Here are five things you must know for Tuesday, June 25:

1. -- Stock Futures Fall Ahead of Trump-Xi Meeting

U.S. stock futures declined on Tuesday as investors were taking a defensive stance on risk ahead of this weekend's G-20 summit in Japan.

With Donald Trump announcing a new set of sanctions on Iran, and U.S. officials downplaying expectations for a breakthrough in talks with Beijing from the upcoming G-20 meeting with China's Xi Jinping, investors appeared unwilling to reach for risk in the absence of headline drivers on trade or central bank support.

That said, markets were also bracing for a host of Federal Reserve speakers on Tuesday, including Chairman Jerome Powell, each of whom may reiterate or intensify the central bank's recent dovish turn on interest rates, which has traders pricing in a 100% chance of a cut in the Fed Funds rate in July, and a 73.3% chance of two more cuts between now and the end of the year.

Contracts tied to the Dow Jones Industrial Average fell 28 points, futures for the S&P 500 were down 4.35 points, and Nasdaq futures tumbled 19.25 points.

Powell will be interviewed by New York Times senior economics correspondent Neil Irwin at the Council on Foreign Relations in New York at 1 p.m. ET.

The economic calendar in the U.S. for Tuesday includes the S&P Corelogic Case-Shiller Home Price Index for April at 9 a.m. ET, New Home Sales for May at 10 a.m., and Consumer Confidence for June at 10 a.m.

Allergan (AGN) - Get Report shares surged 29.3% in premarket trading Tuesday to $167.50 after it agreed to a takeover from biopharmaceutical group AbbVie (ABBV) - Get Report .

AbbVie will pay $188.24 each in cash and shares for Allergan's outstanding common stock, a 45% premium to Allergan's closing price Monday. The deal would value the Botox maker at around $63 billion. AbbVie said the deal will add around 10% to its adjusted earnings in the first year following the close of the merger.

2. -- Micron Reports Earnings - What to Expect

Analysts expect Micron Technology (MU) - Get Report to report adjusted fiscal third-quarter earnings of 79 cents a share on revenue of $4.69 billion. The chipmaker is scheduled to report earnings after Tuesday's closing bell.

The stock has given back nearly all of its gains in 2019 over the last two months, as bad news about trade tensions and declining memory prices keep arriving.

For that reason, according to TheStreet's Eric Jhonsa, soft results and guidance might not by themselves be enough to drive Micron's shares lower after the earnings are issued. Rather, what might matter is just how bad Micron's near-term results and guidance are, and how quickly the company expects conditions to improve.

Earnings reports are also expected Tuesday from FedEx

(FDX) - Get Report

and Lennar

(LEN) - Get Report


3. -- FedEx Sues U.S. Government Over Shipping Regulations

As for FedEx, the shipping giant has filed a lawsuit against the U.S. government arguing new trade regulations put an "impossible burden" on the world's biggest package delivery company to monitor the origins of shipments to and from the United States.

In the lawsuit, filed in a federal court in Washington, D.C., FedEx asked for relief from rules set out by the Commerce Department's Export Administration Regulations (EAR) that make carriers and delivery companies liable for shipments that violate its rules without requiring evidence that the carriers knew they were in violation. The suit followed two separate incidents in which FedEx was accused by China's Huawei Technologies of mishandling packages either destined for, or travelling to, the United States following the Chinese company's blacklisting by the U.S. State Department.

"As a company that is committed to complying with all laws and regulations in the countries we serve, FedEx strongly supports the objectives of U.S. export control laws," FedEx said in a statement. "We have invested heavily in our internal export control compliance program. However, we believe that the EAR, as currently constructed and implemented, place an unreasonable burden on FedEx to police the millions of shipments that transit our network every day. FedEx is a transportation company, not a law enforcement agency."

Huawei last month was added to the Commerce Department's "entity list," which greatly restricts its ability to buy components from U.S. companies.

FedEx declined 1.8% in premarket trading to $158.

4. -- Tesla Gets Tariffs Waiver for Japanese Aluminum

Tesla (TSLA) - Get Report was granted a waiver from the U.S. Commerce Department's 10% tariffs on aluminum imported from Japan, which is used to manufacture battery cells at Tesla's Gigafactory in Nevada, Reuters reported.

Tesla made the request in documents posted in April and said the aluminum is produced by Nippon Light Metal Co. It sought a tariff exclusion for 10,000 tonnes annually, according to government documents, Reuters reported.

The Commerce Department said in a document dated June 5 and recently posted on a government website that the aluminum "is not produced in the United States in a sufficient and reasonably available amount or of a satisfactory quality."

The waiver is good for one year. 

Tesla previously sought other tariff exemptions for Chinese-made parts for its Model 3 cars but those were rejected.

5. -- Amazon's Prime Day 2019 Will Run for 48 Hours (AMZN) - Get Report Prime Day will begin July 15 and will run for two days, the giant online retailer announced.

Prime Day lasted 36 hours in 2018. While the company doesn't disclose revenue from its Prime Days, it did say that last year's shopping holiday was its "biggest global shopping event ever." 

Shoppers have to be Amazon Prime subscribers to take advantage of any deals.

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