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10 things you need to know today

Russia tanks
Russia tanks

(Russian troops on parade at Red Square in Moscow to commemorate the 72nd anniversary of the end of World War II in Europe.Reuters/Maxim Shemetov)

Here is what you need to know.

China's inflation heats up. Consumer prices in China rose by 1.2% in April, above the 0.9% print that economists were forecasting.

Oil jumps as inventories fall. West Texas Intermediate crude oil trades up by 1.1% at $46.38 a barrel after the latest American Petroleum Institute data showed US oil inventories fell by 5.79 million barrels. The Energy Information Administration's weekly inventory data is due at 10:30 a.m. ET on Wednesday.

Apple's market cap tops $800 billion. Shares of Apple closed at $153.99 each on Tuesday, making it the first US company to cross the $800 billion plateau, Reuters says.

Traders are doubling down on short bets against Snap. Bearish wagers against the social-media company have reached their highest level since its March 1 initial public offering, climbing by more than $100 million over the past week, data from the financial analytics firm S3 Partners shows. Short interest now sits at $946 million before Snap's earnings, which will cross the wires after Wednesday's closing bell.

Pret A Manger is reportedly prepping for an IPO. The coffee and sandwich chain is reportedly getting ready for a New York initial public offering later this year, Bloomberg says.

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Disney sees continued weakness at ESPN
Operating income from Disney's cable networks fell by 3% versus a year ago to $1.8 billion. "The decrease in operating income was due to a decrease at ESPN, partially offset by increases at the Disney Channels and Freeform," Disney said.

Yelp crashes after missing on revenue and slashing guidance. The business-reviews site said first-quarter revenue came in at $197.3 million ($198.4 million expected), and it lowered its full-year revenue forecast to a range of $850 million to $865 million, down from $880 million to $900 million. Shares crashed by as much as 28% following Tuesday's closing bell.

Nvidia spikes after its earnings beat. Shares of Nvidia spiked by more than 14% in extended trading Tuesday after the company reported that first-quarter revenue surged by 48.4% versus a year ago.

Stock markets around the world are mostly lower. China's Shanghai Composite (-0.9%) trailed in Asia, and Germany's DAX (-0.1%) fights for positive territory in Europe. The S&P 500 is set to open lower by 0.2% near 2,393.

Earnings reporting slows down a bit. Mylan, Sotheby's, and Wendy's are among the companies reporting ahead of the opening bell, while 21st Century Fox, Snap, and Whole Foods highlight the names releasing their quarterly results after markets close.

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