Here are the most important news items that investors need to start their trading day:
1. Promising start
Stocks didn't exactly set the world on fire Monday, but they finished in the green nonetheless. Things should get more interesting Tuesday, particularly after China's GDP report and as more companies post earnings. Now that we're more than a full quarter into the year, investors will be keen to look for any changes in companies' outlook and for insights into the state of the consumer, since there are increasing signs that the otherwise hot economy is slowing down. More big banks are on the schedule (see below), while Netflix and United Airlines are set to go after the bell Tuesday. Follow live market updates.
2. More big banks report
After strong earnings from JPMorgan Chase and Citigroup last week, the Street is looking for whether other big banks will follow suit. Bank of America posted its quarterly results early Tuesday, beating expectations on the top and bottom lines due to a boost from higher rates. Goldman Sachs also reported Tuesday morning, although its bond trading results came in weaker than expected. Morgan Stanley is slated to report its results Wednesday morning.
3. China posts strong growth
China's GDP for the first quarter was a win for the bulls. The country's economy grew at a 4.5% annual rate in the first three months of the year, according to China's National Bureau of Statistics, easily topping estimates of 4%. That's the best annual GDP growth rate for China in a year. Retail sales gave the economy a nice bump in March, too, rising 10.6% thanks to a boost in e-commerce. Now that China has shed its onerous "zero Covid" policies, experts expect the growth to continue. While the Chinese government sees growth of around 5% this year, Goldman Sachs expects the country's GDP to jump by 6%. "Today's data are in line with our full-year bullish view for China growth," Hui Shan, Goldman Sachs' chief China economist, told CNBC.
4. Apple's rate appeal
Apple now offers a savings account, as the tech giant expands its foray into consumer finance. And it's got a pretty good rate: 4.15%. The company is offering the account through Goldman Sachs, also its partner for the Apple Card. (You need an Apple Card to get an Apple savings account.) While there are high-yield savings accounts out there with better rates, Apple's name recognition could give it an advantage, according to some experts. It's also apparently easy to set up through your iPhone, too.
5. McCarthy's debt ceiling pitch
House Speaker Kevin McCarthy brought his proposal to address the debt ceiling to Wall Street, although it isn't clear whether the idea even has support within his own party. The California Republican, speaking Monday at the New York Stock Exchange, pledged to hold a vote on raising the debt limit for a year to go along with budget cuts and work requirements for food stamps and Medicaid. Even if it passed the House, though, such a measure would flop immediately in the Democratic-controlled Senate. President Joe Biden has refused to negotiate over raising the debt limit. And there's no guarantee that McCarthy, who can only afford to lose a handful of GOP votes to pass anything in the House, can even get it out of the chamber. "I think I have the support of America," he told CNBC after his speech. "I'll get the party behind it." The U.S. faces default if Congress doesn't raise the debt limit.
– CNBC's Sarah Min, Yun Li, Hugh Son, Jihye Lee, Ashley Capoot and Christina Wilkie contributed to this report.
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