Stocks: 5 things to know before the bell
1. Samsung unveils new Galaxy Note: Samsung is set to reveal “the latest member of the Galaxy family” in New York at around 11 a.m. ET.
The previous edition — the Note 7 — had to be recalled after some of the devices burst into flames. The disaster cost Samsung billions of dollars in lost sales and profits, and caused its shares to plummet.
A warm reception for the the new Galaxy device could help reverse the damage done by the Note 7’s fiery failure.
2. Earnings — Lowe’s, WPP: Lowe’s (LOW) will report second-quarter earnings on Wednesday ahead of the opening bell.
Although many traditional retailers have struggled with competition from online businesses, home improvement retailers such as Home Depot (HD) have been reporting solid figures.
Earlier this month, Home Depot announced better-than-expected quarterly profits and said sales were up nearly 7% at U.S. stores open for at least a year.
Other U.S. retailers reporting include American Eagle (AEO) and Express (EXPR).
In London, shares in the advertising conglomerate WPP (WPPGY) are tanking by about 10% after the company warned sales growth could stall due to fierce competition.
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3. Stock market overview: U.S. stock futures were dipping a bit and international stock markets were mixed in Europe and Asia.
The stock market in Hong Kong was closed due to a typhoon.
Investors are feeling “somewhat discombobulated by President Trump’s latest negative comments about the survival of NAFTA,” explained Kit Juckes, a strategist at Societe Generale.
NAFTA — a free trade deal between Canada, Mexico and the U.S. — is in the midst of being renegotiated.
Trump on Tuesday warned that “we’ll end up probably terminating NAFTA at some point.”
“I don’t think we can make a deal because we have been so badly taken advantage of,” he said at a rally in Arizona.
The Dow Jones industrial average rallied 0.9% on Tuesday, the S&P 500 shot up 1% and the Nasdaq gained 1.4%.
4. Ones to watch — Chevron, Powerball: Investors will be closely monitoring Chevron (CVX) after the the Wall Street Journal reported that CEO John Watson is planning to step down.
Chevron declined to “comment on rumor or speculation.”
And if you’re sick of investing, it may be time to try your luck with the lottery. The U.S. Powerball drawing is scheduled for 11 p.m. ET. The jackpot now stands at $ 700 million.
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5. Coming this week:
Wednesday — Samsung Galaxy event; Lowe’s (LOW) and HP (HPQ) earnings; U.S. weekly crude inventories data; ECB’s Mario Draghi speaks
Thursday — Tiffany & Co (TIF) earnings; U.K. GDP; Central bankers meet in Jackson Hole, Wyoming
Friday — Verdict expected in Samsung trial; Japan inflation data; Fed chair Janet Yellen speaks
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