUMBERS

U.S. stock futures were lower this morning on the first day of May following an afternoon sell-off on Monday erased earlier gains and left the Dow, S&P 500, and Nasdaq lower on the session. However, those three stock measures did manage to eke out small gains for April. (CNBC)

•  'Sell in May and go away' doesn't apply this year, market bull: Tony Dwyer (CNBC)

Three Dow components are releasing earnings today. Pfizer (PFE) and Merck (MRK) were out with mixed quarterly results this morning, with both beating forecasts on profit but missing on revenue. Apple (AAPL) issues earnings after the bell. (CNBC)

•  Apple's quarterly earnings could turn the tide for the stock (CNBC)
•  Apple may give investors less cash than they expect: Barclays (CNBC)

The Fed begins a two-day policy meeting this morning, with an interest rate decision and policy statement set for tomorrow afternoon. No rate hike is expected this time, and there's no post-meeting news conference. (CNBC)

As central bankers meet today, they get some economic data to consider. The ISM's April manufacturing index and the government's March construction spending are both out at 10 a.m. ET. (CNBC)

•  Small-business optimism stays near record: CNBC/SurveyMonkey
 IN THE NEWS TODAY
President Donald Trump postponed the deadline on steel and aluminum tariffs for some allies, including the European Union, for 30 days to allow further discussions. The tariffs are already in effect against China, Japan, Russia and others. (CNBC)

•  Trump pushes back tariff exemptions but Europe is still not happy (CNBC)

The New York Times obtained a list of questions special counsel Robert Mueller has for Trump as part of his ongoing investigation into the 2016 presidential election. The series of open-ended questions include the president's firing of former FBI director James Comey.

•  Comey: Trump should submit to Mueller interview (Axios)

GOP Senator Marco Rubio told the Economist magazine there is " no evidence whatsoever" the new tax law significantly helped U.S. workers. Rubio, who voted for the proposal, said instead corporations bought back shares and gave out bonuses.

South Korean President Moon Jae-in asked the United Nations to help verify North Korea's planned shutdown of its nuclear test site. The North, several days before the historic summit between Moon and Kim Jong Un, had promised to dismantle its site. (Reuters)

•  Mnuchin: 'No question' Trump sanctions brought North Korea to negotiating table (CNBC)

Israeli Prime Minister Benjamin Netanyahu revealed a cache of files he claimed were obtained from Iran and proved the country ran a secret program to build nuclear weapons. Trump must decide in two weeks whether to pull out of the Iran nuclear deal.

Porn star Stormy Daniels filed a new lawsuit against Trump, accusing him of defaming her in a tweet that said she was pulling a "con job" on the news media. Daniels already was suing Trump seeking to void a nondisclosure agreement she signed. (CNBC)

Actress Ashley Judd sued disgraced Hollywood mogul Harvey Weinstein, alleging he tried to destroy her acting career after she refused his sexual advances. The lawsuit said Weinstein's actions prevented her from working in an Oscar-winning film franchise. (USA Today)

The co-founder of WhatsApp, the messaging service Facebook (FB) bought for $19 billion in 2014, is leaving the company at a time when Facebook reels from revelations of Russian election manipulation, fake news, and data leaks. (CNBC)

•  Facebook privacy changes leave developers steaming ahead of today's conference (NY Times)

Twitter (TWTR) will bring original shows from Comcast's (CMCSA) NBCUniversal, Disney (DIS) and Viacom (VIA), among others, to its platform. The company also announced it's launching a division to help online influencers make scripted series. (CNBC)

Medicare chief Seema Verma exclusively told CNBC it's time that health care catches up with other industries when it comes to providing consumers greater transparency about prices. The agency proposed earlier this week that hospitals post their prices online.

Sanofi (SNY) and Regeneron (REGN) have agreed to lower the price of their cholesterol medicine in exchange for easier access for patients covered by pharmacy benefit manager Express Scripts (ESRX), the first of a number of deals the drugmakers hope to strike to increase use of their drug. (CNBC)

Boeing (BA) will buy aircraft parts maker KLX (KLX) for about $3.2 billion in cash or $63 per share. KLX had said it would review strategic options in December. KLX shares were losing about 10 percent in the premarket, though still trading above the offer price. (Reuters)

STOCKS TO WATCH

Under Armour (UAA) reported a breakeven quarter, which was better than estimates that called for a 5 cent loss. The sports apparel and shoe company also reported higher than expected revenues. The struggling stock of late was up about 3 percent in the premarket.

Akamai Technologies (AKAM) reported adjusted quarterly profit of 79 cents per share, 9 cents above estimates, with revenue also beating forecasts. The provider of internet content delivery technology saw its results boosted by its push into cloud security.

Texas Roadhouse (TXRH) matched forecasts with quarterly profit of 76 cents per share, with its revenue slightly above estimates. Comparable restaurant sales were higher by 4.9 percent at company-owned restaurants and 3.9 percent at franchised locations.

Cognex (CGNX) came in 4 cents above Street forecasts with adjusted quarterly profit of 24 cents per share, but the maker of machine vision technology saw revenue miss forecasts and it also gave weaker-than-expected full-year guidance.

Tenet Healthcare (THC) reported an unexpected quarterly profit, with revenue also beating forecasts, and the hospital operator also issued strong full-year guidance as it benefited from lower costs and a jump in patient visits.

BP (BP) reported its highest quarterly profit in almost four years, helped by a rebound in oil and gas prices and increasing production.

WATERCOOLER

Good news for Oreo fans. The company will begin rolling out three limited-edition flavors (cherry cola, kettle corn and pina colada) and will host a contest to determine the public's favorite. The creator of the winning flavor will receive $500,000. (USA Today)

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