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

Mississippi Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 30900

Reported Deaths: 1111
CountyConfirmedDeaths
Hinds249840
DeSoto159416
Madison130034
Jones112449
Neshoba98871
Rankin93412
Harrison91211
Lauderdale90979
Forrest86942
Scott77115
Jackson62216
Copiah60215
Washington5849
Leake57819
Holmes55341
Lee54718
Wayne54513
Oktibbeha54126
Warren51518
Yazoo5096
Leflore48751
Grenada4835
Lowndes48313
Lincoln46034
Lamar4587
Pike43112
Monroe40130
Lafayette3914
Sunflower3727
Attala36023
Covington3565
Panola3506
Newton3399
Bolivar33414
Simpson3173
Adams31118
Pontotoc2866
Tate28310
Marion28111
Chickasaw27718
Claiborne27410
Noxubee2638
Jasper2626
Winston2616
Pearl River25432
Clay25010
Marshall2323
Smith21811
Clarke20724
Union2079
Coahoma2016
Walthall1995
Kemper17914
Lawrence1772
Yalobusha1707
Carroll16511
Humphreys1479
Tallahatchie1364
Itawamba1358
Montgomery1322
Calhoun1304
Tippah13011
Hancock12813
Webster12710
Jefferson Davis1114
Prentiss1083
Jefferson1073
Greene1058
Tunica1003
Wilkinson949
Amite912
George883
Tishomingo801
Quitman760
Choctaw744
Alcorn692
Perry664
Stone651
Franklin452
Sharkey370
Benton360
Issaquena91
Unassigned00

Alabama Coronavirus Cases

Confirmed Cases: 44375

Reported Deaths: 984
CountyConfirmedDeaths
Jefferson5221152
Montgomery4127103
Mobile4080134
Tuscaloosa228842
Marshall171110
Madison14307
Lee138437
Shelby128423
Morgan11025
Walker93924
Elmore92514
Franklin89514
Dallas8809
Baldwin8649
Etowah73913
DeKalb7195
Butler63328
Chambers62927
Autauga60712
Tallapoosa59169
Russell5520
Unassigned50323
Houston4964
Limestone4950
Lauderdale4906
Lowndes47221
Cullman4524
Pike4295
Colbert3956
St. Clair3822
Coffee3772
Bullock36910
Covington3587
Calhoun3545
Escambia3506
Barbour3492
Hale31121
Talladega3097
Marengo30211
Wilcox2918
Dale2880
Sumter28512
Clarke2746
Jackson2732
Winston2583
Chilton2462
Blount2351
Monroe2352
Pickens2356
Marion22413
Conecuh2097
Randolph2069
Choctaw19512
Macon1949
Bibb1901
Greene1868
Perry1771
Henry1343
Crenshaw1253
Washington1097
Lawrence1080
Cherokee977
Geneva800
Lamar771
Fayette701
Clay652
Coosa581
Cleburne361
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