10 things you need to know before the opening bell (SPY, SPX, QQQ, DIA, RDFN, TSLA, SNAP)
Here is what you need to know.
Wall Street is sending huge warning signs for stocks. A growing chorus of Wall Street strategists and investors are warning the market looks to be headed for a rude awakening.
China's economy loses some momentum. China's Purchasing Managers Index fell to 51.4 in July, missing the 51.6 that economists had expected, according to data from the National Bureau of Statistics. Non-manufacturing PMI was also light, coming in at 54.5.
Brits are getting worried about the UK economy. GfK Consumer Confidence fell to -12 in July, matching its lowest reading since the immediate aftermath of the June 2016 Brexit vote.
Maduro claims victory in Venezuela. President Nicolas Maduro is claiming victory in Sunday's election, which was boycotted by opposition leaders and slammed by governments worldwide, Reuters says.
Bitcoin is slipping ahead of its big day. Bitcoin trades down 0.3% at $2,750 a coin ahead of the August 1 ruling that will decide whether or not there is a split in the cryptocurrency.
Snap's lock up expires. 400 million shares owned by early investors are available to be sold on Monday, creating the biggest test yet for Snap's struggling stock. Another 800 million-plus shares will be available for sale by August 28.
Tesla Model 3 is here. "We're going to go through at least six months of production hell," CEO Elon Musk said at an Friday's Model 3 handover event when discussing the challenges the company will face as it ramps up production to an expected 500,000 vehicles a year.
Redfin soars in its first day of trading. The real estate software and brokerage service provider soared by as much as 39% in Friday's market debut.
Stock markets around the world are higher. Hong Kong's Hang Seng (+1.28%) led the gains in Asia and Britain's FTSE (+0.42%) leads in Europe. The S&P 500 is set to open up 0.12% near 2,475.
US economic data is moderate. Chicago PMI will be released at 9:45 a.m. ET before pending home sales and Dallas Fed Manufacturing cross the wires at 10 a.m. ET and 10:30 a.m. ET, respectively. The US 10-year yield is unchanged at 2.29%.
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