Updated from 7:12 a.m.
NEW YORK (TheStreet) -- Here are 10 things you should know for Tuesday, May 19:
1. -- U.S. stock futures were rising as activist investor Carl Icahn built enthusiasm for Apple (AAPL) and as stocks came off of new records on Monday.
European stocks rose sharply on Tuesday after a European Central Bank board member said the bank would boost its government-bond buying program, and as the U.K. went into deflation.
Asian stocks rose, as Japan's Nikkei 225 closed up for a third day, hitting its highest level in three weeks. In Hong Kong, the Hang Seng rose. Mainland Chinese indices surged, with the Shanghai Composite Index up more than 3%.
2. -- The economic calendar in the U.S. on Tuesday includes numbers on housing starts at 8:30 a.m. and the comparable-store sales Redbook at 8:55 a.m.
3. -- U.S. stocks on Monday broke new records for the Dow and S&P 500, albeit with modest gains for the day.
4. -- Coffee brewer Starbucks (SBUX) has made a deal with Spotify to stream music in its stores. Starbucks will work with Spotify to make playlists and promote the streaming site. Starbucks stopped selling CDs, once prominently displayed in stores, two months ago. Starbucks has striven to make the atmosphere in its stores inviting.
"We're really making the barista the D.J. here," said Daniel Ek, chief executive of Spotify, in a conference call.
In premarket trading, Starbucks stock was rising by 0.9%.
5. -- Enthusiasm from activist investor Carl Icahn pushed Apple (AAPL) shares up 1.1% Monday. Icahn said Apple is "undervalued" and has room for price appreciation. In a letter to Apple CEO Tim Cook, Icahn also called for accelerated buybacks. Click here for more.
"After reflecting upon Apple's tremendous success, we now believe Apple shares are worth $240 today," wrote Icahn. "Apple is poised to enter and in our view dominate two new categories (the television next year and the automobile by 2020) with a combined addressable market of $2.2 trillion, a view investors don't appear to factor into their valuation at all."
In premarket trading, Apple stock was rising by 0.37%.
6. -- The rise in U.S. oil prices to $60 is temporary, and oil will plummet back to $45 a barrel by October, said Goldman Sachs in a report. Oil prices sank to about $45, a six-year low, in March, but have recovered to more than $59 for U.S. West Texas Intermediate crude and more than $66 for Brent crude oil.
There is a glut in U.S. oil production, although many fracking companies have cut back on pumping due to lower prices. The Goldman Sachs analysts said that the excess production would depress prices, as would the ready availability of cheap capital that would also push oil companies to drill more.
Oil's average cost will be $55 a barrel for the next 12 months, Goldman estimated.
7. -- The Supreme Court has ruled that employer 401(k) plans must keep employees' best interests in mind, especially in terms of the fees that they charge. If employees feel that their fees are unfair or their mutual fund choices are poor, they can sue, the court said.
Lower courts will need to parse the Supreme Court's language, but the implication is that 401(k) plans will be held to a higher standard than before.