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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.

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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.

Cases: 307836

Reported Deaths: 7119
CountyCasesDeaths
DeSoto20784248
Hinds19894408
Harrison17493302
Rankin13316275
Jackson13099243
Madison9896210
Lee9859169
Jones8293160
Forrest7523146
Lauderdale7189237
Lowndes6265144
Lamar610784
Lafayette6028117
Washington5280132
Bolivar4770129
Oktibbeha455297
Panola4442103
Pearl River4420139
Warren4281118
Marshall4273100
Pontotoc416472
Monroe4057132
Union403775
Neshoba3988176
Lincoln3871108
Hancock372185
Leflore3468124
Sunflower329389
Tate322781
Pike3181104
Scott310572
Yazoo304368
Alcorn297764
Itawamba296876
Copiah293065
Coahoma289677
Simpson287484
Tippah284868
Prentiss275659
Marion265979
Wayne261341
Leake261173
Grenada254982
Covington254580
Adams245982
Newton244859
George237847
Winston225981
Tishomingo222067
Jasper219748
Attala213373
Chickasaw204857
Holmes186471
Clay182454
Stone179131
Clarke176876
Tallahatchie175540
Calhoun163230
Yalobusha158836
Smith158634
Walthall130543
Greene129433
Lawrence126323
Noxubee125933
Montgomery125542
Perry125138
Carroll120826
Amite120141
Webster113432
Jefferson Davis105432
Tunica102525
Claiborne101330
Benton97225
Kemper95226
Humphreys94332
Franklin81923
Quitman78916
Choctaw72817
Jefferson64828
Wilkinson64727
Sharkey49617
Issaquena1686
Unassigned00

Alabama Coronavirus Cases

Cases: 519071

Reported Deaths: 10712
CountyCasesDeaths
Jefferson754131487
Mobile37774798
Madison33868494
Tuscaloosa25283443
Montgomery23969565
Shelby23112238
Baldwin20638300
Lee15524165
Calhoun14286311
Morgan14140268
Etowah13664345
Marshall11957219
Houston10383278
Elmore9994200
Limestone9814147
Cullman9475188
St. Clair9429234
Lauderdale9218227
DeKalb8747181
Talladega8060171
Walker7092275
Jackson6755110
Autauga6727103
Blount6488135
Colbert6205130
Coffee5401112
Dale4768110
Russell428938
Franklin419982
Chilton4083109
Covington4053114
Tallapoosa3893146
Escambia388074
Dallas3527149
Chambers3500122
Clarke346360
Marion3066100
Pike305875
Lawrence295395
Winston272372
Bibb256458
Marengo248661
Geneva245875
Pickens232959
Barbour224955
Hale218775
Butler212366
Fayette208960
Henry187844
Cherokee182044
Randolph176941
Monroe171540
Washington164038
Macon154848
Clay149454
Crenshaw149357
Cleburne146041
Lamar139334
Lowndes136453
Wilcox124327
Bullock121340
Conecuh109028
Perry107926
Sumter102932
Coosa99328
Greene90734
Choctaw58724
Out of AL00
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Columbus
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Oxford
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Clouds increase a bit more on Tuesday, though there will still be plenty of sunshine at times. Temperatures will remain very warm. An isolated sprinkle or shower is possible later in the day, though rain chances are much more likely into Wednesday as a cold front passes.
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