Here are five things you must know for Wednesday, May 23:
1. -- Stocks Pull Back
U.S. stock futures were falling on Wednesday, May 23, and global stocks tumbled as sentiment was dented by comments from Donald Trump that cast doubt on a planned nuclear summit with North Korea and ongoing trade talks with China.
Trump told reporters in Washington there was a "substantial chance" his June 12 meeting in Singapore with North Korea's Kim Jong Un may not take place, given the change in tone the regime has displayed since criticizing a joint U.S.-South Korea military exercise last week. Trump insisted, however, there was still a "good chance" a meeting will ultimately take place.
Investors also were rattled by Trump's assessment on the developing trade negotiations with China, which he described as "a start" and said he was "not pleased" with the current progress even after Treasury Secretary Steven Mnuchin declared earlier this week the trade war to be "on hold."
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2. -- Target and Tiffany Report Earnings
Target Corp. (TGT) reported quarterly adjusted profit of $1.32 a share, below Wall Street expectations of $1.39. Comparable-store sales in the fiscal first quarter grew 3.0%, beating estimates that called for a 2.8% increase. The retailer said it expects second-quarter comparable sales to grow in the 'low to mid single-digit range."
Target held to its full-year outlook, saying it expects adjusted earnings of between $5.15 and $5.45 a share. The stock fell 5.9% in premarket trading.
Tiffany & Co. (TIF) reported first-quarter earnings of $1.14 a share, beating estimates of 83 cents. Same-store sales in the quarter jumped 10%, smashing estimates of 3.1%.
Tiffany said it expects fiscal 2018 earnings of $4.50 to $4.70 a share. The stock rose 12.7% in premarket trading.
The U.S. economic calendar on Wednesday includes the PMI Composite Flash for May at 9:45 a.m. ET, New Home Sales for April at 10 a.m., Oil Inventories for the week ended May 18 at 10:30 a.m., and the minutes from the May 2 meeting of the Federal Open Market Committee at 2 p.m.
3. -- Las Vegas Casino Workers May Strike
Union members at casinos in Las Vegas voted to authorize a strike at any time starting June 1, a move that could cripple the city's world-famous resorts.
About 25,000 members of the Culinary Union who work at 34 different casino-resorts across Las Vegas cast ballots in two sessions Tuesday. The move handed union negotiators a huge bargaining chip as they worked to solidify new five-year contracts, according to the Associated Press.
A strike would affect properties owned by MGM Resorts International (MGM) , Caesars Entertainment Corp. (CZR) and Tropicana Las Vegas, which is owned by Penn National Gaming Inc. (PENN) , the union said.
The last strike, in 1984, spanned 67 days and cost Las Vegas and workers tens of millions of dollars, the AP reported.
4. -- Wynn Shareholders Reject Executive Pay Plan
Wynn Resorts Ltd. (WYNN) shareholders voted overwhelmingly against the casino operator's executive compensation plan, according to a filing on Tuesday.
Founder Steve Wynn resigned earlier this year amid sexual-misconduct allegations.
Shareholders voted nearly 80% of shares against the company's compensation plan at an annual shareholders' meeting last week, in a nonbinding referendum known as a "say on pay" vote, The Wall Street Journal reported.
A Wynn Resorts spokesman indicated the company was prepared to act on the result of the vote.
The board is working to move Wynn from "a founder [led] company to a more traditional global enterprise," he said. "Compensation practices will be a part of that evolution, and we look forward to the future support of our stockholders through the process."
5. -- Barclays Reportedly Exploring Merger With Rival Banks
Barclays PLC (BCS) has been exploring privately a possible merger with rival international banks, including Standard Chartered PLC, in response to pressure from pressure from Edward Bramson's activist investment fund Sherborne, which recently acquired 5.4% stake in the bank, the Financial Times reported.
The exploratory conversations were part of wide-ranging contingency planning being considered by senior board members, people briefed on the talks said.
The possible combination with Standard Chartered was only one of many options being "kicked around" by Barclays directors in response to Bramson's intervention, the Financial Times reported.
Reuters, however, reported that Barclays wasn't exploring a potential merger with other banks. The report cited two sources close to the bank.