Wednesday, August 29, 2018
What to watch today
On Wednesday, investors will get one of the week’s biggest economic reports when the second estimate of second quarter GDP is released in the morning. Economists expect the U.S. economy grew at a pace of 4% in the second quarter of the year, a growth rate that would come in just below the 4.1% rate of growth reported late last month. The July reading on pending home sales, which are forecasted to rise 0.3% from the prior month, is also due out in the morning.
And on the earnings side, notable companies reporting results should include Brown-Forman (BF-B), Salesforce.com (CRM), PVH (PVH), American Eagle (AEO), Express (EXPR), and Dick’s Sporting Goods (DKS).
Trump’s attacks on companies like Google don’t work: President Donald Trump has attacked Google because he doesn’t like the search results that pop up when he types in “Trump news.” Trump has threatened a number of other companies and for the most part nothing much has come of it. Yahoo Finance analyzed the stock performance of 19 public companies Trump has threatened since being elected president. [Yahoo Finance]
US to stress Friday NAFTA deadline as Canada joins talks: Canada’s foreign minister has rejoined NAFTA talks as a U.S. deadline looms this Friday to reach a deal to renew the pact as a three-country agreement. Despite U.S.-Mexico progress, key issues remain for Canada, although markets are betting a deal will be reached that includes Canada. [Bloomberg]
Tencent-backed China EV maker seeks $1.3B in US IPO: NIO Inc., the Chinese electric car maker backed by technology giant Tencent Holdings Ltd., is seeking as much as $1.3 billion in its planned U.S. initial public offering as it gears up to take on the likes of Tesla Inc. [Bloomberg]
Tim Cook cashes in $120M in stock options: When Apple (AAPL) increased its worth to $1 trillion this month on the stock market, it paved the way for its CEO Tim Cook to bolster his own wealth. [Yahoo Finance UK]
Senate confirms Clarida as Fed vice chairman: Economist Richard Clarida won Senate confirmation to be vice chairman of the Federal Reserve, reinforcing U.S. central bank leadership as it faces criticism from President Donald Trump over plans to keep increasing interest rates. [Bloomberg]
For more of the latest news, go to Yahoo Finance
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