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What to watch today: Dow to sink, China lashes out on trade, and FAA meets on grounded 737 Max jets

BY THE NUMBERS

U.S. stock futures were pointing to a lower Wall Street open, with China ramping up the rhetoric in its ongoing trade dispute with the U.S., saying talks can't continue unless Washington addresses its "wrong actions." (CNBC)

* Huawei says its own operating system could be ready this year (CNBC)
* Shares of Huawei suppliers tumble amid ongoing turmoil (CNBC)

With China trade uncertainty gripping the market, the Dow, S&P 500, and Nasdaq are coming off their third down session in the last four. Ahead of Thursday trading, the Dow was around breakeven for the week, after falling for the past four weeks. (CNBC)

On today's economic calendar, the Labor Department issues its weekly report on initial jobless claims at 8:30 a.m. ET. The Commerce Department is out with April new home sales at 10 a.m. ET.

Best Buy (BBY), Hormel Foods (HRL), Medtronic (MDT) and Toro (TTC) are out with quarterly earnings this morning. Autodesk (ADSK), Hewlett Packard Enterprise (HPE), HP Inc. (HPQ), Intuit (INTU), Lions Gate (LGF.A), Ross Stores (ROST), and Splunk (SPLK) release their numbers after the closing bell. (CNBC)

In an invitation-only call with institutional clients of Morgan Stanley, Tesla analyst Adam Jonas expressed skepticism about the electric vehicle maker and said not to count on a buyer like Apple to bail the company out. (CNBC)

* Las Vegas approves nearly $49 million contract with Elon Musk's tunnel digging Boring Company (The Verge)

IN THE NEWS TODAY

The FAA is hosting dozens of regulators from around the world in Dallas today to talk about the grounded Boeing 737 Max jets, which were pulled out of service in March after two fatal crashes overseas five months apart. There's no timetable for approving the return of Max planes, said Acting FAA Chief Dan Elwell. (CNBC)

*American Airlines CEO commits to 737 Max fleet once it's fixed (NBC News)

The Pentagon will present today plans to the White House to send up to 10,000 more troops to the Mideast, in a move to beef up defenses against potential Iranian threats, U.S. officials said. (AP)

The California man who became known as the "American Taliban" after his capture on an Afghanistan battlefield in late 2001 is set for release today. John Walker Lindh, 38, has spent more than 17 years in prison after pleading guilty to providing support to the Taliban. (AP)

A federal judge in New York City said Deutsche Bank (DB) and Capital One (COD) can turn over financial documents related to President Donald Trump and his businesses in response to subpoenas from two Democrat-led House committees. (CNBC)

* Deutsche Bank CEO speaks of 'tough cutbacks' at contentious shareholder meeting (CNBC)
* Wells Fargo, TD Bank already gave Trump-related documents to Congress (NBC News)

Attorney Michael Avenatti was indicted in separate cases charging him with stealing about $300,000 from his former porn star client Stormy Daniels, and with trying to extort athletic shoe giant Nike (NKE) out of tens of millions of dollars. (CNBC)

House Speaker Nancy Pelosi snapped at White House counselor Kellyanne Conway after an aborted meeting on infrastructure. "I don't talk to staff. I talk directly to the president," Pelosi said after Conway asked the speaker a question, according to a senior administration official. (CNBC)

The redesign of the $20 bill featuring Harriet Tubman will no longer be unveiled next year, Treasury Secretary Steven Mnuchin said. Mnuchin said the design process has been delayed and no new imagery will be unveiled until 2028. (CNBC)

British Prime Minister Theresa May could announce her resignation in the next few days, according to media reports, as she faces pressure from members of her own party to step down. May has faced a backlash over the last 48 hours after she announced a new Brexit plan. (CNBC)

* India's Prime Minister Narendra Modi wins re-election with a strong mandate (WSJ)

Celebrity chef Mario Batali, who dissolved his partnership with his restaurants in March, is facing a criminal assault charge that he groped and kissed a woman at a restaurant in 2017. He's been charged with indecent assault and battery and will be arraigned tomorrow in Boston. (AP)

A tornado caused heavy damage in Missouri's capital city as severe weather swept across the state overnight, causing at least three deaths and injuring nearly two dozen people as homes and businesses were ripped apart. (AP)

STOCKS TO WATCH

L Brands (LB) reported quarterly profit of 14 cents per share, surprising analysts who had expected a breakeven quarter. The Victoria's Secret parent also raised its outlook for the full year, on the heels of record results for its Bath & Body Works unit.

NetApp (NTAP) reported fiscal fourth-quarter profit of $1.22 per share, falling short of estimates by 4 cents. Revenue also missed. The data storage company gave a weaker-than-expected forecast, though it did raise its quarterly dividend.

Harley-Davidson (HOG) executive Larry Hund told the Wall Street Journal that expanding its loan operation will be a key part of the company's strategy to attract new and younger motorcycle buyers, as it plans to introduce 100 new models through 2027.

Spotify (SPOT) has notified an unspecified number of users that it has reset their passwords, according to a Tech Crunch report. The music streaming service said the reset was due to "detected suspicious activity" but did not elaborate.

Tyson Foods (TSN) is in talks to invest billions in Kazakhstan to avoid Chinese tariffs, according to the Financial Times. The talks are set to center around setting up a beef-processing plant, with an initial investment of $200 million.

WATERCOOLER

If you're heading out of town for Memorial Day weekend, try to sneak out at lunch to avoid the traffic. AAA is expecting a record number taking road trips this weekend. The worst time to leave? Today, between 4:45 and 6 p.m. (USA Today)