Good morning. US stock futures were mostly flat in Monday morning trading as investors assessed moves in the banking sector.

"The greatest enemy of knowledge isn't ignorance. It is the illusion of knowledge"

Daniel Boorstin

Top News

Biden official: Data protection is a major priority

WHAT: The Biden Administration is starting to get really serious about protecting Americans' data from foreign companies. In fact, Commerce Secretary Gina Raimondo recently announced they're taking steps to "lockdown" communication and technology networks to curtail foreign threats.

WHY: "I think it is a top priority and we need to move with urgency" Raimondo said at a recently concluded Senate hearing. Concerns about Chinese-owned TikTok have sparked new efforts in Congress to boost power to address it, or potentially ban the popular video sharing app.

China's manufacturing cools

WHAT: China's manufacturing activity seems to have hit a bit of a speed bump in April according to recently released data from China's National Bureau of Statistics. The country's manufacturing purchasing managers' index - a broad gauge of domestic manufacturing activity - fell to 49.2, down from 51.9 in March.

WHY: Policymakers in China have been under pressure to rev up the economy after Covid-19, but are facing some serious headwinds caused by lackluster global demand and a weak domestic property market.

First Republic goes to JPMorgan

WHAT: The fate of embattled First Republic Bank has been decided -- it will now be taken over by JPMorgan Chase. Several large banks including JP Morgan Chase, Bank of America, US Bancorp and PNC Financial Services Group were invited by the Federal Deposit Insurance Corporation to make bids for First Republic.

WHY: First Republic became the subject of a bidding war after a fight for its survival that began in March when panic about the stability of regional lenders cascaded across the US.

In Other News

We want more US market share!

 WHAT: Adidas has been feeling the heat since breaking up with Kanye West and his Yeezy shoes, but now they're ready to step up their game and score big in the American sports market according to the company's North American President Rupert Campbell.

WHY: "We want to double down on all things that are US-centric, particularly around sports" Campbell said in an interview with the Wall Street Journal. Apart from ending the Yeezy collaboration, Adidas has also stopped its Ivy Park collaboration with pop star Beyonce.

Subway's bankers pony up $$ for buyout

WHAT: Looks like the bankers in charge of selling Subway are trying to sweeten the deal for private equity firms interested in buying the sandwich chain by throwing in a $5 billion acquisition financing plan in hopes of overcoming a challenging environment for buyouts.

WHY: More than 10 private equity firms have put in bids for Subway, with bids ranging from $5 billion to $10 billion.

Energizer, Walmart sued over battery prices

WHAT: Walmart and Energizer have found themselves in some hot water with consumers and retailers: they're being sued in three class action lawsuits for allegedly teaming up to hike the prices of disposable batteries.

WHY: According to the lawsuits, Energizer agreed "under pressure from Walmart" to inflate wholesale battery prices for other retailers starting around January 2018, and require those retailers not to undercut Walmart on price.

Key Economic Events

• Monday - No Major Economic News

• Tuesday - FOMC Begins Two-Day Meeting

• Wednesday - FOMC Rate Decision, Fed Chair Holds Press Conference

• Thursday - ECB President Lagarde Press Conference

• Friday - US Unemployment Rate, Fed's Bullard Discusses The Economic Outlook

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