Advertisement

Here's what you need to know before the markets open.

1. US oil prices climb briefly above zero before plunging back into negative territory after Monday's historic rout. "We're not dealing with demand destruction at this point, we're facing demand disappearance," said one analyst.

2. 'The world is more than 15% screwed up': Billionaire investor Howard Marks warned the recent stock rally doesn't reflect reality. "We're only down 15% from the all-time high of February 19," the billionaire investor said about the S&P 500 index.

3. Trump says he will sign an executive order to temporarily suspend immigration into the US. Trump said his decision was spurred by an "attack from the Invisible Enemy, as well as the need to protect the jobs of our GREAT American Citizens." 

4. WeWork's ex-CEO Adam Neumann reportedly plans to sue SoftBank for reneging on its $3 billion share deal. SoftBank abandoned the share deal in early April, claiming it would be "irresponsible."

5. California regulator wants changes in PG&E reorganization plan, proposes $2 billion fine. Both proposals will be put to a vote next month.

6. Apple expands services business to markets in Africa and beyond. The iPhone maker said it would expand the App Store to 20 countries, eight of them in Africa, and will offer its streaming Apple Music service in 52 additional countries and regions. 

7. Ferrari rolls out coronavirus testing to get staff ready for work. Ferrari said 500 out of the 4,000 workers at its Italian plants in Maranello and Modena had already taken tests and the company had the potential to do about 800 a day.

8. Stocks are down. In Europe, Germany's DAX fell 2.8%, Britain's FTSE 100 fell 1.9%, and the Euro Stoxx 50 fell 2.6%. In Asia, China's Shanghai Composite fell 0.9%, Hong Kong's Hang Seng fell 2.2%, and Japan's Nikkei fell 1.9%. In the US, futures underlying the Dow Jones Industrial Average, the S&P 500, and the Nasdaq fell between 0.7% and 1.7%.

9. First-quarter earnings coming in. Coca-Cola, Netflix, Lockheed Martin and Chipotle are highlights.

10. On the data docket today. API weekly crude oil stock that provides a glimpse into US crude oil inventory levels and the 52-Week Bill Auction are due for release.