- Reuters/Toby Melville
Here is what you need to know.
Congress quietly passed the largest rollback of Wall Street regulations since the financial crisis. If signed into law by President Donald Trump, the legislation will lift regulations on community and regional banks while preserving many rules established under the post-financial-crisis Dodd-Frank Act.
Trump says he will propose new tax cuts before November. The announcement will come ahead of the midterm elections as Republicans look to retain their control of Congress, Reuters says.
Morgan Stanley unveils a detailed strategy that has worked perfectly for 3 decades for trading one of the world’s largest markets around US holidays. The bank studied futures around every US holiday the bond market is closed and compiled the best long and short strategies that have worked every year since 1987.
SoftBank has agreed to sell its entire stake in Flipkart to Walmart. SoftBank, the Japan-based telecom and internet giant, has agreed to sell its 21% stake in Flipkart, according to The Economic Times.
Barclays has reportedly ‘kicked around’ the idea of merging with Standard Chartered. Barclays has considered the possibility of merging with Standard Chartered Bank, according to a report in the Financial Times.
Tesla’s Model 3 could get a 2nd chance with Consumer Reports after dismal braking results. Consumer Reports says it will retest the Tesla Model 3’s braking distance if Tesla is able to fix the problem via a software update, after the publication achieved poor results from a test car.
The owner of MoviePass hits a new low. Shares of Helios & Matheson, the technology company that bought MoviePass last year, plunged 11% to a new low of $0.50 Tuesday morning.
Stock markets around the world are lower. Hong Kong’s Hang Seng (-1.82%) led the losses in Asia, and Germany’s DAX (-1.61%) trails in Europe. The S&P 500 is set to open down 0.58% near 2,709.
Earnings reports keep coming. Lowe’s, Target, and Tiffany report ahead of the opening bell, while L Brands releases its quarterly results after markets close.
US economic data flows. Markit manufacturing and services PMIs will be released at 9:45 .m. ET, and new-home sales will cross the wires at 10 a.m. ET. The latest Federal Open Market Committee minutes are due out at 2 p.m. ET. The US 10-year yield is down 5 basis points at 3.01%.