1. Comey out: President Trump fired FBI Director James Comey late Tuesday. Comey was responsible for the bureau’s investigation into whether members of Trump’s campaign team colluded with Russia in its interference in last year’s election.
Where U.S. stocks are heading
+0.47 / +1.02%
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News: What you need to know about the markets
Comey fired; Snap earnings; Barclays CEO under pressure
By Ivana Kottasová Wednesday, May 10th, 5:01am
1. Comey out: President Trump fired FBI Director James Comey late Tuesday.
Comey was responsible for the bureau’s investigation into whether members of Trump’s campaign team colluded with Russia in its interference in last year’s election.
Markets did not register a major reaction to the shock development. The dollar slipped 0.2% against major currencies, but recovered overnight. U.S. stock futures were slightly lower early Wednesday, a move broadly in line with global markets.
2. Snapchat earnings: Snap will release its first earnings report as a public company on Wednesday. The tech firm is expected to post a loss and analysts are skeptical that it can gain a lot more users now that Facebook and Instagram have copied many of its features.
The stock has already lost all of its post-IPO gains.
3. Barclays under pressure: Barclays CEO Jes Staley is likely to come under pressure from shareholders during the bank’s annual meeting Wednesday.
Staley admitted last month that he had attempted to unmask a whistleblower.
The incident is being investigated by regulators in the U.K. and U.S.
ISS, which advises major shareholders, has recommended investors not vote in favor of Staley’s reelection to the bank’s board.
Staley is the bank’s fourth CEO in just six years.
The U.S. Department of Labor will publish its import and export prices report at 8:30 a.m. ET.
The Treasury will release its federal budget statement for April at 2:00 p.m. ET.
House Speaker Paul Ryan is scheduled to give a speech on tax reform during a trip to Ohio.
Coming this week:
Wednesday — Snapchat, 21st Century Fox, Wendy’s, Toyota, Whole Foods earnings; U.S. budget statement; Crude oil inventories report; Chinese inflation data Thursday — Kohl’s and Macy’s earnings; G7 summit; EU economic forecast; Bank of England rate decision and inflation report Friday — U.S. inflation data; University of Michigan Confidence Survey; JCPenney earnings; Retail sales report; G7 summit day 2; German GDP data
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