What's moving markets today: April 10, 2019

By CNN Business

Updated 8:34 p.m. ET, April 11, 2019
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10:03 a.m. ET, April 10, 2019

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

From CNN Business' Anneken Tappe

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.

9:28 a.m. ET, April 10, 2019

Ford shifts top exec to oversee next generation of cars

From CNN Business' Chris Isidore

Ford (F) has named Jim Farley, who had been one of the top executives of Ford's global operations, as president of New Businesses, Technology & Strategy. He'll concentrate on the development of the next generation of cars and trucks.

Farley had previously been president of global markets, overseeing Ford’s business units around the world, as well as its Lincoln luxury brand. His new position is effective May 1.

In his new job Farley also will be responsible for the automaker's partnerships, including its growing alliance with Volkswagen. Farley will take over duties of Marcy Klevorn, who had been president of Ford's Mobility unit, and who is retiring in October.

General Motors (GM) made a similar executive move last November when it named Dan Ammann, who had been GM president, as CEO of Cruise, its new vehicle unit.

Joe Hinrichs who had been president of Ford's global operations, including its manufacturing, will now assume many of Farley's former duties and take the title of president of automotive at Ford.

Ford is in the middle of an $11 billion transformation plan designed to free up resources to make the company competitive as the industry changes. Automakers are scrambling to design self-driving and electric vehicles, and to provide ride hailing services to customers rather than simply sell them vehicles.

8:56 a.m. ET, April 10, 2019

The only major US airline that doesn’t fly Boeing’s 737 Max jets is doing just fine

From CNN Business' Anneken Tappe

Delta beat expectations for its first-quarter earnings, in part thanks to a slower-than-expected increase in fuel costs.

CEO Ed Bastian said on CNBC that the impact from not having any 737 Max planes —which were grounded following two fatal crashes — was, nevertheless, minimal and that it had little impact on Delta’s market share. Bastian added that he had ultimate confidence in Boeing.

Delta’s total revenues climbed 5% to $10.5 billion between January and March, exceeding analyst expectations. Earnings per share were $0.96. For the quarter ending in June, the airline is forecasting 6% to 8% revenue growth and $2.05 earnings per share.

Delta (DAL) shares bounced 2.6% higher in premarket trading. 

7:47 a.m. ET, April 10, 2019

JetBlue shares jump over rumored new service to Europe

From CNN Business' Jordan Valinsky

Is JetBlue (JBLU) finally announcing service across the Atlantic?

The airline is holding an all-hands meeting this afternoon peppered with hints that it could launch flights to London, and potentially other European cities, from its New York and Boston hubs.

JetBlue has previously confirmed it was researching new European service.

The company's shares soared nearly 4% higher in premarket trading following a report speculating the new service is going to be announced later today.

7:25 a.m. ET, April 10, 2019

Christine Romans: Stocks are showing 'early resilience'

From CNN Business' Christine Romans

For today, stocks are showing early resilience. Yesterday’s declines were pretty shallow – not even 1 percent losses for the major averages -- but that was enough to break an impressive win streak for the S&P 500.

What's happening today:

  • Inflation data comes later this morning: The minutes of the most recent Federal Reserve meeting and individual corporate earnings are set to be released.
  • Industrial stocks are being watched for signs of angst over renewed trade tensions between the United States and the European Union. A new tariff threat from the United States to European aircraft and parts, wine and cheese rankled Brussels, and a deadline for potential 25% tariffs on European cars looms in just over a month.
  • Also in the mix today, slowing global growth expectations. The IMF trimmed its forecast for this year, but said growth will pick up again in coming quarters unless trade policy misfires.
6:24 a.m. ET, April 10, 2019

What to expect from Delta earnings

From CNN Business' Ivana Kottasová

Delta (DAL) is set to report its results before the opening bell.

The airline has already said its first quarter earnings will be better than expected thanks to fuel costs rising at a less dramatic pace than it had originally anticipated.

Delta has an advantage compared to many other US carriers — it does not have any Boeing 737 Max jets, which has allowed it to avoid headaches associated with the aircraft's grounding.

Rival American Airlines (AALcut its revenue forecast due to the grounding of the aircraft on Tuesday, and its stock dropped 2% as a result.

7:16 a.m. ET, April 10, 2019

Checking in on global markets

From CNN Business' Ivana Kottasová

Central banks are in focus:

  • 🇪🇺The European Central Bank will announce its latest decision on interest rates at 7:45 a.m. ET, and hold a press conference at 8:30 a.m. ET.
  • 🔍At 2:00 p.m. ET, the US Federal Reserve will release minutes from its March meeting. The Fed held rates steady, lowered its economic forecasts and signaled that no further rate hikes are coming this year.
6:22 a.m. ET, April 10, 2019

Uber reportedly aims to sell $10 billion worth of stock in IPO

From CNN Business' Ivana Kottasová

Uber is aiming to sell around $10 billion worth of stock in its initial public offering, according to Reuters.

An IPO of that size would be one of the biggest in tech history. The company could make registration documents connected to the sale available Thursday.

The news agency reported that Uber was targeting a valuation of up to $100 billion. Uber declined to comment on the report.