What's moving markets today: April 10, 2019

11:15 a.m. ET, April 10, 2019

Lyft stock falls as Uber's IPO gets closer

Lyft (LYFT) shares are down more than 5% today:

Reuters reported late Tuesday that rival Uber could file for its IPO as early as tomorrow.

Our Paul R. La Monica called the Lyft sell-off "silly" in a tweet:

10:39 a.m. ET, April 10, 2019

Big bank CEOs don't think Brexit poses a systemic risk

The CEOs of the likes of Citi (C), Bank of America (BAC) and Goldman Sachs (GS) said in comments made during a House Financial Committee hearing that the possibility of a hard, no-deal Brexit would pose a challenge but not a systemic risk.

At present, the UK is scheduled to leave the European Union on Friday, April 12, without a deal governing its future trade relationship with Brussels. The initial Brexit date was meant to be March 29, before Britain secured a first delay.

EU members are set to meet for an emergency summit to decide whether to offer a further delay, while UK Prime Minister Theresa May is expected to ask for a delay until June 30.

10:44 a.m. ET, April 10, 2019

T-Mobile's cable TV competitor has a new name

T-Mobile's attempt to disrupt the cable industry is being rebranded: It's ditching the Layer3 name for TVision.

The company announced an update to its cable TV-killer, which includes a cable-like box to use the service.

TVision will initially cost $90 per month and include more than 150 cable channels, local affiliates, a DVR and 35,00 on-demand video titles. It will only be available in 8 US cities for now, including New York and Los Angeles.

T-Mobile bought Layer3, a video service startup, in 2017 to eventually build a "disruptive new TV service." The launch has been plagued with delays.

12:18 p.m. ET, April 10, 2019

Apple is 'too late to the game' with its new services, analyst warns

HSBC has downgraded Apple's stock to "reduce," which is basically a sell, because the bank isn't fully convinced about the tech company's new focus on selling services. TApple is attempting to diversify its revenue as iPhone sales slow.

Apple (AAPL) announced a batch of new services at a splashy event last month, including new pay-TV shows, a credit card, a news subscription product and a gaming platform.

HSBC analyst Erwan Rambourg wrote in a note to clients that he doesn't think these products will attract new customers. He added:

We believe Apple has come too late to the game and its offerings, by and large do not differ much or are below par to offerings from competition. While the move into the credit card business appears to be a key shift, we believe the revenue and profitability from this business will be limited."

Apple's stock is slightly lower in early trading. It's up more than 25% for the year.

10:03 a.m. ET, April 10, 2019

Dow opens 25 points higher

US stocks opened flat Wednesday.

The Dow rose 25 points, and the S&P 500 and Nasdaq each rose 0.1%.

Delta (DAL) shares rose 1.3% after the airline reported surprisingly strong earnings.

Apple (AAPL) fell slightly after an HSBC analyst downgraded the stock on iPhone sales weakness.

US stocks drifted higher as investors were digesting March consumer price inflation data, which rose 0.4% on the month and 1.9% year-over-year. The Federal Reserve will publish the minutes of its March meeting at 2 p.m. Eastern.

In individual equities, airlines remain in focus following Delta’s earnings before the bell. Major bank CEOs are meanwhile are getting questioned by the House Financial Committee in a hearing on accountability in the financial services industry.

9:27 a.m. ET, April 10, 2019

US consumer prices rise in March

Consumer prices for US shoppers increased by 0.4% in March, according to a new report from the Labor Department.

Our Paul R. La Monica says he doesn't expect the markets to be affected by the newly released Consumer Price Index:

10:03 a.m. ET, April 10, 2019

Major bank CEOs to get grilled on accountability by House Financial Committee

JP Morgan CEO Jamie Dimon.
JP Morgan CEO Jamie Dimon.

CEOs of major banks including JP Morgan (JPM), Bank of America (BAC), Morgan Stanley (MS) and Goldman Sachs (GS) are about to face some tough questions from the House Financial Services Committee, as a hearing on holding megabanks accountable is kicking off in Washington.

Other than Wells Fargo (WFG), which was before the committee in March, all major financial institutions are represented in Wednesday's hearing, chaired by Maxine Waters.