Here is what you need to know.
Trump has picked Fed Chairman Jerome Powell’s right hand man. President Donald Trump is set to nominate the economist Richard Clarida to be the Federal Reserve’s next vice chairman.
China ramps up its holding of US Treasurys. China has regained its position as the US’s largest foreign creditor after announcing its Treasury holdings rose by $8.5 billion in February to a total of $1.18 trillion.
The British pound hits its highest level since the Brexit vote. The pound 1.4377 ahead of Tuesday’s UK employment report, making for its best print in almost two years.
Aluminum jumps to a near 7-year high. Aluminum surged a near seven-year high of about $2,400 a ton Tuesday as the impact of US sanctions against Russia continues to impact the global supply of the industrial metal.
Tesla temporarily shuts down its Model 3 assembly line. The electric-car maker says it shut down its Model 3 production line for the second time since February as part of its effort to “improve automation and systematically address bottlenecks” in the production of its vehicle for the masses.
Netflix crushes subscriber growth targets. The streaming giant matched Wall Street estimates on both the top and bottom lines, and said it added 7.41 million subscribers — a first-quarter record.
Trust in Facebook has spectacularly nosedived after its enormous data breach. A study conducted by think-tank the Ponemon Institute found just 27% of the 3,000 people surveyed think Facebook will protect their privacy, compared to 79% in 2017.
Stock markets around the world are mixed. China’s Shanghai Composite (-1.41%) trailed in Asia and Germany’s DAX (-0.85%) is out front in Europe. The S&P 500 is set to open up 0.64% near 2,695.
Earnings reporting picks up a bit. Goldman Sachs, Johnson & Johnson, and UnitedHealth all report ahead of the opening bell while IBM and United Continental release their quarterly results after markets close.
US economic keeps coming. Housing starts and building permits are set to cross the wires at 8:30 a.m. ET while industrial production and capacity utilization will be released at 9:15 a.m. ET. The US 10-year yield is up 1 basis point at 2.84%.