The U.S. is threatening to put tariffs on $11 billion of EU products
Stocks are poised for a lower open, with traders on edge after the U.S. threatened to take action against the European Union (EU) in response to its subsidies for Airbus. In a tweet this morning, President Donald Trump said the World Trade Organization found the subsidies "adversely impacted the United States, which will now put Tariffs on $11 Billion of EU products!" The EU, meanwhile, is reportedly preparing retaliatory tariffs for the U.S. over its subsidies for Boeing (BA). At last check, futures on the Dow Jones Industrial Average (DJI), Nasdaq-100 Index (NDX), and S&P 500 Index (SPX) were all below fair value, with the latter index at risk of snapping its lengthy daily win streak.
Continue reading for more on today's market, including:
- Schaeffer's Senior V.P. of Research Todd Salamone explains why a run through September stock market highs is imminent.
- Tread lightly on this bank stock before earnings.
- Sliding Roku stock could be due for a bounce.
- Plus, Bank of America hikes pay; Cerner pops on buyback boost; and a sinking drug stock.

5 Things You Need to Know Today
-
The Chicago Board Options Exchange (CBOE) saw 846,951 call contracts traded on Monday, compared to 578,942 put contracts. The single-session equity put/call ratio jumped to 0.68, and the 21-day moving average stayed at 0.61.
- Bank of America Corp (NYSE:BAC) said it will raise its minimum wage to $17 on May 1, with a gradual increase up to $20 by 2021. The big bank also saw its price target cut to $30.50 from $31 at J.P. Morgan Securities, citing expectations for a drop in investment banking fees when the company reports earnings this Friday, April 12. After closing last night at $29.17, BAC shares are up 0.2% ahead of the bell.
- Cerner Corporation (NASDAQ:CERN) said it was boosting its buyback program by $1.2 billion to $1.5 billion, representing roughly 8.1% of outstanding shares, based on last night's close at $57.09. This is part of a "cooperation agreement" with activist investor Starboard Value, which also includes the electronic medical records provider appointing four new directors to the board. CERN stock is up 7% in electronic trading, set to open near $58 -- a ceiling since mid-February.
- Zogenix, Inc. (NASDAQ:ZGNX) stock is crumbling in pre-market trading -- down 28% -- after the Food and Drug Administration (FDA) said it will not review the company's marketing application for its seizure drug, citing an incorrect data set and the absence of some non-clinical studies. An onslaught of bear notes has ensued, including a downgrade to "neutral" at Wedbush, and ZGNX stock is set to open at levels not seen since the start of the year.
- The Labor Department's Job Openings and Labor Turnover Survey (JOLTS) is expected. Another quiet day is slated for earnings ahead of the start of first-quarter earnings season.

Asian Stocks Rise With Oil Prices
Most major Asian markets finished higher today amid a resurgent conflict in Libya, which had Brent crude futures hitting new year-to-date highs overnight. Against this backdrop, Japan’s Nikkei added 0.2%, Hong Kong’s Hang Seng tacked on 0.3%, and South Korea’s Kospi was up 0.1%. China’s Shanghai Composite was the only major regional market to end lower, down 0.2% at the close.
Following U.S. Trade Representative Robert Lighthizer’s threats to impose tariffs on roughly $11 billion of EU products, markets are mostly flat at midday. The French CAC 40 is 0.06% higher, while the German DAX has lost 0.2%. London’s FTSE 100 is 0.06% higher as traders eye U.K. Prime Minister Theresa May’s Brexit summit with French and German leaders later today.