Here is what you need to know.

  1. Tariffs on hundreds of billions of dollars’ worth of Chinese goods are set to increase on Friday. US Trade Representative Robert Lighthizer confirmed on Wednesday that new tariffs on hundreds of billions of dollars of Chinese goods will go into effect on Friday after China walked back on trade-deal commitments.
  2. Stock markets around the world are under pressure. Hong Kong’s Hang Seng (-2.39%) was hit hardest in Asia, and France’s CAC (-1.32%) trails in Europe. The S&P 500 is set to open down 0.55% near 2,863.
  3. The Chinese yuan hits its lowest level since January. The offshore Chinese yuan on Thursday fell more than 0.6% to 6.8511 per dollar, its weakest since January 9.
  4. A Pimco investment chief warns of the ‘riskiest corporate market we’ve ever had.’ “We’ve described this as the riskiest corporate market we’ve ever had,” Scott Mather, the chief investment officer of US core strategies at Pimco, told Business Insider. “A lot of people don’t recognize that. But it is that way, because it’s doubled in size in the past decade, because everybody’s levered up.”
  5. Uber is reportedly going to price its IPO at the midpoint of its range or worse. The ride-hailing giant will price its initial public offering at $47 a share or below, giving it a valuation of up to $86 billion, according to The Wall Street Journal.
  6. Lyft craters to a record low. Lyft shares shed almost 11% on Wednesday after the company delivered underwhelming first-quarter results.
  7. Beyond Meat’s winning streak is over. Shares of the plant-based-burger marker plunged 8.7% to $72.25 apiece on Wednesday, ending their streak of gaining in every session since last Thursday’s IPO. They’re still up 189% from where they priced May 1.
  8. The electric-truck maker Workhorse soared almost 215% after Trump tweeted that it was buying a plant from GM. “GREAT NEWS FOR OHIO!” President Donald Trump tweeted Wednesday. “Just spoke to Mary Barra, CEO of General Motors, who informed me that, subject to a UAW agreement etc., GM will be selling their beautiful Lordstown Plant to Workhorse, where they plan to build Electric Trucks.”
  9. Earnings reporting remains heavy. Cronos Group and Tradeweb report ahead of the opening bell while Callaway Golf, Dropbox, GoPro, and Yelp release their quarterly results after markets close.
  10. US economic data picks back up. Producer prices, initial claims, and the trade balance will all be released at 8:30 a.m. ET. The US 10-year yield was down 3.4 basis points at 2.45%.