Here are five things you must know for Monday, April 29:
1. -- Stock Futures Lower as Equities Look to Extend Their Run of Record Highs
U.S. stock futures turned mixed on Monday as investors extended bets that surging economic growth, stronger-than-expected corporate earnings and a potentially dovish Federal Reserve will continue to push U.S. stocks to fresh record highs.
Contracts tied to the Dow Jones Industrial Average rose 14 points, futures for the S&P 500 slipped 0.25 points, and Nasdaq futures were down 0.25 points.
The U.S. economy's faster-than-expected growth rate of 3.2% over the first quarter, coupled with a series of surprisingly solid profit outlooks from some of the biggest names on Wall Street, normally would trigger moves by investors to hedge against faster inflation. However, with the Fed's preferred measure of consumer price increases, the PCE deflator, likely to show a modest deceleration for March when it is released Monday, markets are instead betting that Fed's decision on interest rates Wednesday could include language that will cement its dovish tilt.
If that comes to fruition, and earnings from tech giants such as Google parent Alphabet (GOOGL) on Monday and Apple (AAPL) on Tuesday surprise to the upside, the S&P 500 could easily extend its recent run of record highs and drive toward the 3,000 mark.
The S&P 500 rose 0.47% on Friday to hit a record high of 2,939.88. The Nasdaq gained 0.34% to 8,146.40, also a record.
2. -- Alphabet, Western Digital and Spotify Report Earnings
In addition to earnings from Alphabet, reports are expected Monday from NXP Semiconductors (NXPI) , Western Digital (WDC) , AK Steel (AKS) , Yum China Holdings (YUMC) , Tenet Healthcare (THC) , McDermott International (MDR) , Tenneco (TEN) , MGM Resorts (MGM) , Tapestry (TPR) .
Spotify Technology (SPOT) , the online music streaming company, posted stronger-than-expected first-quarter revenue as premium subscribers topped 100 million. The loss in the quarter was 79 European cents a share, wider than estimates.
Boeing (BA) CEO Dennis Muilenburg will hold his first press conference since two deadly crashes of the company's 737 MAX led to the aircraft's grounding.
The economic calendar in the U.S. Monday includes Personal Income and Outlays for February at 8:30 a.m. ET.
3. -- Anadarko to Begin Deal Negotiations With Occidental Petroleum
A report from Reuters earlier Monday said Anadarko's board decided Sunday that Occidental's $38 billion cash-and-stock bid could lead to a deal that would be superior to the $33 billion deal it reached earlier in April with Chevron (CVX) .
"Anadarko is resuming its earlier negotiations with Occidental because Anadarko's board of directors, following consultation with its financial and legal advisors, has unanimously determined that the Occidental Proposal could reasonably be expected to result in a "Superior Proposal" as defined in the Chevron Merger Agreement," Anadarko said in a statement Monday.
"The Occidental Proposal reflects significant improvement with respect to indicative value, terms and conditions, and closing certainty as compared to any previous proposal Occidental made to Anadarko," the company said.
Occidental last week offered to acquire Anadarko for $38 in cash and 0.6094 of a share of Occidental common stock. Chevron offered $16.25 in cash and 0.3869 of a Chevron common share.
4. -- Boeing CEO Muilenburg to Hold First Press Conference Since MAX Grounding
The company's general annual shareholder meeting in Chicago begins at 10 a.m. ET. Muilenburg will answer questions following the meeting, Boeing said in an advisory.
It was reported over the weekend that Boeing didn't tell Southwest Airlines (LUV) and other carriers when they began flying the 737 MAX jets that a safety feature found on earlier models that warns pilots about malfunctioning sensors had been deactivated,.
The Wall Street Journal reported that Federal Aviation Administration safety inspectors and supervisors responsible for monitoring Southwest, the largest 737 MAX customer, also were unaware of the change. The Journal report cited government and industry officials.
In a statement Sunday, Southwest said the safety feature - an "angle of attack" indicator - was "depicted to us by Boeing as operable on all MAX aircraft." Only after a Lion Air 737 MAX crashed in Indonesia last October did Boeing say the feature wasn't turned on, Southwest said.
5. -- 'Avengers: Endgame' Breaks Box Office Records
"Avengers: Endgame" broke box office records with a debut this weekend that topped $1 billion.
The film, from Walt Disney's (DIS) Marvel Studios, took in $1.2 billion globally, becoming the first movie to surpass $1 billion in its opening weekend, according to Disney. It only took five days to reach a billion dollars, moving twice as quickly as the previous "Avengers" movie, "Infinity War."
"Kevin Feige and the Marvel Studios team have continued to challenge notions of what is possible at the movie theatre both in terms of storytelling and at the box office," said Alan Horn, Walt Disney Studios chairman, in a statement on Sunday, calling "Endgame" "far from an end for the Marvel Cinematic Universe."
The film, directed by Anthony and Joe Russo, made $350 million in the U.S. and $859 million internationally, grossing an estimated $330.5 million in its opening in China alone, according to Disney.