1. Market turmoil: Global markets were mixed Wednesday following a selloff sparked by fears over Italy's escalating political crisis and renewed US-China trade tensions. Asian markets were hit badly by the uncertainty, with Japan's Nikkei closing down 1.5%. Hong Kong's Hang Seng shed 1.4%, while China's Shanghai Composite dropped 2.5%.
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| Where U.S. stocks are heading | | Dow
Futures | | Nasdaq
Futures | | S&P
Futures | | +119.00 | | +22.00 | | +11.75 | | +0.49% | | +0.32% | | +0.44% | | | |
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| | | Japan | | China | | U.K. | | Nikkei 225 | | Shanghai Composite | | FTSE 100 | | -339.91 | | -79.02 | | +15.92 | | 22,018.52 | | 3,041.44 | | 7,648.56 | | -1.52% | | -2.53% | | +0.21% | | | |
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| | | Biggest Winners | | Salesforce.com Inc | +4.92% | | | | Michael Kors Holdings Ltd | +3.05% | | | | TechnipFMC PLC | +1.69% | | | | Bank of America Corp | +1.14% | | | Biggest Losers | | AbbVie Inc | -0.67% | | | | Advanced Micro Devices Inc | -0.37% | | | | | | | |
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| News: What you need to know about the markets | | | | | | | Market pain; Italy turmoil; Trade war fears | | By Ivana Kottasová | | | | 1. Market turmoil: Global markets were mixed Wednesday following a selloff sparked by fears over Italy's escalating political crisis and renewed US-China trade tensions. | | | | Asian markets were hit badly by the uncertainty, with Japan's Nikkei closing down 1.5%. Hong Kong's Hang Seng shed 1.4%, while China's Shanghai Composite dropped 2.5%. | | | | European markets opened mixed, with Italy's benchmark index advancing 1% following several days of heavy losses. | | | | US stock futures were pointing higher. | | | | The Dow slumped 1.6% on Tuesday, the S&P 500 dropped 1.2% and the Nasdaq shed 0.5%. Banks were the biggest losers, with Citigroup, Bank of America and JPMorgan Chase sliding 4%. Morgan Stanley declined 6%. | | | | 2. Italy in crisis: Italy will test the faith of investors on Wednesday when it tries to sell €6 billion ($7 billion) of government bonds. | | | | Italy is heading for new elections after populist politicians failed to form a government, and the vote could turn into a de-facto referendum on the euro. | | | | Investors are worried that political turmoil in Italy could cause pain beyond the country's borders. Yields on Spanish, Portuguese and Greek debt have surged. | | | | Italian bonds prices have crashed in recent days, but were steadier early Wednesday. The auction will conclude at 5:00 a.m. ET. | | | | 3. Trade war back on: The White House announced Tuesday that it would impose 25% tariffs on $50 billion worth of goods from China, and place new limits on Chinese investments in US high-tech industries. | | | | The world's two biggest economies held two rounds of trade talks this month. They agreed China would "significantly increase" purchases of US goods and services to reduce their trade imbalance, a top Trump administration demand, and pledged to continue talks. | | | | In a statement, China's Commerce Ministry said the announcement is "obviously in violation" of the recent agreement. | | | | Beijing has previously pledged to retaliate against the 25% tariffs. | | | | 4. The Volcker Rule decision time: The US Federal Reserve will meet to discuss possible changes to the Volcker Rule, a controversial part of Wall Street reform following the financial crisis. | | | | The rule prevents banks like Goldman Sachs or JPMorgan from making risky wagers with their own money, and also from owning big stakes in hedge funds or private equity firms. | | | | Wall Street has complained about the rule for years. | | | | 5. Martin Sorrell is back: Martin Sorrell says he has taken control of Derriston, a listed shell company in London. | | | | The reverse takeover deal will see Derriston transformed into S4 Capital, a "multi-national communication services business," according to an announcement. | | | | In April, Sorrell resigned from ad agency WPP after three decades as CEO amid an investigation into "personal misconduct." | | | | Before the Bell newsletter: Key market news. In your inbox. Subscribe now | | | | 6. Companies and economics: Dick's Sporting Goods, DSW, Michael Kors and Sears Holdings will release earnings before the open. Guess? will follow after the close. | | | | Salesforce shares jumped higher in extended trading after the company reported better than expected earnings. | | | | Markets Now newsletter: Get a global markets snapshot in your inbox every afternoon. Sign up now! | | | | | | | |
| | | | | | Wednesday — Amazon, Exxon Mobil, Twitter, Walmart annual shareholder meetings; Fed discusses Volcker Rule
Thursday — Facebook annual shareholder meeting
Friday — May jobs report | | | | | | | |
| Key Market Stats | Latest | Today's Change | | | Oil | $66.90 | +0.17 / +0.25% | | | Gold | $1,296.60 | -2.40 / -0.18% | | | 10-yr | 2.77% | 0.00 / 0.00% | | | Euro | $1.16 | +0.01 / +0.64% | | | |
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