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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.

Markets Now newsletter: Get a global markets snapshot in your inbox every afternoon. Sign up now!

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: 270157

Reported Deaths: 3297
CountyCasesDeaths
Hennepin579261084
Ramsey24528470
Anoka19211213
Dakota18738176
Washington12351104
Stearns1200389
Scott735654
St. Louis712297
Wright646135
Olmsted604730
Sherburne499538
Clay435954
Carver397312
Blue Earth367011
Rice350331
Kandiyohi337613
Crow Wing306729
Nobles293828
Chisago27778
Benton256338
Otter Tail251415
Winona240928
Mower232822
Polk222221
Douglas211929
Morrison207521
Lyon189810
McLeod18089
Beltrami177115
Goodhue173126
Becker16769
Itasca165223
Steele16396
Todd161412
Isanti159115
Carlton148310
Nicollet144523
Freeborn13625
Mille Lacs129030
Le Sueur12899
Waseca128710
Pine11625
Cass11538
Brown112610
Meeker10117
Martin97020
Roseau9443
Hubbard92822
Wabasha8961
Dodge7770
Watonwan7604
Redwood75118
Chippewa7437
Renville68818
Sibley6844
Cottonwood6800
Wadena6706
Pipestone65618
Aitkin64722
Rock6259
Houston6012
Fillmore5910
Yellow Medicine55310
Unassigned52756
Murray5173
Pennington5076
Kanabec49711
Swift4835
Faribault4650
Pope4620
Stevens4342
Clearwater4156
Marshall4047
Jackson3981
Lake3463
Koochiching3275
Wilkin3175
Lac qui Parle3123
Lincoln3081
Norman3006
Big Stone2711
Mahnomen2404
Grant2256
Red Lake1833
Kittson1786
Traverse1190
Lake of the Woods821
Cook570

Iowa Coronavirus Cases

Data is updated nightly.

Cases: 210482

Reported Deaths: 2173
CountyCasesDeaths
Polk31270322
Linn13252158
Scott1022075
Black Hawk10209126
Woodbury9870111
Johnson900835
Dubuque866490
Story637819
Dallas595555
Pottawattamie574666
Sioux349925
Webster330928
Marshall327841
Cerro Gordo323041
Clinton303637
Buena Vista290214
Muscatine266964
Des Moines266116
Plymouth257937
Warren254610
Wapello239971
Jones221112
Jasper202739
Marion191518
Carroll188220
Lee188015
Bremer176012
Henry16847
Crawford168215
Benton157414
Tama145140
Jackson13608
Delaware134721
Boone127711
Washington126513
Dickinson126210
Mahaska119027
Wright11425
Buchanan10789
Page10774
Hardin105810
Clay10434
Harrison101428
Clayton10084
Cedar98913
Hamilton9877
Mills9806
Calhoun9787
Fayette9588
Lyon9458
Floyd92614
Kossuth9214
Poweshiek91512
Butler8943
Winneshiek88910
Winnebago87423
Iowa86711
Louisa79916
Hancock7947
Chickasaw7853
Grundy77310
Sac7617
Cherokee7484
Cass73519
Appanoose7336
Shelby7184
Allamakee71111
Mitchell7074
Emmet70123
Guthrie69215
Union6866
Franklin67619
Humboldt6495
Madison6414
Jefferson6121
Palo Alto6044
Unassigned5810
Keokuk5237
Pocahontas5072
Howard4999
Osceola4941
Greene4860
Clarke4564
Ida42810
Monroe42812
Montgomery42610
Davis4225
Taylor4162
Adair4066
Monona3912
Fremont3432
Worth3330
Van Buren3294
Lucas3056
Decatur2950
Wayne2836
Audubon2811
Ringgold1832
Adams1521
Rochester
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