Here is what you need to know.
Trump sides with the Democrats on a debt-ceiling deal. The deal will suspend the limit for three months, in addition to providing three months of funding and a package for Hurricane Harvey relief, leaving key members of the Republican Party unhappy.
Fed Vice Chairman Stanley Fischer resigns. Fischer plans to step down on October 13, citing “personal reasons.”
Trump is reportedly unlikely to consider Gary Cohn for Fed chairman. Trump is unlikely to consider Cohn because of his public rebuke of Trump following his initial response to the the deadly protests in Charlottesville last month, according to a report from the Wall Street Journal.
The president of the European Parliament wants to delay Brexit talks. “We have three irrevocable priorities which are: rights for three-and-a-half million EU citizens living in the UK; the payment of what the EU deserves — not a euro more nor a euro less; third point, the Good Friday Agreement, that has to give us a positive solution for the border between Ulster and the Republic of Ireland,” President Antonio Tajani said. “Once we have reached an agreement on these three points, we can talk about the future.”
The ECB meets. The European Central Bank is expected to keep policy on hold, with traders instead focusing on any hints from president Mario Draghi regarding the future of the bank’s quantitative easing program.
Larry Ellison has a new performance-based equity package. Ellison and two other Oracle executives will need Oracle’s stock to get to an average price of $US80 a share for at least 30 days, and meet other goals, in order to receive about $US100 million each in stock awards in 2022.
Restoration Hardware explodes after crushing earnings and raising guidance. Shares of the high-end retailer soared by more than 40% in after-hours trading on Wednesday after the company announced adjusted earnings and guidance that crushed expectations.
Stock markets around the world trade mixed. Hong Kong’s Hang Seng (-0.33%) lagged in Asia and Germany’s DAX (+1.06%) is out front in Europe. The S&P 500 is set to open little changed near 2,465.
Earnings reports keep coming. Barnes & Noble and Dell Technologies report ahead of the opening bell while Okta releases its quarterly results after markets close.
US economic data is light. Initial claims will be released at 8:30 a.m. ET. The US 10-year yield is down 2 basis points at 2.08%.
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