10 things you need to know today (SPY, SPX, QQQ, DIA, BUD, WFC)

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May 16, 2017 2:06 PM

This is what traders are talking about.

Miss District of Columbia Kara McCullough after being crowned 2017 Miss USA.

Here is what you need to know.

Trump reportedly revealed highly classified information to the Russians. During last week's meeting with Russian officials, President Donald Trump jeopardized a key source of intelligence about the Islamic State, The Washington Post reports.

The euro is at a 6-month high. The euro ticked above 1.10 against the dollar for the first time since November, moments before eurozone Flash GDP posted an in-line print of up 0.5%.

UK inflation hasn't been this hot since 2013. Consumer prices in the UK climbed by 2.7% year-over-year in April, making for their fastest gain since September 2013, data released by the Office for National Statistics showed.

Chinese steel production hits a record high. Data released by China's National Bureau of Statistics showed 72.78 million tonnes of steel were produced in April, topping the record 72 million tonnes that were churned out in March.

The retail apocalypse is also hitting Australia. Australia's retail sector, the second-largest employer behind healthcare, has lost more than 60,000 jobs over the past year.

Philadelphia is suing Wells Fargo. The City of Philadelphia is accusing Wells Fargo of predatory lending for steering minority borrowers into products that were higher-cost and riskier even if they qualified for better terms, Reuters says.

AB InBev is investing $2 billion in the US. The world's largest brewer will spend $200 million on brewery and distribution products in 2017 and a total of $2 billion by 2020 as it looks to prop up declining US volume and market share, Reuters says.

Stock markets around the world trade mixed. China's Shanghai Composite (+0.7%) led in Asia, and France's CAC (+0.3%) trails in Europe. The S&P 500 is set to open little changed near 2,403.

Earnings reports keep coming. Dick's Sporting Goods, Home Depot, Staples, and TJX are among the names reporting ahead of the opening bell.

US economic data flows. Housing starts and building permits will be released at 8:30 a.m. ET before industrial production and capacity utilization are due out at 9:15 a.m. ET. The US 10-year yield is little changed at 2.34%.

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