Premarket: 8 things to know before the bell
1. Fast food earnings: It’s a yummy earnings day on Wall Street.
McDonald’s(MCD) will report third quarter results before the opening bell. Investors and customers seem to be liking the burger chain’s recent image change and menu additions, and shares are up 34% so far this year.
It’s a different story at Chipotle Mexican Grill (CMG), which also reports before the open. Its shares are down 15% in 2017.
The chain has been struggling to win back customers following E. coli and norovirus outbreaks, as well as a recent rodent sighting in one of its restaurants in Dallas.
2. Stock streak ends: The Dow Jones industrial average snapped its impressive six-day run of records on Monday. The index closed 0.2% lower.
The S&P 500 shed 0.4% and the Nasdaq declined 0.6%.
3. Trump and the Fed: President Trump says he will announce his choice for Federal Reserve chair “very soon.” Trump must decide whether to stick with current Fed boss Janet Yellen, or put his own stamp on the central bank. Stanford University economist John Taylor and Fed Governor Jerome Powell are both in the running.
4. U.K. treasury chief questioned: U.K. Chancellor Philip Hammond is set to be questioned in parliament at 6:30 a.m. ET.
Brexit and the country’s upcoming budget are bound to be on the agenda.
Britain and the European Union have made little progress in Brexit negotiations, and businesses are getting nervous.
5. Global markets overview: U.S. stock futures were pointing higher.
European markets opened mixed, following a trend set in Asia.
Japan’s Nikkei hit another record high as investors cheered Prime Minister Shinzo Abe’s election victory.
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6. Stock market movers: Whirlpool Corp (WHR) was down sharply in extended trading after the company cut its earnings guidance.
7. Company news: 3M (MMM), Caterpillar (CAT), Eli Lilly (LLY), Fiat Chrysler (FCAU), General Motors (GM), Infosys (INFY), JetBlue Airways (JBLU), Lockheed Martin (LMT), Sherwin-Williams (SHW) and TD Ameritrade (AMTD) plan to release earnings before the open.
AT&T(T, Tech30), Express Scripts (ESRX), iRobot (IRBT), Regal Entertainment (RGC) and Texas Instruments (TXN) will follow after the close.
Unicredit(UNCFF), Italy’s biggest bank by assets, was forced to release its preliminary earnings two weeks ahead of schedule after some of the data leaked early. The bank’s stock was trading 0.4% lower in Milan.
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8. Coming this week:
Tuesday — AT&T, GM, Chipotle, Lockheed Martin, Caterpillar and McDonald’s earnings
Wednesday — Coca-Cola, Walgreens, Boeing and Visa earnings; ECNY luncheon with Wilbur Ross
Thursday — Mattel, Twitter, Alphabet, Microsoft, Intel, Comcast, Ford, Southwest, American Airlines, Hershey, Xerox and Amazon earnings
Friday — ExxonMobil, Chevron and Merck earnings; GDP Q3 estimates
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