Here are five things you must know for Tuesday, April 3:
1. -- U.S. Stocks Seen Higher After Tech Selloff
U.S. stock futures were rising Tuesday, April 3, following a selloff in the previous session that was led by a plunge in technology shares.
Contracts tied to the Dow Jones Industrial Average rose 87 points, while those linked to the broader S&P 500 were up 12 points. Futures for the Nasdaq rose 33 points.
The selloff on Wall Street on Monday, April 2, marked the worst start to April since the Great Depression. Stocks plunged on the first trading day of the second quarter, with the S&P 500 and Nasdaq tumbling into correction territory. The Nasdaq slumped 2.74% as shares of big tech names such as Amazon.com Inc. (AMZN - Get Report) , Facebook Inc. (FB - Get Report) , Apple Inc. (AAPL - Get Report) , Netflix Inc. (NFLX - Get Report) and Alphabet Inc. (GOOGL - Get Report) tumbled amid fears of a regulatory clampdown on tech companies.
Amazon declined 5.2% on Monday after Donald Trump renewed his attacks on the the e-commerce giant. The stock was down 0.8% in premarket trading on Tuesday.
The U.S. economic calendar on Tuesday includes car sales for March from automakers such as Ford Motor Co. (F - Get Report) . General Motors Co. (GM - Get Report) , however, said Tuesday it would stop reporting monthly sales, saying 30 days wasn't enough time to provide an accurate snapshot of the market. It will instead report U.S. sales on a quarterly basis.
U.S. car sales in March likely rose 0.4% from a year earlier, according to industry consultants J.D. Power and LMC Automotive. They predicted the seasonally adjusted annualized rate for March will be 16.9 million vehicles, up slightly from 16.8 million units in March 2017.
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2. -- Fox Says Disney Could Acquire Sky News
Twenty-First Century Fox Inc. (FOXA) has offered to ring-fence Sky News and possibly sell it to the Walt Disney Co. (DIS - Get Report) in its bid to gain approval for its acquisition of Sky PLC (SKYAY) .
Disclosures by Britain's Competition and Markets Authority on Tuesday showed that Fox has offered to transfer Sky News to a newly established private company as soon as reasonably possible after the Sky acquisition closes. Fox, in a statement, said that Disney has expressed interest in buying the news channel whether or not Disney's proposed $66 billion acquisition of Fox's entertainment assets proceeds.
In February, Fox pledged as part of its so-called firewall remedies for Sky News to maintain and fund a fully independent Sky News for at least 10 years.
Fox's proposed $15.5 billion acquisition on Sky, which was first announced in December 2016, has come under further pressure after Comcast Corp. (CMCSA - Get Report) made a surprise £22.1 billion ($30.4 billion) bid for Sky.
3. -- CBS Preparing Low-Ball Bid for Viacom
The CBS offer also is expected to stipulate that its chairman and CEO, Leslie Moonves, would run the combined company for at least two years, the person said. Moonves' contract with CBS goes through mid-2021.
CBS and Viacom announced in February they had formed special committees composed of independent directors to evaluate whether a consolidation would benefit shareholders. Shari Redstone, vice chair of both companies, has been for a merger.
Viacom shares fell 4.2% in after-hours trading on Monday.
4. -- Spotify Is Set to Go Public
Spotify Technology Inc. will begin trading Tuesday on the New York Stock Exchange, but unlike a traditional initial public offering the streaming music giant will utilize a direct listing in which no additional money will be raised by the company, and existing shareholders will be able to sell shares to the public.
Goldman Sachs Group Inc., Morgan Stanley and Allen & Co. have been hired as advisers, but there are no underwriters involved in the listing -- and thus no hefty underwriting fees.
"If Spotify is able to pull this off, this could serve as a template for existing tech unicorns," said Sharespost Inc. managing director, Rohit Kulkarni.
Because Spotify is listing directly, Kulkarni said the stock price likely will be highly volatile once it begins trading. Trades on private markets have given Spotify a recent valuation as high as $26.5 billion, and in its IPO 55.7 million shares of the company (more than 25% of its outstanding shares) will become eligible to be sold.
Spotify will trade under symbol "SPOT."
Spotify IPO day (at least they sprung for the traditional NYSE sign) pic.twitter.com/KddmnW6Pe8— Brian Sozzi (@BrianSozzi) April 3, 2018
5. -- Walmart in Talks to Buy PillPack
The sources told CNBC the PillPack deal isn't yet finalized and could still fall apart, and that Walmart has considered buying a number of start-ups. The sources did say, however, that discussions between the two about a sale have been happening for months.
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(This article has been updated with fresh stock market prices).
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