Closing Bell
All three major indices closed Wednesday's session in the green after spending most of the session in negative territory.
The Dow rose 0.21%, or 52 points after falling as much as 150 points, closing the session at 24,887, while the S&P 500 rose 0.32%, closing the day up 9 points to 2,733 and the Nasdaq rose 0.64%, or 48 points to close the day at 7,426.
Apple Opens Up Data Troves for Users
Users can finally know what Apple Inc. (AAPL) knows about them.
Apple launched its privacy portal Wednesday in compliance with the EU's new data privacy rules known as GDPR.
Apple customers can now request all of the personal data that Apple holds, including sign-in history, contacts, calendar, notes, photos and documents. Information from its services like Apple Music, the App Store, iTunes and Apple Care.
The data is not available instantaneously, however, and could take up to two weeks to be assembled.
Barclays Considers Standard Chartered Tie Up, Reports Say, Stock Falls
Barclays (BCS) shares were down 1.9% Wednesday following a report from the Financial Times saying that the company has approached rival British bank Standard Chartered about a potential merger.
Two sources close to the bank told Reuters that the report was off and that the bank is not looking to merge with anyone.
Barclays has been under pressure recently from activist investor Sherborne, which has pushed for the bank to shrink its underperforming investment banking unit. Sherborne holds a 5% stake in the bank.
UBS Says an Oil Jump to $100 Could Trigger a Recession
Oil investors are happy that oil prices have risen above the $80 threshold, but there are concerns for the wider economy with rising oil prices, according to a UBS report released Wednesday.
The firm says that oil reaching $100 a barrel could trigger a recession as oil prices have broken out of the "sweet spot" oil trading range between $50 and $70 a barrel.
"However, now that we are getting closer to $100/bbl the net impact of higher oil prices is again becoming a net negative," UBS said. "The global sweet spot - where oil prices may have positively contributed to global growth - seems to be somewhere between $50/bbl and $70/bbl."
Comcast Says It Is Prepared to Outbid Disney for Fox
Comcast (CMCSA) made public its plans to outbid Disney's (DIS) $52.4 billion offer for 21st Century Fox's (FOXA) assets.
Comcast says it has around $60 billion in financing lined up for an all-cash offer for the assets.
The media conglomerate said that while no final decision has been made on whether to make the competing bid, it does have the funds needed ready if it does decide to pull the trigger.
40% of Adults Can't Cover $400 Emergency Expense, Fed Says
The Federal Reserve's most recent survey shows that Americans are still having trouble saving even amid an economic resurgence.
About 40% of American adults could not cover a $400 emergency expense without resorting to selling items or taking out a loan, according to the most recent Fed survey. While that number seems high, it continues the trend of declining unpreparedness among American adults.
In 2013, half of Americans said they couldn't cover the expense. In 2016, that number was 44%.
Additionally, less than 40% of nonretired adults believe that they are on the right savings track to have enough money for retirement.
The Report on the Economic Well-Being of U.S. Households in 2017 can be read in full here.
Las Vegas Casino Workers to Go on Strike
Las Vegas' entire economy revolves around the gaming and hospitality industry, so the city is in trouble after tens on thousands of hotel and casino workers voted to authorize a strike at dozens of casinos next month if labor negotiations don't progress.
About 99% of the 25,000 member union voted to go on strike the Culinary Union announced Tuesday night.
"A strike is a last resort. We want to come to an agreement, but the union and workers are preparing for a citywide strike if contracts are not settled by June 1," Geoconda Argüello-Kline, secretary-treasurer for the Culinary Union, said in a statement.
Premarket
U.S. futures were declining ahead of the opening bell Wednesday, indicating a soft open for markets one day after all three major indices closed Tuesday's session in the red.
Dow futures were down 0.78%, indicating an open 193 points lower, while Nasdaq futures declined 0.99%, indicating an open 68 points lower, and S&P futures fell 0.66%, indicating an open 18 points lower.
Asian markets were down across the board as trade war worries resurface. The Shanghai Composite declined 1.41%, the Hang Seng dropped 1.58%, and the Nikkei fell 1.18%.
European markets were also suffering Wednesday, the CAC 40 dropped 1.07%, the DAX declined 1.42% and the FTSE 100 declined 0.64% with about four hours left in trading.
