10 things you need to know before the opening bell

Here’s what you need to know before markets open.

1. The UK economy shrank more than it has done in over 40 years at the start of 2020 – and it could get 15 times worse. Households curtailed their spending while other sectors like services, production, and construction all negatively impacted the overall economy.

2. Shell cuts its valuation by $22 billion as it battles the impact of the coronavirus on the oil industry. The energy major expects oil prices to level at $50 a barrel in 2022, versus an initial prediction of $60 a barrel.

3. ‘This is really embarrassing’: Warren Buffett doesn’t need the Fed to buy his bonds, analysts say. The Federal Reserve bought almost $6 million of debt in Berkshire Hathaway’s energy subsidiary as part of its coronavirus corporate bond-buying programme, as well as debt in Berkshire-owned companies.

4. Postmates has quietly revived its plans to go public amid a surge of food delivery deals during the pandemic. The food delivery company could make its IPO registration public as early as July.

5. Wirecard's North America unit seeks buyer, distances itself from German company. The unit was formerly known as Citi Prepaid Card Services.

6. Jefferies says investors should buy these 14 cheap stocks that are financially strong and positioned for market-beating returns. The investment bank says performance for these historically strong returners is about to improve, and the stocks are also much cheaper than usual.

7. 3 financial experts say make 4 these trades right now to get ahead of surprising gains when earnings season starts next month. The upcoming earnings season will send some stocks soaring as others collapse. Here's where three experts say traders should be putting their money.

8. Asian and European stocks up, US futures dip. In Europe, Germany's DAX rose 0.4%, Britain's FTSE 100 fell 0.4%, and the Euro Stoxx 50 rose 0.2%. In Asia, China's Shanghai Composite rose 0.7%, Hong Kong's Hang Seng rose 0.5%, and Japan's Nikkei rose 1.3% at the close. In the US, futures underlying the Dow Jones Industrial Average, the S&P 500, and the Nasdaq fell 0.2%.

9. Earnings keep coming. FedEx, ConAgra, and Carnival are highlights.

10. On the economic front. API Weekly Crude Oil Stock is released, and Federal Reserve Chairman Jerome Powell is scheduled to testify before the House Committee on Financial Services later today.