Here is what you need to know.
- Iran abandons key parts of the nuclear deal. Iranian President Hassan Rouhani said Wednesday his government would roll back commitments to the 2015 international nuclear deal, giving a 60-day deadline to negotiate sanctions relief — at the end of which it would restart its uranium-enrichment program.
- Stocks drop as focus shifts to the ‘unlikely’ resolution of the trade war. US markets are on track to drop 0.2% at the open, with the S&P 500 set to begin trading near 2,879. Overnight, Japan’s Nikkei (-1.46%) led the losses in Asia and Britain’s FTSE (-0.45%) trailed in Europe.
- Buffett is struggling to beat the market. “There are 40 (overlapping) ten-year performance windows in our 50-year history,” wrote Craig Lazarra, managing director and global head of index investment strategy at Standard & Poor’s. “In the first 20 of them, Berkshire beat the S&P 500 by more than 10% per year. In the second 20, Berkshire’s margin of outperformance hit double digits only 3 times; the last such period ended in 2002.”
- Here’s a trade to help you beat the market as trade tensions flare. The derivatives-strategy team at Wells Fargo has formulated a trade around the options of the exchange-traded funds tracking the Russell 2000 and Chinese and emerging-market equities that it says will keep investors afloat during periods of stock-market turbulence.
- Lyft reports quarterly results for its first time as a public company. The ride-hailing company reported an adjusted loss of $9.02 a share on revenue of $776 million, and said the number of active riders rose by 46% versus a year ago to 20.5 million.
- The FAA is bringing in NASA and the Air Force to help make sure the Boeing 737 Max is safe. The Federal Aviation Administration has asked NASA and Air Force experts to help with the certification process of the grounded Boeing 737 Max.
- Beyond Meat’s torrid start continues. Beyond Meat shares spiked nearly 6% on Tuesday, and have now gained 217% since pricing at $25 apiece on May 1.
- GM’s self-driving-car unit is worth $19 billion. General Motors’ Cruise business raised $1.15 billion in a funding round, giving it a valuation of $19 billion, the company announced on Tuesday.
- Wingstop same-store sales surge. The chicken-wing chain reported first-quarter same-store sales growth of 7.1%, easily beating the 3.7% that Wall Street analysts surveyed by Bloomberg were expecting.
- Earnings season rolls on. The New York Times, Office Depot, and Wendy’s report ahead of the opening bell while Disney and Etsy release their quarterly results after markets close.