Here is what you need to know.
China’s inflation heats up. Consumer prices in China rose by 1.2% in April, above the 0.9% print that economists were forecasting.
Oil jumps as inventories fall. West Texas Intermediate crude oil trades up by 1.1% at $46.38 a barrel after the latest American Petroleum Institute data showed US oil inventories fell by 5.79 million barrels. The Energy Information Administration’s weekly inventory data is due at 10:30 a.m. ET on Wednesday.
Apple’s market cap tops $800 billion. Shares of Apple closed at $153.99 each on Tuesday, making it the first US company to cross the $800 billion plateau, Reuters says.
Traders are doubling down on short bets against Snap. Bearish wagers against the social-media company have reached their highest level since its March 1 initial public offering, climbing by more than $100 million over the past week, data from the financial analytics firm S3 Partners shows. Short interest now sits at $946 million before Snap’s earnings, which will cross the wires after Wednesday’s closing bell.
Pret A Manger is reportedly prepping for an IPO. The coffee and sandwich chain is reportedly getting ready for a New York initial public offering later this year, Bloomberg says.
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Disney sees continued weakness at ESPN. Operating income from Disney's cable networks fell by 3% versus a year ago to $1.8 billion. "The decrease in operating income was due to a decrease at ESPN, partially offset by increases at the Disney Channels and Freeform," Disney said.
Yelp crashes after missing on revenue and slashing guidance. The business-reviews site said first-quarter revenue came in at $197.3 million ($198.4 million expected), and it lowered its full-year revenue forecast to a range of $850 million to $865 million, down from $880 million to $900 million. Shares crashed by as much as 28% following Tuesday's closing bell.
Nvidia spikes after its earnings beat. Shares of Nvidia spiked by more than 14% in extended trading Tuesday after the company reported that first-quarter revenue surged by 48.4% versus a year ago.
Stock markets around the world are mostly lower. China's Shanghai Composite (-0.9%) trailed in Asia, and Germany's DAX (-0.1%) fights for positive territory in Europe. The S&P 500 is set to open lower by 0.2% near 2,393.
Earnings reporting slows down a bit. Mylan, Sotheby's, and Wendy's are among the companies reporting ahead of the opening bell, while 21st Century Fox, Snap, and Whole Foods highlight the names releasing their quarterly results after markets close.