Updated from 7:11 a.m.
NEW YORK (TheStreet) -- Here are 10 things you should know for Tuesday, May 12:
1. -- U.S. stock futures were sinking as investors recoiled from a widespread bond drop and as Verizon announced a buyout of AOL.
European stocks fell sharply as a global selloff of government bonds weighed on European stocks amid little progress on a resolution to the Greek debt crisis.
Asian stocks were mixed, as Japan posted small gains, Hong Kong's Hang Seng fell and mainland Chinese indices rose.
2. -- The economic calendar in the U.S. on Tuesday includes the comparable-store retail sales Redbook at 8:55 a.m., the National Federation of Independent Business small business optimism index at 9 a.m., and the Job Openings and Labor Turnover Survey (JOLTS) at 10 a.m.
3. -- U.S. stocks on Monday dropped on concerns over a Greek debt deal and a falling bond market.
4. -- Telecom company Verizon (VZ) announced a $4.4 billion buyout of AOL (AOL). The plan is for AOL to become a subsidiary of Verizon after a tender offer at $50 a share. AOL shares closed Monday at $42.59.
The acquisition will allow Verizon to gain AOL's online video and advertising infrastructure and technology.
AOL's stock skyrocketed 18% in premarket trading, and Verizon stock fell 0.62%.
5. -- The Labor Department's Job Openings and Labor Turnover Survey, or JOLTS, comes in at 10 a.m. Tuesday. The survey looks at available job openings and gives a data point on the overall economy's health. At the last report, JOLTS said 5.13 million jobs were open, breaking the important barrier of 5 million.
6. -- Apple (AAPL) is in talks with Chinese e-commerce site Alibaba (BABA) to bring Apple Pay to China, according to the official Xinhua news service. Alibaba already runs Alipay, a large payments company, in China.
Apple now has the largest smartphone market share in China.
In premarket trading, Apple stock was down 0.51% and Alibaba stock was up 0.55%
Bank of America (BAC), Citigroup, HSBC (HSBC), JPMorgan Chase (JPM), Royal Bank of Scotland (RBS) and UBS (UBS) have already agreed to pay a total of $4.3 billion in charges for foreign-exchange malpractice, but criminal charges and penalties are also expected for Citi, JPMorgan Chase, Barclays (BCS) and RBS.
Citigroup was dropping by 0.54% in premarket trading.
8. -- A new biography of Elon Musk is making waves. The 43-year-old Musk started eBay's (EBAY) Paypal and is currently CEO of SpaceX and Tesla Motors (TSLA), as well as chairman of SolarCity (SCTY). Ashlee Vance's book documents how driven Musk is, but also how hard he squeezes employees.
9. -- The Australian tax office is cracking down on the tax treatment of foreign multinationals, including Apple (AAPL), Google (GOOG) (GOOGL) and Microsoft (MSFT). The Australian government said that these companies and others were wrongly shifting profits away from Australia to avoid taxes. The government now seeks to revisit the taxing location of those profits and extract taxes and penalties.
Reuters reported that Apple revenue in Australia was A$6.1 billion in 2013, while its taxable income was A$240 million.
10. -- The New York Federal Reserve's President, William Dudley, said that the impending interest rate rise will mark a "regime shift" in the Fed and in financial markets. However, he noted, a slight increase in interest rates still leaves rates near historical lows.
Rates have been at zero since 2008 and have not risen since 2006.