Here are 5 things you indispensable cognize for Wednesday, Aug. 18:
1. -- Stock Futures Fall Ahead of the Fed's Meeting Minutes
Stock futures declined Wednesday, a time aft the S&P 500 fell by the astir successful 4 weeks, arsenic Wall Street awaited the Federal Reserve's update connected however adjacent the cardinal slope mightiness beryllium connected pulling backmost stimulus.
Contracts linked to the Dow Jones Industrial Average fell 52 points and S&P 500 futures dropped 2 points. Nasdaq futures were up 6 points.
The output connected the benchmark 10-year Treasury edged up Wednesday to 1.265% up of minutes from the Fed's latest gathering successful precocious July. Caution from investors was evident arsenic they awaited clues connected the Fed's aboriginal plans for its $120 cardinal a period of plus purchases and arsenic the delta variant's dispersed raises concerns astir its imaginable interaction connected the economy's recovery.
Those concerns, arsenic good arsenic a tumble successful U.S. retail income and a same-store income miss by Home Depot (HD) - Get Report, sent stocks little connected Tuesday. The S&P 500 declined 0.71%.
Federal Reserve Chairman Jerome Powell, in a virtual municipality hallway Tuesday, said the coronavirus pandemic was “still casting a shadiness connected economical activity” but added it wasn't yet wide whether the delta strain volition person a large interaction connected the U.S. economy.
Powell didn't delve into the Fed's plans for monetary argumentation astatine the municipality hall. But immoderate Fed officials person been saying precocious it volition soon beryllium clip for the cardinal slope to statesman tapering stimulus, portion others person emphasized much grounds of a betterment is needed earlier specified enactment is taken.
2. -- Wednesday's Economic Calendar: Fed Minutes and Housing Starts
The economic calendar successful the U.S. Wednesday includes Housing Starts for July astatine 8:30 a.m. ET, Oil Inventories for the week ended Aug. 13 astatine 10:30 a.m. and minutes from the Federal Reserve's July 27-28 gathering astatine 2 p.m.
Federal Reserve Chairman Jerome Powell told reporters astatine the Fed's gathering past period that the system had yet to marque "substantial further progress” toward gathering the cardinal bank's criteria for argumentation normalization.
“There’s a scope of views connected what timing volition beryllium appropriate. And those views yet way backmost to people’s views astir the system and what volition hap arsenic we marque advancement towards our goal,” Powell said.
3. -- Nvidia, Cisco and Robinhood Earnings Expected
Earnings reports are expected Wednesday from Nvidia (NVDA) - Get Report, Cisco Systems (CSCO) - Get Report, Lowe's (LOW) - Get Report, Target (TGT) - Get Report, TJX Cos. (TJX) - Get Report, Analog Devices (ADI) - Get Report, Robinhood Markets (HOOD) - Get Report, Bath & Body Works (BBWI) - Get Report and Victoria's Secret (VSCO) - Get Report.
4. -- Tilray Buys Convertible Notes of U.S. Cannabis Company MedMen
Canadian marijuana shaper Tilray (TLRY) - Get Report reached a woody to bargain a bulk presumption successful elder secured convertible notes of MedMen Enterprise, the California-based cookware company.
The notes would person into a 21% involvement successful Medmen if cannabis is legalized federally successful the United States.
“The concern we are announcing successful MedMen securities today, 1 of the astir recognized brands successful the $80 cardinal U.S. cannabis market, is simply a captious measurement toward delivering connected our nonsubjective arsenic we enactment to alteration Tilray to pb the U.S. marketplace erstwhile legalization allows,” Tilray CEO Irwin Simon said successful a statement.
Simon told Bloomberg successful an interrogation that Tilray perchance would beryllium funny successful purchasing each of MedMen if cannabis is legalized astatine the the U.S. national level.
“It gives america optionality, ultimately, erstwhile legalization does happen,” Simon told Bloomberg.
Tilray shares roseate 6.55% successful premarket trading Wednesday to $13.98.
5. -- Krispy Kreme Dips arsenic Earnings Just Miss Estimates
Krispy Kreme reported adjusted net of 13 cents a stock vs. analysts' expectations of 14 cents. Second-quarter income of $349.2 cardinal bushed estimates of $333.4 million.
The institution said it expects adjusted net for the afloat twelvemonth of $62 cardinal to $68 cardinal on revenue of $1.34 to $1.38 billion. Wall Street expects adjusted nett of $61.8 cardinal connected income of $1.34 billion.
TheStreet's Jim Cramer spoke with Mike Tattersfield, president and CEO of Krispy Kreme, connected Cramer's "Mad Money" programme Tuesday night.
Tattersfield said contempt the net miss the institution had its champion 2nd 4th successful history. Those beardown results were led by Krispy Kreme's global footprint and its modulation to an omni-channel model.