10 things you need to know before the opening bell

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10 Things Before the Opening Bell

Here's what you need to know before the markets open.

1. 'There is no escape': Stocks, oil, and bitcoin plunge as US lawmakers fight over coronavirus rescue package. "If affairs start to get out of control, the market sell-off will be profoundly uglier than any of the previous crises."

2. US unemployment could surge to 30% next quarter and GDP might plunge 50%, Fed's Bullard warns. "It is a huge shock and we are trying to cope with it and keep it under control," the St. Louis Fed president told Bloomberg on Sunday.

3. A deep European recession is now 'inevitable' and it could hit the continent as hard as 2008 despite policy moves, UBS says. The continent's economy could shrink by as much as 4.5% — similar to its decline during the global financial crisis.

4. Goldman Sachs sees 1% drop in global GDP due to 'coronacrisis.' The pandemic and the response to it pose "a physical (as opposed to financial) constraint on economic activity that is unprecedented in postwar history."

5. SoftBank plans to sell up to $41 billion assets to fund another share buyback, reduce debt. The Japanese tech conglomerate wants to finance a $45 billion buyback, on top of a $4.5 billion buyback it announced earlier this month.

6. Walmart ups minimum wage in e-commerce warehouses by $2 as orders surge on virus worries. The hike boosts entry-level pay to between $15 and $19 an hour from now through May 25.

7. These 4 stunning charts show just how quickly the coronavirus outbreak decimated key US industries - and pushed the economy to the brink of recession. The pandemic has hammered the airline, hotel, restaurant, and cruise industries.

8. Stocks are down. In Europe, Germany's DAX fell 2.5%, Britain's FTSE 100 fell 2.9%, and the Euro Stoxx 50 fell 2.8%. In Asia, China's Shanghai Composite slid 3.1% and Hong Kong's Hang Seng dropped 4.9%. In the US, futures underlying the Dow Jones Industrial Average, the S&P 500, and the Nasdaq were down between 0.5% and 0.9%.

9. It's a big day for Chinese earnings. Jiangsu Hengrui Medicine and Geely are two highlights.

10. There's key data on the docket. The Chicago Fed's activity reading will be closely watched.