(Reuters/Marko Djurica)
A child playing at a makeshift camp for migrants and refugees at the Greek-Macedonian border near the village of Idomeni, Greece.
Here is what you need to know.
Donald Trump and Hillary Clinton suffered setbacks in Wisconsin. Sen. Ted Cruz of Texas won the Wisconsin Republican presidential primary, taking 48.3% of the vote, compared with 35.1% for Donald Trump. The win gave Cruz 33 delegates to Trump's three, and it increases the chances of a contested convention. In a statement released after Cruz was projected to win, Trump's team said, "Ted Cruz is worse than a puppet — he is a Trojan horse, being used by the party bosses attempting to steal the nomination from Mr. Trump." On the Democratic side, Sen. Bernie Sanders took 56.5% of the vote, beating former Secretary of State Hillary Clinton (43.1%). The win gave Sanders 45 delegates to Clinton's 31.
The biggest pharma deal in history has been called off. Pfizer has called off its $160 billion merger with Allergan. Pfizer is said to have gotten cold feet after the US government took steps to prevent corporate tax-inversion deals. The deal would have allowed Pfizer to move its headquarters to Ireland to take advantage of the 12.5% corporate tax rate there, which is far lower than that of the US. Pfizer shares are up about 1% ahead of the opening bell.
Bill Ackman is holding his first-quarter investment call. Hedge fund titan Bill Ackman will hold a call for investors, explaining what went wrong during the first quarter as his fund posted its largest quarterly loss on record. Ackman is likely to discuss positions in Valeant Pharmaceuticals and Herbalife as well as other holdings. According to Reuters, one of Ackman's funds lost 25% during the first quarter of 2016, and that was on top of the 20.5% decline in 2015. The call will begin at 10 a.m. ET.
The minutes from the Fed's March meeting will be released Wednesday afternoon. The minutes are likely to outline a shift from not only examining inflation and unemployment in the US to also looking at developments overseas. Wells Fargo's Sam Bullard wrote, "Indeed, investors will be paying close attention to the evidence that led all officials to cut their median interest rate projections in 2016 from four hikes to two." The minutes will be released at 2 p.m. ET.
China's services sector is looking better. The Caixin-Markit services purchasing managers' index rose to 52.2 in March, up from 51.2 in February, indicating that China's services sector is accelerating. According to Markit, "New orders rose modestly at service providers in March, with the rate of growth little changed from the previous month." Not all the news was good as companies took a cautious approach to hiring, and sentiment fell to its lowest level of the year. However, "Optimism was generally linked to forecasts of an improving economic climate and planned company expansions," Markit said.