| What to watch: Dow to pop, Google easing up on Huawei, and Dressbarn closing | | |  | TUE, MAY 21, 2019 | | | | AS OF TUE, MAY 21, 2019 • 07:18 ET | | Dow Jones Fut | | 25,679.90 | | Current: | 25,817.00 | | Change: | 121.00 | | Impl. Open: | 141.10 | | | S&P 500 Fut | | 2,840.23 | | Current: | 2,859.75 | | Change: | 15.75 | | Impl. Open: | 18.07 | | | NASDAQ 100 Fut | | 7,376.70 | | Current: | 7,451.75 | | Change: | 60.00 | | Impl. Open: | 65.05 | | | Russell 2000 Mini | | 1,524.96 | | Current: | 1,534.70 | | Change: | 7.90 | | Impl. Open: | 7.89 | | | The uncertainties around China trade that have weighed on investor sentiment for the past two sessions are still present, but futures were pointing to a higher open ahead of the Tuesday session. The Nasdaq took the brunt of Monday's downturn, losing 1.5% during the session and ballooning its May drop to nearly 5%. However, the Nasdaq was still up 16% for 2019. (CNBC) | | | | Morgan Stanley cut its worst-case forecast on Tesla's stock from $97 to just $10, citing concerns about the company's increased debt load and geopolitical exposure. Analysts said the reduction was driven by concerns around Chinese demand for Tesla products. Shares were under pressure again today. (CNBC) | | | | On today's economic calendar, the National Association of Realtors is out with April existing home sales at 10 a.m. ET, with forecasts calling for a rise of 2.7% after April's 4.9% decline. (CNBC) | | | | Fed Chairman Jerome Powell said rising levels of corporate debt need watching but so far do not pose a threat to the financial system. Problems could occur if the economy weakens, though banks are in the position to handle any sudden problems. (CNBC) | | A sanctions bill putting onerous restrictions on companies involved in the Nord Stream 2 gas pipeline project, running from Russia to Germany under the Baltic Sea, would come in the "not too distant future," Energy Secretary Rick Perry said today. Opponents are worried about the EU becoming too reliant on Russian energy. (Reuters) | | | A federal judge ruled against President Donald Trump in a lawsuit to block a subpoena from House Democrats for information about his finances. The judge strongly endorsed Congress' broad authority to investigate the president, striking a blow to arguments made by Trump's legal team. (CNBC)
Trump directed former White House counsel Don McGahn not to comply with a subpoena to testify about special counsel Robert Mueller's Russia report, intensifying a clash between the Trump administration and the House Democrats who subpoenaed McGahn to appear. (CNBC) | | | | Senate Majority Leader Mitch McConnell (R-Ky.) and Sen. Tim Kaine (D-Va.) introduced a bill that would raise the federal minimum age to buy tobacco to 21 in hopes of curbing what regulators are calling an "epidemic" of teen vaping. The bill covers all tobacco products, including e-cigarettes. (CNBC) | | | | The Environmental Protection Agency is planning to change the way it calculates the health risks of air pollution, the New York Times reported, which would result in far fewer predicted deaths from pollution. This would make it easier to roll back climate changing rulings. | | | | Ascena Retail Group, behind brands such as Ann Taylor, Justice, and Lane Bryant, said it's winding down its Dressbarn business, and plans to shut all 650 or so of the women's clothing stores in order to focus on its more profitable brands. (CNBC) | | | | Taking a plane to your summer getaway? Prepare for even more crowded airports. U.S. airlines will fly a record 257.4 million passengers between June 1 and the end of August, a 3.4% increase from the previous year, Airlines for America forecast today. (CNBC) | | | | Merck's (MRK) cancer drug Keytruda did not meet its primary goal in a study which tested the best-selling treatment as a standalone therapy for a certain type of breast cancer. It will continue to be studied for use in earlier stages of the disease and in combination with chemotherapy. | | | | Legg Mason (LM) appointed Trian's Nelson Peltz and Ed Garden to its board of directors, increasing the size of the board to 12 from 10. Trian will choose a third independent director candidate for the money management firm who will be included on a slate recommended by the board in an upcoming proxy statement. | | | | Tata Motors (TTM) is under pressure after the automaker gave a weaker-than-expected outlook for its Jaguar Land Rover unit as well as forecasting weak demand in its home market of India. | | | | American Airlines Group (AAL) is suing two mechanics unions, asking the court to stop what it is calling an illegal slowdown. The airline said the slowdowns had caused 650 flight cancellations and numerous delays over the past three months. | | | | Snap (SNAP) named Derek Andersen as CFO and Lara Sweet as chief people officer, completing an overhaul of the Snapchat parent's leadership team. Both of those positions had been vacant since January. | | A California lawsuit could drastically change how millions of internet influencers and content creators operate businesses and structure deals. Online-gaming celebrity Turner Tenney is suing his group, FaZe Clan, for allegedly taking 80% of his income and operating illegally as a talent agency. (The Atlantic) | |  | | |
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