Here is what you need to know.
- Theresa May steps down. Britain’s prime minister will leave her post on June 7.
- Trump’s tariffs will cost US households more than $800 per year. The recent increase in tariffs on Chinese goods mean the average US household will pay an extra $831 per year, according to a study released on Thursday by economists at the Federal Reserve Bank of New York, Columbia, and Princeton.
- The 10-year hits its lowest level since November 2017. The benchmark 10-year yield fell by as many as 9 basis points on Thursday to a low of 2.29%. On Friday, it is up 1.2 basis points at 2.33%.
- Oil is on track for its biggest weekly loss of the year. Oil prices have slumped 7% this week, and are on track for their biggest weekly drop since December.
- Tesla’s losing streak is over. Shares plunged 17% during the six-day skid, wiping out more than $7 billion of investor wealth.
- Hedge funds love these 17 stocks. Goldman Sachs has identified a list of the 17 stocks that have high hedge-fund ownership, which is usually a signal of future gains.
- US markets are closed on Monday in observance of Memorial Day. They will reopen on Tuesday.
- Stock markets around the world were higher. Hong Kong’s Hang Seng (+0.32%) paced the advance in Asia and France’s CAC (+0.82%) was out front in Europe. The S&P 500 is set to open up 0.52% near 2,837.
- Earnings reporting is light. Foot Locker releases its first-quarter results ahead of the opening bell.
- US economic data trickles out. Durable goods orders will be released at 8:30 a.m. ET.
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- Retired 4-star Gen. Stanley McChrystal shares the profound lesson on failure he learned from handing his resignation letter to President Obama