Tariff delays; Apple earnings; Fed meeting

1. Tariff delays: President Donald Trump has approved another month of relief from steel and aluminu...

Posted: May 1, 2018 12:48 PM
Updated: May 1, 2018 12:48 PM

1. Tariff delays: President Donald Trump has approved another month of relief from steel and aluminum tariffs for key allies, including the European Union, Canada and Mexico.

The White House said in a statement that it is finalizing an agreement with Argentina, Australia and Brazil concerning the tariffs and is "extending negotiations" with Canada, Mexico and the European Union.

European Union officials said the bloc should be "fully and permanently exempted from these measures."

"The US decision prolongs market uncertainty, which is already affecting business decisions," the European Commission said in a statement on Tuesday.

2. Apple earnings: Apple will report its first quarter results after the markets close.

The company is expected to announce plans to return between $100 billion and $150 billion to shareholders, but even that may not be enough to calm investors' worries about the iPhone.

Apple stock fell this month after one of its key chip suppliers warned of "continued weak demand" for the key Apple product. Since then, a series of analysts have slashed their estimates for iPhone shipments.

The consensus estimate among analysts is for Apple to have sold 53 million iPhones for the quarter ending in March, up only slightly from the 50.8 million iPhones sold in the same period a year earlier.

Apple's overall sales are expected to increase 15% to about $61 billion.

3. AT&T trial concludes: The blockbuster AT&T antitrust trial ended Monday, but the decision on whether the company will be allowed to buy Time Warner is only expected to come in June.

The Justice Department is seeking to block the $85 billion deal, arguing the newly formed company would have "both the incentive and ability to lessen competition."

AT&T and Time Warner, the owner of CNN, argued the deal is the only way to compete with the likes of Facebook, Apple, Netflix and Google.

4. Fed meeting: The dollar, measured against a basket of major currencies, was trading at its highest level since early January ahead of the start of the Federal Reserve's two-day meeting.

The US central bank raised interest rates by a quarter of a percentage point in March.

Economists have penciled in three gradual interest rate hikes this year, but the Fed has signaled in March the path of future rate hikes could be "slightly steeper" over the next few years than previously thought.

5. Global market overview: US stock futures were flat. Many of the world's major stock markets were closed on Monday.

London's FTSE 100 edged higher. In Asia, the Nikkei posted a small gain.

The Dow Jones industrial average closed 0.6% higher on Monday. The S&P 500 and the Nasdaq both shed 0.8%.

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6. Companies and economics: Aetna, Ecolab, GrubHub, HanesBrands, Merck, Pfizer, and US Cellular will release earnings before the open. Allstate, Denny's, Gilead Sciences, Mondelez International, Snap, T-Mobile US, Voya Financial, and Yum China will follow after the close.

Shares in BP opened around 1% higher after it reported strong results. The oil company was helped by higher oil prices and slew of new projects.

Boeing has announced a deal to buy aerospace parts distributor KLX Inc for $4.25 billion. The manufacturer said the acquisition will help it save around $70 million a year by 2021.

The Institute for Supply Management will publish its US Manufacturing Index at 10:00 a.m. ET.

Australia's central bank left interest rates unchanged, signaling that a near-term rate hike is unlikely. Canada's GDP data for February will be published at 8:30 a.m.

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7. Coming this week:
Tuesday - Aetna, Apple, Merck, Pfizer, Snap earnings; Fed meeting
Wednesday - CVS, Humana, Kraft Heinz, Metlife, Molson Coors, Spotify, Tesla, Yum; Fed meeting
Thursday - Cigna, DowDuPont, Kellogg, Weight Watchers earnings
Friday - Alibaba, Newell Brands earnings; Berkshire Hathaway annual shareholder weekend kicks off; Jobs report

Minnesota Coronavirus Cases

Data is updated nightly.

Cases: 604687

Reported Deaths: 7643
CountyCasesDeaths
Hennepin1250161780
Ramsey52519898
Dakota46852471
Anoka42789458
Washington27436291
Stearns22561225
St. Louis18146313
Scott17553137
Wright16383149
Olmsted13406102
Sherburne1202795
Carver1067448
Clay826592
Rice8204110
Blue Earth762744
Crow Wing681895
Kandiyohi668185
Chisago620152
Otter Tail586284
Benton582998
Goodhue484074
Douglas475781
Mower470533
Winona461451
Itasca460163
Isanti440364
McLeod430961
Morrison424962
Beltrami407962
Nobles407750
Steele397816
Polk389072
Becker386755
Lyon363853
Carlton353056
Freeborn347133
Pine334923
Nicollet331345
Mille Lacs311854
Brown308040
Le Sueur297326
Cass286332
Todd285633
Meeker263543
Waseca238023
Martin235333
Roseau211221
Wabasha20793
Hubbard196641
Dodge18783
Renville182846
Redwood176539
Houston174616
Cottonwood167124
Wadena163423
Fillmore157610
Faribault155219
Chippewa154038
Pennington153820
Kanabec146828
Sibley146810
Aitkin138937
Watonwan13579
Rock128719
Jackson122812
Pipestone116726
Yellow Medicine115020
Pope11306
Murray107110
Swift106918
Koochiching95518
Stevens92411
Clearwater89016
Marshall88817
Lake83220
Wilkin83213
Lac qui Parle75622
Big Stone6044
Grant5948
Lincoln5853
Mahnomen5669
Norman5479
Kittson49022
Unassigned48393
Red Lake4017
Traverse3775
Lake of the Woods3453
Cook1720

Iowa Coronavirus Cases

Data is updated nightly.

Cases: 371226

Reported Deaths: 6056
CountyCasesDeaths
Polk58274641
Linn21241339
Scott20311248
Black Hawk16180312
Woodbury15241230
Johnson1462285
Dubuque13515211
Dallas1129499
Pottawattamie11233174
Story1072048
Warren583891
Clinton561593
Cerro Gordo554196
Sioux517674
Webster516094
Muscatine4884106
Marshall487176
Des Moines467672
Wapello4337122
Buena Vista427040
Jasper421172
Plymouth403181
Lee382556
Marion366176
Jones301057
Henry294537
Bremer288761
Carroll287252
Boone268534
Crawford268340
Benton260355
Washington257551
Dickinson249344
Mahaska232751
Jackson225242
Clay216727
Kossuth216166
Tama212271
Delaware211143
Winneshiek198935
Page194522
Buchanan194133
Cedar192323
Hardin187544
Fayette186943
Wright186140
Hamilton182051
Harrison179973
Clayton171157
Butler166535
Madison164519
Mills163924
Floyd163542
Cherokee159338
Lyon158941
Poweshiek157136
Allamakee152852
Hancock150334
Iowa149724
Winnebago144531
Cass139255
Calhoun138813
Grundy137433
Emmet135841
Jefferson133335
Shelby131637
Sac130920
Union130035
Louisa129849
Appanoose129049
Mitchell126743
Chickasaw124917
Franklin123523
Guthrie123332
Humboldt119626
Palo Alto113523
Howard105022
Montgomery103638
Clarke101124
Keokuk96832
Monroe96431
Unassigned9550
Ida91635
Adair87432
Pocahontas85822
Davis85325
Monona83431
Osceola78917
Greene78011
Lucas77923
Worth7628
Taylor66812
Fremont6279
Decatur6169
Ringgold56424
Van Buren56418
Wayne54423
Audubon53411
Adams3444
Rochester
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Albert Lea
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Austin
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Showers and storms possible Thursday through Saturday
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