The King’s Troop Royal Horse Artillery staged a 41-Gun Royal Salute to celebrate the 66th anniversary of Britain’s Queen Elizabeth II’s accession to the throne in London.AP/Matt Dunham
Here is what you need to know.
Stocks are set to drop at the open. The Dow Jones industrial average is set to open lower by about 250 points, or 1%. The weakness comes following a mixed overseas session that saw China’s Shanghai Composite (-1.82%) lag in Asia and Britain’s FTSE (+0.69%) lead in Europe.
Goldman Sachs says there are 3 areas of the stock market to buy following the meltdown. The bank says cyclicals, companies with low labor costs, and companies with strong balance sheets should be scooped up because of their dislocation from the drivers of this week’s madness.
Bitcoin is storming back. The digital coin is back above $8,000, up nearly 40% from its low, boosted by two major US regulators addressing members of the Senate Tuesday on crypto.
Casino mogul Steve Wynn resigns from Wynn Resorts amid sexual-misconduct scandal. Wynn has resigned as CEO and chairman of Wynn Resort, saying in his resignation statement that there had been a “rush to judgment” that he said took precedence over everything “including facts” with regard to the misconduct allegations.
Tronc is expected to sell the Los Angeles Times. Patrick Soon-Shiong, a Los Angeles-area physician and a major shareholder in Tronc, will buy both the Times and its sister paper the San Diego Union-Tribune, The Washington Post reports, citing people familiar with the matter.
Snap surges past its IPO price after beating the Street. Shares of the social-media company soared more than 20% in after-hours trading, to above their initial-public-offering price of $17, following better-than-expected fourth-quarter results that included a 72% year-over-year spike in revenue.
Disney misses on revenue. The entertainment giant reported that revenue rose by 3.8% year-over-year in the first quarter to $15.35 billion, missing the $15.44 billion that was expected.
Chipotle beats on earnings. The fast-casual burrito chain earned an adjusted $1.34 a share, outpacing the $1.32 that Wall Street was anticipating. Revenue was in line at $1.11 billion.
Earnings reports keep coming. 21st Century Fox, Tesla, and Yum Brands all report after markets close.
US economic data trickles out. Consumer credit will be released at 3 p.m. ET. The US 10-year yield is down 4 basis points at 2.76%.
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