Updated from 5:59 a.m. EDT
 
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Here are five things you must know for Monday, May 1:
 
1. -- U.S. stock futures were posting modest gains Monday after congressional negotiators reached a deal to avert a government shutdown.
 
Markets in France, Germany and Great Britain were closed for a holiday on Monday, as were most Asian markets. Japan's Nikkei 225 index closed Monday with a gain of 0.59%.  

The economic calendar in the U.S. on Monday includes Personal Income and Outlays for March at 8:30 a.m. EDT, the ISM Manufacturing Index for April at 10 a.m., and Construction Spending for March at 10 a.m.

The Dow Jones Industrial Average ended Friday with slight losses after U.S. economic growth in the first quarter slowed to its worst level in three years. But the index did end the week with its best gains of the year, up 1.9%.

2. -- Congressional leaders reached agreement Sunday night on a spending bill of more than $1 trillion that would fund most government operations through September. The bill, however, denies Donald Trump money for a wall on the U.S.-Mexico boarder and rejects his proposed cuts to popular domestic programs, according to reports.

Under the bill -- which was made public early Monday -- the president did win a $15 billion down payment on his request to strengthen the military, the Associated Press reported.

The measure funds the remainder of the 2017 budget year, through Sept. 30, rejecting cuts to certain popular domestic programs targeted by Trump. The funds will pay for an array of federal programs from airport and border security operations to soldiers' pay, medical research, foreign aid, space exploration, and education.

"The agreement will move the needle forward on conservative priorities and will ensure that the essential functions of the federal government are maintained," said Jennifer Hing, a spokeswoman for Republicans on the House Appropriations Committee, Reuters reported.

"This agreement is a good agreement for the American people and takes the threat of a government shutdown off the table," Senate Democratic leader Chuck Schumer said.

The full House of Representatives and Senate must still approve the pact, the first major piece of bipartisan legislation to advance since Trump became president on Jan. 20. If it's not enacted by midnight Friday, federal agencies would have to lay off hundreds of thousands of workers.

3. -- 21st Century Fox (FOXA) is in talks with private-equity firm Blackstone (BX)  to launch a joint bid for TV-station owner Tribune Media (TRCO) , the Financial Times reported, citing two people familiar with the negotiations.

Fox and Blackstone hope to trump a rival offer from Sinclair Broadcasting (SBGI) , the largest owner of U.S. television stations, and plan to form a joint venture for the deal, with Blackstone providing the cash and Fox injecting its own portfolio of stations, according to the FT.

Fox has 28 owned and operated stations in the U.S. but its broadcast network is carried by dozens of other stations -- some of which are owned by Tribune. Fox's bid plans are partly defensive, the FT noted. If Sinclair succeeds in buying Tribune it will own these stations and be better placed to drive a harder bargain in carriage negotiations with Fox. Combining its station portfolio with Tribune would give Fox more ways to exploit sports rights, particularly the National Football League.

Shares of Tribune Media, which has a market capitalization of $3.2 billion, were inactive in premarket trading on Monday.

4. -- A union representing 1,200 U.S. air maintenance workers at United Parcel Service (UPS)  raised the pressure on the delivery giant to settle a three-year contract dispute, saying it would seek clearance to strike, Reuters reported.

The union is taking its grievances directly to UPS shareholders, running as an advertisement an open letter to UPS CEO David Abney ahead of a shareholders meeting on Thursday.

The letter, which has been delivered to board members, was signed by nearly 78% of members of Local 2727 of the Teamsters union, asking the company to maintain air mechanics' current health plan and not demand other concessions, Reuters reported.

"We're not willing to back off of this and we will strike over it," said Tim Boyle, the local president.

The company said that it continues to negotiate in good faith with the union.

5. -- Dish Network (DISH) reported first-quarter earnings of 76 cents a share, topping forecasts of 70 cents. Revenue of $3.68 billion came in below forecasts of $3.76 billion.

Earnings are also expected Monday from Advanced Micro Devices (AMD) , Cardinal Health (CAH)  , Broadsoft (BSFT) , Chemours (CC)  , Diamond Offshore (DO)  and Tenet Health (THC) . 

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