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10 things you need to know before the opening bell

Business Insider | May 19, 2017, 04.04PM IST

Blowing smoke and bubble

Reuters/Maxim Shemetov

A man blows smoke into a soap bubble at Gorky park in Moscow, Russia.

Here is what you need to know.

The Trump administration gave Wall Street some great news. Testifying in front of the Senate banking committee on Thursday, Treasury Secretary Steven Mnuchin said the Trump administration does not support the separation of investment banks and commercial banks.

Theresa May has made some anti-business promises. The UK's prime minister revealed the Conservative Party's manifesto on Friday, targeting stricter boardroom pay, better worker protection, and defending businesses from overseas takeovers done largely for tax purposes.

Indonesia was upgraded to "investment grade" at S&P. "Indonesian authorities have taken effective expenditure and revenue measures to stabilize the country's public finances despite the terms of trade shock," the rating agency said as reason for raising its credit rating for Indonesia to "BBB-."

Bitcoin surges past $1,900 for the first time. The cryptocurrency trades up 6.8%% near $1,942 a coin.

Elon Musk says Tesla's stock has gotten out of control. "I do believe this market cap is higher than we have any right to deserve," Tesla's CEO said in an interview with The Guardian. "We're a money losing company."

Gap fends off the retail apocalypse. The retailer beat on both the top and bottom lines and said same-store sales climbed 2%, well ahead of the 0.2% contraction that Wall Street was anticipating. Shares gained more than 6% after Thursday's closing bell.

Salesforce beats across the board and raises its outlook. The company earned an adjusted $0.28 per share on revenue of $2.39 billion and raised its full-year GAAP EPS to a range of $0.06 to $0.08 on sales of between $10.25 billion to $10.3 billion.

Stock markets around the world are higher. Japan's Nikkei (+0.2%) led the gains in Asia and France's CAC (+0.5%) is out front in Europe. The S&P 500 is on track to open up 0.2% near 2,370.

Earnings reporting is light. Campbell, Deere, and Foot Locker report ahead of the opening bell.

US economic is limited. The Baker Hughes oil rig count will be released at 1 p.m. ET. The US 10-year yield is up 2 basis points at 2.25%.

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