Updated from 7:08 a.m.
NEW YORK (TheStreet) -- Here are 10 things you should know for Tuesday, May 5:
1. -- U.S. stock futures were dropping on Tuesday as investors anticipated a big earnings day and Friday's unemployment report.
European stocks were generally buoyant despite renewed anxieties over Greek debt and a report from the European Commission slashing growth forecasts for the Greek economy.
2. -- The economic calendar in the U.S. on Tuesday includes international trade data at 8:30 a.m., the Gallup Economic Confidence Index at 8:30 a.m., the comparable store sales Redbook at 8:55 a.m., the PMI services index at 9:45 a.m., and the ISM non-manufacturing index at 10 a.m.
3. -- U.S. stocks on Monday closed up slightly after drifting higher in afternoon trading.
4. -- Pacific Investment Management Company -- generally know as Pimco -- no longer runs the world's largest bond fund. The company has faced two years of withdrawals; investors took billions out of the company's mutual funds. Its largest fund, Pimco Total Return Fund (PTTAX) - Get Report, has fallen behind Vanguard's index bond fund, Vanguard Total Bond Market Index Fund (VBMFX) - Get Report in size. The funds manage $110.4 billion and $117.3 billion, respectively.
5. -- Food company Sysco (SYY) - Get Report is trying to salvage its $3.5 billion deal to buy US Foods as antitrust regulators seem skeptical. The Federal Trade Commission has asked a judge to stop the deal. Regulators say Sysco already has a large role in food distribution and if it grows any bigger it will hurt competition in the industry. A decision may come in a courtroom, a fairly unusual outcome for regulatory action. Sysco has tried to appease regulators by selling factories to Performance Food, but antitrust officials blocked that move.
In premarket trading, Sysco was steady.
6. -- European bank earnings are looking up. HSBC Holdings's (HSBC) - Get Report investment banking business booked a 4% rise in first-quarter pretax profits to $7.06 billion, as compared to a year ago. The numbers are quite a bit stronger than analysts expected. HSBC is Europe's biggest bank, but it has threatened to take its headquarters out of the U.K.
HSBC's ADRs were falling by 2.2% in premarket trading, and UBS was up 6.8%.
7. -- The Federal Reserve is investigating a leak of sensitive information from October 2012. At that time, Medley Global Advisors sent a report to clients that included details that hadn't yet been published in the Fed minutes. Congress is also looking into the leak. The Fed said that a few staffers had contact with the firm.
8. -- Billionaire David Einhorn of Greenlight Capital argued against oil fracking companies at the Sohn investor conference. Einhorn said companies like Pioneer Natural Resources (PXD) - Get Report, EOG Resources (EOG) - Get Report, Concho Resources (CXO) - Get Report, Whiting Petroleum (WLL) - Get Report and Continental Resources (CLR) - Get Report were spending a lot of cash and overestimating how much money could be made from shale oil.
After falling 1.9% on Monday, Pioneer Natural Resources was rising 0.94% in premarket trading.
9. -- Entertainment company Walt Disney (DIS) - Get Reportreports earnings before the opening bell. The "Mouse House" is near all-time highs, and analysts expect the company to earn $1.11 per share. Technical analyst Richard Suttmeier has explained how to trade the stock.
Disney was up 2.5% in premarket trading.
10. -- It's another busy day for earnings reports. Achillion Pharmaceuticals (ACHN) - Get Report, Build-A-Bear Workshop (BBW) - Get Report, DirecTV (DTV) and Sprint (S) - Get Report report earnings before the opening bell. Allstate (ALL) - Get Report, Electronic Arts (EA) - Get Report, Herbalife (HLF) - Get Report, News Corp (NWSA) - Get Report, Papa John's (PZZA) - Get Report and SolarCity (SCTY) report earnings after the closing bell.