Stock Futures Drop as Trump Reignites China Trade Concerns

Dow Jones Industrial Average (DJI) futures are below fair value this morning amid renewed trade war concerns. Earlier, President Donald Trump tweeted, "Our Trade Deal with China is moving along nicely, but ... we will probably have to use a different structure in that this will be too hard to get done and to verify results after completion." On the earnings front, retailers Target (TGT) and Lowe's (LOW) both reported first-quarter profit misses, although the latter is up in pre-market trading, as excitement continues to swirl around the company's new CEO. Later today, investors will digest the Fed's May meeting minutes, looking for clues to a possible June rate hike.

Continue reading for more on today's market, including:

• The best and worst days to own stocks next week.
• The Russell 2000 Index (RUT) signal could be pointing to a small-cap slowdown.
• J C Penney stock fell to a record low after the retailer's CEO split.
• Plus, Urban Outfitters and Ralph Lauren score earnings beats; and shareholders reject WYNN's executive compensation plan.

5 Things You Need to Know Today

1. The Chicago Board Options Exchange (CBOE) saw 903,015 call contracts traded on Tuesday, compared to 522,857 put contracts. The single-session equity put/call ratio rose to 0.58, and the 21-day moving average stayed at 0.61.
2. Urban Outfitters, Inc. (NASDAQ:URBN) stock is down 2.4% in electronic trading, despite reporting first-quarter earnings and revenue that exceeded analyst forecasts. In response, no fewer than seven brokerages issued price-target hikes, including Jefferies, to $48 from $43. URBN shares have been on a tear lately, hitting a three-year high last Thursday. The stock has more than doubled in the past year. 
3. Shares of Ralph Lauren Corp (NYSE:RL) are up 5% in electronic trading, after the retailer reported fiscal fourth-quarter earnings and revenue that surpassed estimates. Ralph Lauren stock is on track to open at a multi-year high, and has gained 70% in the last 12 months.
4. Wynn Resorts, Limited (NASDAQ:WYNN) stock is down 1.1% ahead of the bell, after shareholders rejected the casino's executive compensation plan at its annual meeting. WYNN stock has gained 23% since its March bottom, following the Steve Wynn scandal.

5. Today will also bring the flash composite purchasing managers index (PMI), weekly crude inventories report, and new home sales data. 58.com (WUBA), Burlington Stores (BURL), Dollar Tree (DLTR), L Brands (LB), NetApp (NTAP), and Sears Holdings (SHLD) are scheduled to announce quarterly reports.

Trade War Concerns, PMI Data Sink Asia and Europe

Asian markets ended the day mostly lower as U.S.-China trade war worries resurfaced. Japan's Nikkei finished 1.2% lower in response to a safe-haven surge in the yen. Hong Kong's Hang Seng ended down 1.8% as financial and energy stocks lagged, while China's Shanghai Composite shed 1.4%. In South Korea, a rally in the tech sector erased the Kospi's early losses, sending the index 0.3% higher for the day.

Stocks in Europe are also lower at midday, with the eurozone composite flash PMI coming in lower than anticipated, and uncertainty surrounding Italy's government continuing to worry investors. At last glance, London's FTSE 100 is 0.7% lower, France's CAC 40 has shed 1.4%, and Germany's DAX is down 1.6%.