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Tariff delays; Apple earnings; Fed meeting

1. Tariff delays: President Donald Trump has approved another month of relief from steel and aluminu...

Posted: May 1, 2018 12:48 PM
Updated: May 1, 2018 12:48 PM

1. Tariff delays: President Donald Trump has approved another month of relief from steel and aluminum tariffs for key allies, including the European Union, Canada and Mexico.

The White House said in a statement that it is finalizing an agreement with Argentina, Australia and Brazil concerning the tariffs and is "extending negotiations" with Canada, Mexico and the European Union.

European Union officials said the bloc should be "fully and permanently exempted from these measures."

"The US decision prolongs market uncertainty, which is already affecting business decisions," the European Commission said in a statement on Tuesday.

2. Apple earnings: Apple will report its first quarter results after the markets close.

The company is expected to announce plans to return between $100 billion and $150 billion to shareholders, but even that may not be enough to calm investors' worries about the iPhone.

Apple stock fell this month after one of its key chip suppliers warned of "continued weak demand" for the key Apple product. Since then, a series of analysts have slashed their estimates for iPhone shipments.

The consensus estimate among analysts is for Apple to have sold 53 million iPhones for the quarter ending in March, up only slightly from the 50.8 million iPhones sold in the same period a year earlier.

Apple's overall sales are expected to increase 15% to about $61 billion.

3. AT&T trial concludes: The blockbuster AT&T antitrust trial ended Monday, but the decision on whether the company will be allowed to buy Time Warner is only expected to come in June.

The Justice Department is seeking to block the $85 billion deal, arguing the newly formed company would have "both the incentive and ability to lessen competition."

AT&T and Time Warner, the owner of CNN, argued the deal is the only way to compete with the likes of Facebook, Apple, Netflix and Google.

4. Fed meeting: The dollar, measured against a basket of major currencies, was trading at its highest level since early January ahead of the start of the Federal Reserve's two-day meeting.

The US central bank raised interest rates by a quarter of a percentage point in March.

Economists have penciled in three gradual interest rate hikes this year, but the Fed has signaled in March the path of future rate hikes could be "slightly steeper" over the next few years than previously thought.

5. Global market overview: US stock futures were flat. Many of the world's major stock markets were closed on Monday.

London's FTSE 100 edged higher. In Asia, the Nikkei posted a small gain.

The Dow Jones industrial average closed 0.6% higher on Monday. The S&P 500 and the Nasdaq both shed 0.8%.

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6. Companies and economics: Aetna, Ecolab, GrubHub, HanesBrands, Merck, Pfizer, and US Cellular will release earnings before the open. Allstate, Denny's, Gilead Sciences, Mondelez International, Snap, T-Mobile US, Voya Financial, and Yum China will follow after the close.

Shares in BP opened around 1% higher after it reported strong results. The oil company was helped by higher oil prices and slew of new projects.

Boeing has announced a deal to buy aerospace parts distributor KLX Inc for $4.25 billion. The manufacturer said the acquisition will help it save around $70 million a year by 2021.

The Institute for Supply Management will publish its US Manufacturing Index at 10:00 a.m. ET.

Australia's central bank left interest rates unchanged, signaling that a near-term rate hike is unlikely. Canada's GDP data for February will be published at 8:30 a.m.

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7. Coming this week:
Tuesday - Aetna, Apple, Merck, Pfizer, Snap earnings; Fed meeting
Wednesday - CVS, Humana, Kraft Heinz, Metlife, Molson Coors, Spotify, Tesla, Yum; Fed meeting
Thursday - Cigna, DowDuPont, Kellogg, Weight Watchers earnings
Friday - Alibaba, Newell Brands earnings; Berkshire Hathaway annual shareholder weekend kicks off; Jobs report

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Alabama Coronavirus Cases

Confirmed Cases: 41362

Reported Deaths: 983
CountyConfirmedDeaths
Jefferson4532143
Montgomery3875102
Mobile3797134
Tuscaloosa210739
Marshall162210
Lee124537
Shelby110923
Madison11047
Morgan10203
Walker87123
Franklin86314
Dallas8419
Elmore83614
Baldwin7359
Etowah64413
DeKalb6415
Butler60727
Chambers60027
Tallapoosa57269
Autauga55312
Unassigned50724
Russell5030
Lowndes45820
Lauderdale4576
Houston4464
Limestone4290
Cullman4114
Pike4075
Colbert3775
Bullock3649
Coffee3592
Barbour3331
Covington3327
St. Clair3192
Marengo29911
Hale29621
Escambia2936
Wilcox2848
Talladega2827
Calhoun2805
Sumter27912
Clarke2686
Dale2620
Jackson2522
Winston2373
Blount2181
Pickens2176
Chilton2152
Marion20613
Monroe2052
Choctaw19212
Randolph1889
Conecuh1866
Greene1788
Macon1778
Bibb1761
Perry1541
Henry1303
Crenshaw1243
Washington1027
Lawrence1000
Cherokee797
Lamar711
Geneva700
Fayette671
Clay612
Coosa571
Cleburne301
Out of AL00

Tennessee Coronavirus Cases

Confirmed Cases: 46890

Reported Deaths: 620
CountyConfirmedDeaths
Shelby10765195
Davidson10125115
Rutherford273335
Hamilton257730
Sumner150752
Trousdale14905
Williamson114814
Knox10225
Out of TN10098
Wilson85917
Putnam8147
Robertson80111
Sevier7333
Lake6900
Tipton6205
Bledsoe6181
Bradley6043
Bedford5205
Unassigned5161
Montgomery5137
Macon4213
Hardeman3143
Maury3113
Fayette3012
Hamblen2964
Rhea2740
Loudon2711
Madison2642
Dyer2321
Cheatham2201
McMinn21817
Blount2053
Dickson1940
Cumberland1744
Lawrence1435
Lauderdale1362
Monroe1365
Washington1340
Jefferson1210
Coffee1150
Gibson1101
Obion1062
Anderson1052
Hardin1037
Smith1031
Sullivan1012
Greene862
Franklin823
Haywood812
Wayne800
Cocke760
Marshall741
Hickman730
Warren690
Marion674
White653
McNairy640
Weakley621
Grundy581
Lincoln580
Overton581
DeKalb570
Carter561
Giles551
Hawkins552
Unicoi550
Roane500
Henry420
Campbell411
Polk410
Carroll401
Grainger390
Henderson390
Johnson380
Cannon340
Claiborne320
Crockett323
Meigs320
Perry310
Sequatchie290
Chester260
Humphreys261
Jackson260
Morgan241
Decatur210
Stewart210
Fentress190
Clay160
Scott150
Union150
Houston130
Benton121
Moore100
Lewis70
Van Buren70
Pickett60
Hancock30

 

 

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