- Reuters/Aly Song
Here is what you need to know.
The Trump-Kim Jong Un summit looks like it’s on thin ice. The North Korean government threatened to cancel the upcoming summit between President Donald Trump and Kim Jong Un amid ongoing joint military drills involving South Korea and the US, Yonhap News Agency reports.
The 10-year hits its highest level in 7 years. The US 10-year yield touched 3.07% on Tuesday, its highest since 2011.
Japan’s economy just shrank for the first time in over 2 years. Real GDP fell 0.2% in the first quarter, ending the longest expansion since the late 1980s, Japanese government data showed.
Gold tumbles below $1,300 for the first time this year. The precious metal plunged 1.7% Tuesday to a low of $1,290 an ounce.
David Tepper’s hedge fund dumped its entire Apple stake ahead of the billionaire’s expected purchase of the Carolina Panthers. David Tepper’s hedge fund, Appaloosa Management, exited its 4.5 million-share stake in Apple during the first quarter, a 13-F filing showed Tuesday. The filing was released just hours after Tepper reportedly agreed to buy the Carolina Panthers for $2.2 billion.
Tesla is shutting down vehicle production to make fixes for the Model 3. The electric-car maker announced Tuesday it will pause production at its California factory for six days at the end of May to work on fixes to its assembly line for the Model 3, sources inside the company told Reuters.
Snap hits a record low. Shares matched their record low of $10.51 on Tuesday as they struggle to rebound following the disastrous Snapchat redesign.
Stock markets around the world are mostly lower. China’s Shanghai Composite (-0.71%) trailed in Asia and France’s CAC (-0.12%) lags in Europe. The S&P 500 is set to open little changed near 2,709.
Earnings reports keep coming. Macy’s reports ahead of the opening bell and Cisco Systems releases its quarterly results after markets close.
US economic data flows. Housing starts and building permits will be released at 8:30 a.m. ET while industrial production and capacity utilization will cross the wires at 9:15 a.m. ET.