1. Dodd-Frank rollback: The US Congress on Tuesday approved a bill aimed at loosening regulations covering thousands of banks. The financial crisis era rules -- called the Dodd-Frank Act -- were designed to make banks safer. The bill will provide smaller financial institutions with relief from the strict rules that apply to Wall Street banks.
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| Where U.S. stocks are heading | | Dow
Futures | | Nasdaq
Futures | | S&P
Futures | | -70.00 | | -37.75 | | -5.50 | | -0.28% | | -0.55% | | -0.20% | | | |
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| | | Japan | | China | | U.K. | | Nikkei 225 | | Shanghai Composite | | FTSE 100 | | -270.60 | | -45.39 | | -52.15 | | 22,689.74 | | 3,168.96 | | 7,825.30 | | -1.18% | | -1.41% | | -0.66% | | | |
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| | | Biggest Winners | | Metlife Inc | +3.18% | | | | Navient Corp | +1.80% | | | | Hewlett Packard Enterprise Co | +1.67% | | | | Celgene Corp | +0.95% | | | Biggest Losers | | Boston Scientific Corp | -9.78% | | | | Lowe's Companies Inc | -2.62% | | | | TechnipFMC PLC | -2.38% | | | | Xilinx Inc | -2.33% | | | | | | | |
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| News: What you need to know about the markets | | | | | | | Dodd-Frank rollback; Zuckerberg upsets Europe; Emerging markets pain | | By Ivana Kottasová | | | | 1. Dodd-Frank rollback: The US Congress on Tuesday approved a bill aimed at loosening regulations covering thousands of banks. The financial crisis era rules -- called the Dodd-Frank Act -- were designed to make banks safer. | | | | The bill will provide smaller financial institutions with relief from the strict rules that apply to Wall Street banks. | | | | Its passage marks the end of years of lobbying by the financial industry to softening the post-crisis rules. | | | | President Donald Trump is expected to sign the legislation before Memorial Day, according to a senior White House official. | | | | 2. Zuckerberg upsets the EU: Mark Zuckerberg met with members of the European Parliament on Tuesday, and again apologized for Facebook's mistakes. | | | | But the Facebook CEO mostly angered the lawmakers by dodging questions about the company's data collection practices, including the information it gathers from people who don't use Facebook. | | | | The lawmakers suggested Facebook might be a monopoly and questioned whether it should be broken up. | | | | 3. M&S profits plunge: Shares in British retailer Marks & Spencer jumped 5.5% early in London, despite a 62% drop in annual profits. | | | | The plunge reflects the cost of closing more than 100 stores across the United Kingdom, as the company tries to encourage its customers to shop online. | | | | Investors are hoping the transformation will make M&S better at competing against online stores. M&S has had a rough ride -- its stock has lost 20% in the past 12 months. | | | | 4. Emerging markets pain: The Turkish lira plunged 5% against the dollar on Wednesday, taking its losses so far this year to 22%. | | | | The lira is suffering from worries about Turkey's economy, fears that politicians will meddle in monetary policy, and a broader trend of investors moving money out of emerging markets and into the United States. | | | | "Brazil, Argentina, Mexico, Turkey, Russia, and Indonesia are the countries that have experienced the largest selloffs in their currencies and, or, have raised interest rates," said William Jackson, senior emerging markets economist at Capital Economics. | | | | Argentina was forced to seek an IMF bailout in earlier this month. | | | | 5. Global market overview: Markets across the world were suffering losses early on Wednesday. | | | | US stock futures were pointing lower, while major markets in Europe and Asian were also down. | | | | The Dow Jones industrial average dropped 0.7% on Tuesday, sinking back below 25,000. The S&P 500 was down 0.3% and the Nasdaq shed 0.2%. | | | | Before the Bell newsletter: Key market news. In your inbox. Subscribe now! | | | | 6. Earnings and economics: Lowe's, Ralph Lauren, Target, and Tiffany & Co are set to release earnings before the open Wednesday, while L Brands and Williams-Sonoma will follow after the close. | | | | The Federal Reserve will release minutes from its May meeting at 2 p.m. ET. The central bank left interest rates unchanged, but investors will be hoping for more indication of how many rate hikes to expect this year. | | | | The Commerce Department will report the number of new homes sold in April at 10:00 a.m. ET on Wednesday. New home sales surged to a four-month high in March. | | | | Markets Now newsletter: Get a global markets snapshot in your inbox every afternoon. Sign up now! | | | | | | | |
| | | | | | Wednesday — New home sales report; Lowe's, Tiffany and Target and L Brands report earnings
Thursday — Existing home sales report; Best Buy and Gap report earnings
Friday — EU General Data Protection Regulation goes into effect | | | | | | | |
| Key Market Stats | Latest | Today's Change | | | Oil | $71.77 | +0.40 / +0.56% | | | Gold | $1,296.80 | +5.50 / +0.43% | | | 10-yr | 3.06% | 0.00 / 0.00% | | | Euro | $1.17 | -0.01 / -0.52% | | | |
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