Here is what you need to know.
- Trump’s trade war could be heading for Japan. Trade talks between US Trade Representative Robert Lighthizer and Japan’s economy minister Toshimitsu Motegi are set for Monday and Tuesday in Washington, with the US hoping to strike a deal on agriculture.
- The IMF derides MMT. "We do not think that the modern monetary theory is actually the panacea," IMF head Christine Lagarde said Thursday at the International Monetary Fund’s spring meeting in Washington, according to Bloomberg. "We do not think that any country is currently in a position where that theory could actually deliver good value in a sustainable way."
- We could be looking at our first earnings recession in 3 years. First-quarter earnings for the S&P 500 are forecast to fall 4.2% year-over-year and second-quarter earnings are expected to slide 0.3%, FactSet analyst John Butters told MarketWatch.
- There are signs earnings season could be a major disappointment. "A lowered bar into the quarter does note mean the likelihood of a beat is greater," Morgan Stanley equity strategist Mike Wilson wrote. "The forecasts for (first quarter 2019) have been lowered substantially and we do not think we are going to see a beat big enough to lift index growth into positive territory."
- Uber files to go public. Shares will list on the New York Stock Exchange and trade under the ticker UBER. The ride-hailing giant did not give a price at which it plans to list its shares.
- Chevron is buying Anadarko for $33 billion. The deal will pay Anadarko shareholders 0.3869 shares of Chevron and $16.25 in cash for each Anadarko share.
- PagerDuty soars in its trading debut. Shares of the cloud-computing company surged 59% in their New York Stock exchange debut on Thursday.
- JPMorgan kicks off earnings season. The Wall Street bank is expected to earn an adjusted $2.34 a share on revenue of $28.4 billion, according to analysts surveyed by Bloomberg. Wells Fargo will also report on Friday morning.
- Stock markets around the world were higher. Japan’s Nikkei (+0.73%) was out front in Asia and Germany’s DAX (+0.55%) led the advance in Europe. The S&P 500 was set to open up 0.45% near 2,901.
- US economic data flows. Import and export prices will cross the wires at 8:30 a.m. ET and University of Michigan consumer sentiment will be announced at 10 a.m. ET. The US 10-year yield was up 4.5 basis points at 2.54%.
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