What to watch today: Stocks to bounce, China warns against US travel, and Tesla faces demand doubts

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U.S. stock futures were pointing to a higher Wall Street open, a day after fears about tech company investigations pushed the Nasdaq into 10% correction territory. Both the S&P 500 and Nasdaq have fallen in eight of the past 11 sessions. However, a late-day Monday comeback helped push the Dow into positive territory at the close as it seeks to avoid its first seven-week losing streak in 18 years. (CNBC)

* The government is threatening big tech, and the market just took notice (CNBC)

On today’s economic calendar, the government is out with April factory orders at 10 a.m. ET. Chicago Fed President Charles Evans will be interviewed on CNBC at 8 a.m. ET, and Fed Vice Chairman Richard Clarida will be on at 1:15 p.m. ET. (CNBC)

* Fed’s Mary Daly says trade escalation is not the only risk facing the US economy (CNBC)
* Here’s why bond yields are falling and why the rout won’t end anytime soon (CNBC)

Cracker Barrel (CBRL), Lands’ End (LE), and Tiffany (TIF) are all out with quarterly earnings this morning. Salesforce (CRM) and Gamestop (GME) issue quarterly numbers after today’s closing bell. (CNBC)

* Tiffany shares slide after it cuts full-year profit guidance and sales miss estimates (Reuters)

Shares of Box (BOX) were losing more than 15% in the premarket, after the cloud storage firm lowered its revenue forecast for the full year. However, Box late Monday did report an adjusted quarterly per-share loss that was smaller than expected. Revenue also exceeded expectations. (TheStreet)

* CVS to open 1,500 HealthHUB stores over next two years (CNBC)
* Walmart is going after high school students in war for talent (CNBC)

Moving from pageantry to policy during his state visit to Britain, President Donald Trump today urged embattled Prime Minister Theresa May to “stick around” to complete a U.S.-U.K. trade deal, adding to this recent chapter of uncertainty in the allies’ storied relationship. (AP)

* Trump baby blimp flies again in London as thousands protest UK visit (CNBC)

GOP lawmakers are in talks to block Trump’s planned tariffs on Mexican imports, which are set to start next Friday. The vote could also block billions of dollars in border wall funding that the president announced in February after he declared a national emergency at the border. (Washington Post)

Beijing, in the middle of a trade war with the U.S., stepped up its warnings, with China’s Ministry of Foreign Affairs today announcing a safety warning for Chinese citizens and companies in the U.S. (CNBC)

China is pushing ahead with the development of its own chip industry as major firms like Huawei face the threat of losing access to U.S. technology. If China successfully develops its own semiconductor industry, that could ultimately hurt American companies that have reaped big profits in the country. (CNBC)

Secretary of State Mike Pompeo released a statement ahead of today’s 30th anniversary of the bloody pro-democracy protest at Tiananmen Square in Beijing, where he saluted the “heroes of the Chinese people who bravely stood up … to demand their rights.” (AP)

* Beijing vows to defend ‘islands and rocks’ in the South China Sea (CNBC)

The House is set vote a week from today on holding Attorney General William Barr in contempt of Congress for failing to comply with a subpoena seeking Robert Mueller’s unredacted report on Russian election interference. Ex-White House counsel Don McGahn is also on the contempt resolution. (WSJ)

The House passed a long awaited $19 billion disaster aid package that, pending Trump’s signature, would send relief to areas of the U.S. battered by storms. Republicans had blocked three previous attempts to pass it unanimously. (CNBC)

Fiat Chrysler’s (FCAU) bid to buy French automaker Renault is running into opposition from activist hedge fund CIAM. The fund wrote to the board of Renault saying the proposed $35 billion transaction is “opportunistic” and strongly favors Fiat Chrysler. (CNBC)

Tesla (TSLA) is facing skepticism about the depth of demand for its electric cars, according to the Wall Street Journal. Tesla’s Chief Executive Elon Musk described demand as “insanely high,” while total deliveries fell 31% in the first quarter compared with the last three months of 2018.

* IRS is looking into Uber’s 2013-14 tax returns (CNBC)

Match Group’s (MTCH) Tinder dating app has been ordered by Russian authorities to share user data and messages with the government and with intelligence agencies. (Reuters)

Apple kicked off its annual Worldwide Developers Conference where it unveiled its new software for Mac, iPhone and iPad as well as a new $6,000 Mac Pro. (CNBC)

* Here are the biggest improvements coming to your iPhone this fall (CNBC)
* First look at Apple’s new $5,999 Mac Pro (CNBC)

Justin Sun, the crypto entrepreneur who paid a record $4.57 million for lunch with Warren Buffett, said this morning that he wants to change the billionaire investor’s mind on hating bitcoin. (CNBC)

Coupa Software (COUP) earned an adjusted 3 cents per share for its latest quarter, compared to analyst forecasts for a loss of 4 cents per share. The business software company’s revenue also beat estimates. Coupa raised its full-year revenue forecast as well as the lower end of its earnings outlook range.

Bemis (BMS) swaps places with Mattel (MAT) by joining the S&P 500. The toymaker joins the S&P MidCap 400. The moves are effective prior to Friday’s open. Bemis, a packaging products maker, is in the process of merging with Australia-based rival Amcor.

Loop Capital raised its price target on Amazon (AMZN) shares to $2,380 from $2,200, maintaining a “buy” rating. Loop reiterated its “buy” rating on Facebook (FB) while maintaining a $200 price target. Both stocks were under pressure Monday on the increased likelihood of federal business practice probes.

Fellow FANG stock Netflix (NFLX) was upgraded to “buy” from “hold” at Loop, which raised the price target to $425.